“All banks din po sana.”
This was the comment of Filipinos after the Bank of the Philippine Islands (BPI) decided to permanently waive its transfer fees for online transactions.
The bank announced that it will waive fees for transactions made via InstaPay or PESONet starting July 1.
InstaPay refers to real-time fund transfers to other banks and e-wallets, while PESONet transactions are non-urgent, higher-value transfers processed in scheduled bank cycles during banking days.
InstaPay transactions in BPI have a P10 transfer fee, while PESONet transactions have a P50 transfer fee.
BPI said that the initiative covers transactions made via the BPI app, BPI Online, VYBE, BanKo and BizKo.
BPI president and chief executive officer TG Limcaoco said that it will “simplify everyday payments.”
The bank said users only need to update to the latest version of the app to start making free online transfers.
The move elated the bank’s clients, with some urging other banks do the same.
“All banks din po sana, [please]!!!,” an X user wrote.
“WOW? Legitimately never thought a [traditional] bank in the PH would ever do this, kind of a big deal. Hopefully will set an example,” another X user commented with a grinning emoji.
“Baka naman, PNB. Kayo na lang may malaking transfer fee, ohhh,” a different X user said, referring to the Philippine National Bank that has InstaPay fees of P15 to P50, and PESONet fees of P30 to P50.
“Aww, thank you naman po, @TalktoBPI, sana sa ibang banks din,” another Pinoy wrote.
“BSP, why not just make it standard for all banks? It will somehow help ease the burden of the people. Well, when you do online transactions regularly, P10 or P15, when added up, definitely affects one’s savings too. Just saying,” another wrote, referring to the Bangko Sentral ng Pilipinas.
BPI’s move comes after the BSP, through a circular, ordered banks and e-wallets to adopt a “reasonable and fair, market-based pricing” for electronic fund transfers.
“Lower fees will encourage more Filipinos and businesses to use and benefit from digital transactions. The BSP sees this as a step toward making digital transactions even more mainstream,” BSP Governor Eli Remolona Jr. previously said.
“At the same time, greater adoption can help improve efficiency across the payments system, reducing costs for everyone,” he added.
The change comes after a late 2025 consumer survey found that one in three Filipinos cited high fees as a major barrier to adopting digital payments.