BPI cuts InstaPay interbank transfer fee to P10

Bank of the Philippine Islands (BPI) lowered the fee for InstaPay interbank fund transfers from P25 to P10.

This is effective starting 7 March until 31 May this year.

"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 statement on Friday.

This announcement came amid requests from Bangko Sentral ng Pilipinas (BSP) officials to bank executives to reduce or even remove fees for small-amount fund transfers.

BSP Governor Eli Remolona Jr. said the Central Bank and private bank leaders have also been studying imposing a fixed subscription fee for digital fund transfers in place of various service rates for transactions with high amounts.

Data from the BSP shows digital fund transfers from person-to-person have increased to over 14 percent of all digital transactions in the country since 2013.

BPI Head of Consumer Banking Ginbee Go said the bank's mobile app users increased to 70 percent of all clients in 2023.

To help accelerate digital banking among Filipinos, BPI allows clients to transfer funds to accounts registered with other big banks and e-wallets.

The lower fee for fund transfers is applicable to users of BPI Online and BPI Mobile App.