Bank of the Philippine Islands (BPI) will permanently waive transaction fees for electronic fund transfers processed through InstaPay and PESONet.

The policy shift takes effect on July 1 across all secondary digital banking channels operated by the institution.

According to a report by InsiderPH, the complete elimination of transaction charges applies to the retail BPI mobile application, the BPI Online banking portal, the VYBE digital wallet, and the BizKo business platform.

The strategic decision aligns with the ongoing financial inclusion directives championed by the Bangko Sentral ng Pilipinas (BSP).

The central bank continues to urge local financial firms to adopt highly equitable pricing structures for electronic retail payments.

The complete removal of transaction costs directly benefits more than nine million active users currently registered on the banking application.

Cardholders can now distribute money externally to competing commercial banks and electronic wallets without incurring any additional operational fees.

The system will support completely free transactions across both real time settlement networks and batch electronic processing frameworks.

Customers must download the updated application version deployed across the Apple App Store, Google Play Store, and Huawei AppGallery to utilise the free transfer capabilities.

The zero fee initiative marks a significant milestone for the institution as it prepares to celebrate its 175th anniversary on August 1.

The company expects the removal of structural friction points from online transactions to accelerate digital remittance adoption and lower overall banking friction for local consumers.

Featured image: Edited by Fintech News Philippines based on an image by freepik via Magnific.