BPI: Transfers via InstaPay, PESONet free starting July 1, 2026

The Bank of the Philippine Islands (BPI) on Monday announced the permanent removal of transfer fees from transactions made through InstaPay and PESONet starting Wednesday, July 1, 2026.

The Ayala-led lender, which charged P10 for InstaPay transactions and P50 for PESNet transfers, said the removal of fees are in line with a recent circular of the Bangko Sentral ng Pilipinas (BSP) which mandates financial institutions to adopt reasonable and fair pricing.

“As we mark out 175th year, BPI remains committed to removing barriers to financial access and making banking more inclusive for all Filipinos,” BPI president and chief executive officer Jose Teodoro “TG” Limcaoco said in an emailed statement.

“Making interbank transfers free is a meaningful step toward enabling our customers to move their money more freely, while strengthening adoption of secure and convenient digital banking,” he added.

BPI said the waiver of fees is expected to benefit over 9.5 million enrolled users of its app. Transfers to other banks and e-wallets for all verified VYBE users remains free.

In a statement, Finance Secretary Frederick Go welcomed BPI's move.

"I have been an advocate for affordable digital banking fees," he said. "It is heartwarming to see one of the country’s major banks supporting our shared goal of building a more inclusive digital economy where every Filipino can benefit from greater access to financial services."

The lender closed 2025 with a P66.62-billion net income, up 7.4% from the previous year, as net interest income grew 16% to P148 billion. Total revenues climbed 14.8% to P195.3 billion.

It was the second-biggest bank in the Philippines in 2025 in terms of assets with P3.625 trillion, following BDO Unibank Inc. with P5.273 trillion.

The Ayala-led lender is looking to reach high single-digit growth in its net income and mid-teens in its loans this year, with optimism over a rebound in borrowing demand as global and local uncertainties ease.

Under Memorandum 2026-025 dated June 17, 2026, the Monetary Board of the BSP lifted the moratorium on changes to InstaPay and PESONet transaction fees, following the rollout of zero-fee payments for small merchant payments.

The same circular also provides that transfers sent to another bank should not be significantly higher than those sent within the same bank, with the only allowable difference being the actual processing “switch cost” or the actual cost of processing the transaction through a payment network. — BM, GMA News