The Bank of the Philippine Islands (BPI) will make all interbank fund transfers via InstaPay and PESONet permanently free starting 1 July 2026, as part of its 175th anniversary celebration and broader push for financial inclusion.

The fee waiver will apply to transactions made through the BPI mobile app, online banking platform, VYBE, BanKo, and BizKo, allowing customers to transfer funds to other banks and e-wallets at no cost.

The move aligns with BSP Circular No. 1238, which encourages BSP-supervised financial institutions to adopt fair and reasonable pricing for person-to-person electronic fund transfers.

Previously, BPI charged P10 for InstaPay transfers and P50 for PESONet transactions conducted through its mobile app. Transfers to other banks and e-wallets were already free for verified VYBE users.

"As we mark our 175th year, BPI remains committed to removing barriers to financial access and making banking more inclusive for all Filipinos," said BPI President and CEO TG Limcaoco. "Making interbank transfers free is a meaningful step toward enabling our customers to move their money more freely while strengthening the adoption of secure and convenient digital banking."

BPI said the initiative is expected to benefit more than 9.5 million enrolled app users and encourage wider use of digital payments, remittances, and fund transfers by eliminating per-transaction costs.

The free-transfer program covers both active and inactive BPI mobile app users, as well as clients under BPI Preferred, BPI Gold, BPI Private Wealth, and verified VYBE users, who already enjoy free interbank transfers as part of their account privileges.

The bank also reminded customers to update their BPI mobile app to the latest version, which includes performance improvements and system enhancements. Updated versions are available through the Apple App Store, Google Play Store, and Huawei AppGallery.

BPI said the removal of transfer fees forms part of its broader strategy to accelerate digital adoption and expand access to financial services across the country.

The Bangko Sentral ng Pilipinas (BSP) recently issued a circular amending the National Retail Payment System Framework and the Regulatory Framework for Merchant Payment Acceptance Activities (RFMPAA).

The BSP said fees for person-to-person transfers between banks, e-wallets, and other payment service providers should not be materially different from transfers within the same institution, which are often free. Any additional charges should largely reflect costs paid to network operators such as BancNet for InstaPay and the Philippine Clearing House Corp. (PCHC) for PESONet.

Alongside the new framework, the BSP lifted the moratorium on fee increases for InstaPay and PESONet transactions through Memorandum No. M-2026-025, following a Monetary Board resolution approved on 4 June. The central bank said the decision was made possible by the introduction of zero fees for small merchant payments and new pricing rules designed to ensure responsible market conduct.