BPI customers can now send money to other banks and e-wallets for free through the bank’s digital platforms.
Bank of the Philippine Islands is permanently waiving interbank transfer fees for InstaPay and PESONet transactions starting July 1, 2026.
The fee waiver covers transfers made through the BPI app, BPI Online, VYBE, BanKo, and BizKo. This means users can send money to other banks and e-wallets without paying the usual transfer charges.
For everyday users, this is a practical change. Bank transfers are now part of daily life, from sending allowance and paying suppliers to settling bills, splitting expenses, and moving money between accounts. Removing transfer fees makes digital banking more useful and less costly for Filipinos.
Previously, BPI app users were charged ₱10 for InstaPay transfers and ₱50 for PESONet transfers. With the new policy, both channels are now free for eligible BPI digital users.
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Who benefits from the free transfers?
The free interbank transfer initiative is expected to benefit more than 9.5 million BPI app-enrolled users.
The waiver applies to all existing BPI mobile app users, including active and inactive customers. It also covers BPI Preferred, BPI Gold, BPI Private Wealth clients, and verified VYBE users, who already enjoy free interbank transfers as part of their existing benefits.
BPI said customers should make sure their BPI app is updated to the latest version to access the latest features and improvements.
InstaPay vs PESONet: What is the difference?
InstaPay is commonly used for real-time transfers. It is useful when the recipient needs to receive the money immediately, such as for urgent payments, family support, or quick e-wallet top-ups.
PESONet is commonly used for bigger or scheduled fund transfers. It is often used for higher-value payments, supplier payments, payroll-related transfers, and transactions that can be processed within the same banking day or the next banking day, depending on the time of transaction.
With both services now free on BPI’s digital channels, customers can choose the transfer method that fits their need without worrying about an added fee.
Why this matters
The move comes as the Bangko Sentral ng Pilipinas continues to push for fair and reasonable pricing for electronic fund transfers.
For consumers, the impact is simple: every peso saved from transfer fees can go to actual payments, savings, or daily needs. For small businesses and freelancers, free transfers can also help reduce transaction costs when paying partners, suppliers, and workers.
The change also encourages more people to use digital banking instead of relying on cash withdrawals, physical deposits, or in-branch transactions.
A step toward more accessible digital banking
BPI said the removal of interbank transfer fees is part of its broader effort to make digital banking more inclusive and accessible, especially as the bank marks its 175th year.
For Metroguide readers, the takeaway is clear: if you use BPI for everyday money transfers, sending funds to other banks and e-wallets is now more convenient and cost-efficient.
Customers are advised to update their BPI app and check the bank’s official channels for service updates, transaction limits, and other account-specific details.
