The Bank of the Philippine Islands (BPI) has officially made its P10 InstaPay fee permanent for fund transfers done through the BPI app and BPI Online, starting June 1, 2025.
Originally introduced as a promotional offer in March, the reduced fee received an overwhelmingly positive response from customers, prompting the bank to adopt the rate permanently. This move positions BPI as one of the banks offering the most affordable interbank transfer rates in the country.
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"We are committed to making banking more affordable to more Filipinos,” said Maria Cristina “Ginbee” Go, BPI’s Head of Consumer Banking. “The response to our promotion reducing InstaPay fee to P10 last March was very positive, as we experienced increased transactions through our online and mobile banking channels.”
The decision aligns with growing consumer demand for cost-effective digital financial services, especially as more Filipinos shift to online and mobile platforms for everyday banking needs.
InstaPay, a service that allows real-time electronic fund transfers across different banks and e-wallets in the Philippines, typically charges between P15 to P25 per transaction, depending on the financial institution. BPI’s new rate undercuts much of the competition, potentially setting a new benchmark in the industry.
BPI’s move is seen as part of a broader strategy to strengthen its position in the digital banking space by making essential services more accessible and appealing to a wider customer base.
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