BPI to permanently waive InstaPay, PESONet fees starting July 1

Good news, BPI users!

Starting July 1, interbank transfers will be permanently free on BPI's digital platforms.

In a press release sent to PhilSTAR L!fe on Monday, June 29, the bank announced the waived InstaPay and PESONet fees on the BPI app, BPI Online, VYBE e-wallet, and BizKo.

According to BPI, the move was made to make digital banking more accessible to its customers. Previously, it charged users P10 for InstaPay and P50 for PESONet transfers.

"We expect this to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs. It simplifies everyday payments and makes the BPI app an even more practical tool for managing finances," BPI President and CEO TG Limcaoco said.

More than 9.5 million users enrolled in the app are expected to benefit from the change.

Make sure you have the latest version of the BPI app to be able to access the update.

This comes a few days after the Bangko Sentral ng Pilipinas moved to lower fees on digital transactions. The central bank recently directed BSP-supervised financial institutions to adopt fair and reasonable pricing for person-to-person electronic fund transfers.