AYALA-led Bank of the Philippine Islands (BPI) will no longer charge fees for InstaPay and PESONet transactions effective July 1 to make online banking more affordable and encourage greater use of electronic payments.
BPI President Jose Teodoro Limcaoco told The Manila Times that the move would be “good for financial inclusion and to promote cashless transactions.”
Transfers to other banks and e-wallets made through the BPI mobile app, online banking platform, VYBE, BanKo and BizKo will no longer incur charges, benefiting more than 9.5 million enrolled users.
BPI said the move was also aligned with Bangko Sentral ng Pilipinas (BSP) Circular 1238, Series of 2026, which encourages central bank-supervised financial institutions to adopt reasonable and fair, market-based pricing for person-to-person electronic fund transfers.
Customers using the BPI app previously paid P10 per InstaPay transaction and P50 for every PESONet transfer. Verified VYBE users have already been enjoying free transfers to other banks and e-wallets.
“Making interbank transfers free is a meaningful step toward enabling our customers to move their money more freely, while strengthening adoption of secure and convenient digital banking,” Limcaoco said.
“We expect this to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs. It simplifies everyday payments and makes the BPI app an even more practical tool for managing finances,” he added.
The waived fees will apply to all existing BPI mobile app users, including both active and inactive customers, as well as clients under BPI Preferred, BPI Gold, BPI Private Wealth and verified VYBE users, who previously received the benefit under their respective programs.
The zero-fee policy covers transfers made through InstaPay, which enables real-time fund transfers, and PESONet, the country’s batch electronic fund transfer system.
The bank also reminded customers to update their BPI mobile app to the latest version, which includes performance improvements and minor fixes designed to enhance the user experience.