Bank of the Philippine Islands (BPI) has reduced its InstaPay interbank fund transfer (IBFT) fee to PHP 10, aiming to make digital transactions more affordable. The transfer fee by BPI was previously set at PHP 25 and is now valid for the reduced amount starting from 7 March 2025 to 31 May 2025.
The move aims to encourage wider adoption of digital banking by increasing fund transfer accessibility.
In order to enhance customer convenience, BPI has integrated InstaPay with popular e-wallet platforms such as GCash and Maya. This has enabled instant fund transfers across various banking and financial platforms, that are available 24/7.
The changes came almost a month after BPI’s removal of the e-wallet loading service on the mobile banking apps for both GCash and Maya.
Bank of the Philippine Islands stated that there are several ways to transfer funds via InstaPay on the BPI app. Begin by tapping “Transfer” and selecting “To another bank”. Then, choose the BPI account for the transfer, followed by the recipient’s bank from the InstaPay list. After entering account details and amount, confirm the transaction using your mobile key.
Customers can also now transfer funds to GCash by selecting “G-Xchange/Gcash” and to Maya by selecting “Maya Philippines Inc/Maya Wallet” through the InstaPay and PESOnet interbank funds transfer options. These transfers however incur the standard PHP 25 fee outside the promotional period for InstaPay.
BPI’s action aligns with the guidelines of the Bangko Sentral ng Pilipinas (BSP) via BSP Circular 980 and Philippine Payments Management, Inc. (PPMI) regarding the National Retail Payment System Framework.
Featured image credit: Edited from Freepik
