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BPI waives transfer fees for interbank transactions below P1,000 until Sept. 30

By NICK GARCIA Published Jul 07, 2023 11:46 am

BPI (Bank of the Philippine Islands) announced that it's waiving transfer fees for interbank transactions below P1,000 via its new mobile app for a limited time.

In an advisory, BPI said InstaPay transfers done through their new mobile app until Sept. 30 are free of charge.

Its existing app will be phased out by the end of 2023.

"We encourage our clients to take advantage of the new BPI app and transfer up to P1,000 via InstaPay for free to fully enjoy and maximize the benefits of digital banking," said Fitzgerald Chee, BPI's consumer platforms head.

InstaPay is an electronic fund transfer (ETF) service that allows users to send local funds between accounts in real-time.

Last April, BPI President Jose Teodoro Limcaoco expressed openness to cutting transfer fees for small transactions, though noted it's difficult to remove them altogether.