BPI standardizes InstaPay fees for cash-in transactions

The Bank of the Philippine Islands (BPI) announced that starting 1 October, it will implement a P15 service fee for all inter-institution cash-in transactions using InstaPay, including transfers to GCash.

The policy is part of BPI’s compliance with the Bangko Sentral ng Pilipinas (BSP) directive to enhance interoperability and transparency in digital financial services. The fee also covers costs tied to clearing through BancNet, InstaPay’s designated switch operator.

BPI earlier applied the same adjustment to ShopeePay and SeaBank transactions in August, with the policy to extend to other e-wallets and apps as they transition to the BSP-mandated framework.

Despite the new fee structure, the bank said it continues to provide customers with lower-cost and no-fee alternatives. Fund transfers via the BPI app to GCash will remain at P10, while customers with BPI #MySaveUp accounts opened through the GCash app can move money between BPI and GSave for free, before withdrawing to their e-wallets.

The BSP has been pushing financial institutions to unify practices under InstaPay, one of the country’s two automated clearing houses for real-time fund transfers, as part of its broader agenda to modernize the payment system and expand digital adoption.

While the standardization of fees may mean higher costs for frequent users of e-wallets, the shift is expected to streamline operations, improve transparency, and create a level playing field among banks and fintech players.