1 week ago
6
Bank of the Philippine Islands (BPI) users may enjoy a lower transaction fee as the bank has reduced interbank fund transfer (IBFT) fee to ₱10.
Effective Friday, March 7, the promotion runs until May 31, 2025, or a duration of nearly three months. It covers all the bank’s customers who use the BPI app, BPI online, or BizKo.
From ₱25 fee, the BPI will slash its InstaPay IBFT fee by ₱15 to ₱10 per transaction.
“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,” BPI said in a March 7 statement.
It added that with its fee reduction, the bank is “making digital transactions even more convenient and affordable.”
As to its coverage, the promo applies only to InstaPay fund transfers—excluding PESONet transactions—and follows InstaPay limits and terms.
It also clarified that the reduced fee is non-transferable and cannot be exchanged for cash, credit, or other benefits.
“Customers can take advantage of the reduced fee via the BPI mobile app or online banking platform,” the bank further said.
To improve digital banking, BPI is incorporating InstaPay, allowing instant, round-the-clock money transfers across platforms such as GCash and Maya.
“With this seamless integration, customers can transfer funds quickly, securely, and effortlessly,” it said.
Last month, the BPI removed the “load e-wallet” feature for GCash and Maya in its app.
It clarified that users can still transfer funds via “transfer to other banks” with a ₱25 fee, while GCash users can cash in with a ₱5 fee.
BPI also offers its own e-wallet, Vybe, for contactless and QR payments.
