The Bank of the Philippine Islands will remove transfer fees on online interbank transactions done via InstaPay or PESONet starting July 1.
This will cover transactions made using BPI Online, the BPI app, VYBE, BizKo, and BanKo.
In a statement, BPI President and CEO TG Limcaoco said this will improve banking inclusivity for all Filipinos.
“We expect this to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs,” Limcaoco said. The move will benefit 9.5 million app users and will simplify everyday payments for users.
This move is in line with the recent directive from the Bangko Sentral ng Pilipinas (BSP), ordering banks to cut interbank fees.
BSP said that fees for person-to-person e-payments across banks, e-wallets, and other payment services should not be materially different from fees implemented within the same institution.