The Bank of the Philippine Islands (BPI), part of the Ayala Group, has announced that it will be waiving online bank transfer fees for smaller transactions for a period of two months, in line with a proposal made by the Bangko Sentral ng Pilipinas (BSP). This move makes BPI one of the first banks to implement this fee waiver. The waiver applies to InstaPay transfers of P1,000 and below and will be in effect from July 5 to September 30, 2021. The fee for InstaPay transfers is currently set at P25 per transaction and is operated by the private sector-led Bancnet.
In a statement, Fitzgerald Chee, BPI’s Consumer Platforms Head, encouraged clients to take advantage of the fee waiver and transfer up to P1,000 via InstaPay for free. Chee highlighted BPI’s commitment to providing better value for its clients and staying ahead in the digital banking landscape.
BPI is the third-largest bank in the Philippines, serving over nine million clients. Approximately 60 percent of its clients conduct digital transactions using its mobile app.
In February, former BSP governor Felipe Medalla expressed the possibility of removing fees for small-value fund transfers to encourage more Filipinos to utilize digital channels.
Last June, the state-run Land Bank of the Philippines also reduced its online money transfer fees from P25 per transaction to a fixed rate of P15, irrespective of the transfer amount.
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