Benise Balaoing

Bank of the Philippine Islands n Makati on January 19, 2021. Jonathan Cellona, ABS-CBN News

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ABS-CBN News

MANILA — There will be no more transfer fees for Bank of the Philippine Islands (BPI) interbank transactions made through InstaPay or PESONet starting July 1.The bank said this covers fund transfers made via the BPI app, BPI Online, VYBE, BanKo, and BizKo.In a statement, the lender said this is part of its efforts to make banking more inclusive 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,&quot; said BPI president and chief executive officer TG Limcaoco.&quot;It simplifies everyday payments,&quot; he added.To start making free transfers, users simply need to update their apps to the latest versions. BPI said the move is expected to benefit 9.5 million app users.<div><a href="https://www.abs-cbn.com/news/business/2026/6/29/bsp-slashing-interbank-e-payment-fees-1208" rel="noopener noreferrer" target="_blank">BSP slashing interbank e-payment fees</a></div>The move comes shortly after the Bangko Sentral ng Pilipinas (BSP) ordered banks to cut interbank fees.In its latest circular, the BSP said fees for person-to-person e-payments across banks, e-wallet operators, and other payment service providers should not be materially different from fees within the same institution. &quot;These institutions must now also have an analysis of their costs for delivering electronic payment products and services,&quot; the BSP said.Finance Secretary Frederick Go said he welcomes BPI&#x27;s move.&quot;It is heartwarming  to see one of the country’s major banks supporting our shared goal of building a more inclusive digital economy where every Filipino can benefit from greater access to financial services,&quot; Go said in a statement.

There will be no more transfer fees for BPI interbank transactions made through InstaPay or PESONet starting July 1.

There will be no more transfer fees for BPI interbank transactions made through InstaPay or PESONet starting July 1.

BPI to remove InstaPay, PESONet transfer fees starting July 1

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BPI to remove InstaPay, PESONet transfer fees starting July 1

Benise Balaoing,

ABS-CBN News

Published June 29, 2026 04:00 PM PHT

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Updated June 29, 2026 07:05 PM PHT

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free bank transfers

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Frederick Go

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