MANILA, Philippines – The Bank of the Philippine Islands (BPI) is reducing its bank transfer fees to make digital transactions more accessible.
From Friday, March 7, to May 31, BPI will slash its InstaPay interbank fund transfer fee from P25 per transaction to P10.
“By lowering the fee, BPI aims to make fund transfers even more accessible and cost-effective, encouraging more customers to embrace the ease and convenience of digital banking,” the Ayala-owned bank said in a statement.
The lower transfer fees came after BPI’s “load e-wallet” feature was recently made unavailable to GCash and Maya users.
In October 2024, the Bangko Sentral ng Pilipinas (BSP) released a draft circular which removed transaction fees for personal fund transfers within a certain threshold, and payments to micro, small and medium enterprises.
BSP Deputy Governor Mamerto Tangonan said some banks requested two years to implement the proposed policy to give their business models time to adapt.
“We’re trying to see a balance where as much as possible, we can bring most of the industry participants towards that, so that’s what we are discussing with them. That’s what we are figuring out,” he said.
A timeline to implement zero transfer fees across all banks has yet to be set. – Rappler.com