The Bank of the Philippine Islands (BPI) has announced a temporary reduction of its InstaPay interbank transfer fee to just P10.
In a Facebook post, BPI said the discounted fee applies to fund transfers made through the BPI app to other banks and e-wallets such as GCash and Maya from March 7 to May 31.
The bank said the move aims to make digital transactions more affordable and convenient, encouraging more Filipinos to embrace online banking.
This comes after BPI faced criticism for removing its “Load E-Wallet” option for GCash and Maya on February 13, which forced users to pay a P25 fee via the “Transfer to other banks” feature.
BPI clarified that the change was in line with regulations from the Bangko Sentral ng Pilipinas. Meanwhile, GCash users can still top up their wallets from linked BPI accounts through the GCash app for P5 per transaction.
Despite recent feedback, BPI continues to see strong financial results, recording a net income of P62 billion in 2024, driven by higher revenues.
