BPI to permanently waive InstaPay and PESONet fund transfers starting July 1

Bank of the Philippines Islands (BPI) will permanently remove fund transfer fees via InstaPay and PESONet transactions beginning July 1.

File photo: BPI app on HUAWEI

BPI customers rejoice

Previously, BPI permanently set InstaPay fees to just PHP 10 last March.

In an exclusive, InsiderPH and the Manila Bulletin learned that BPI will allow customers to send money for FREE via InstaPay (which enables real-time transfers) and PESONet (the country's batch electronic fund transfer service) across all supported BPI digital channels. These channels include the BPI Mobile app, the BPI Online web platform, VYBE e-wallet, and BizKo.

The move should benefit over 9 million BPI customers enrolled on the BPI app. This brings it in line with the Bangko Sentral ng Pilipinas' recent encouragement of financial institutions to adopt a more reasonable and market-based pricing for person-to-person electronic fund transfers. BPI said its decision aligns with the Central Bank's policy direction to promote a wider adoption of digital payments and widen financial inclusion.

Interested BPI customers can access the FREE transfers throug the BPI app. Customers need to be running on the latest version that is available on the Apple App Store, Google Play Store, and the HUAWEI AppGallery.

What do you guys think?

Source: InsiderPH, Manila Bulletin