Philippine-based BPI to waive interbank transfer fees from 1 July

Transfers to banks and e-wallets will no longer cost $0.16 to $0.82.

The Bank of the Philippine Islands (BPI) will permanently waive fees on interbank fund transfers through InstaPay and PESONet from 1 July across its BPI, Vybe, and BizKo apps, online banking platform, and subsidiary BanKo.

BPI previously charged $0.16 (PHP10) for InstaPay transfers and $0.82 (PHP50) for PESONet transfers made through the BPI app.

The bank said in a statement on 29 June that the move aligns with Bangko Sentral ng Pilipinas (BSP) Circular No. 1238, Series of 2026, which calls on BSP-supervised financial institutions to adopt reasonable and fair market-based pricing for person-to-person electronic fund transfers.

The waiver covers all existing BPI mobile app users, including active and inactive customers.

Verified Vybe users, as well as customers under BPI Preferred, BPI Gold, and BPI Private Wealth, already receive free interbank fund transfers under existing benefits.

The bank said the initiative is expected to benefit more than 9.5 million BPI app users.

"We expect this to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs," said Jose Teodoro Limcaoco, President and CEO of BPI.

(US$1 = PHP 61.27)