Manila: Fund transfers from the Bank of the Philippine Islands (BPI) to other banks and e-wallets via InstaPay and PESONet on the BPI, Vybe and BizKo apps, online banking and subsidiary BanKo will be permanently free effective July 1.

According to Philippines News Agency, the free fund transfer is part of BPI's push for financial inclusion and aligns with Bangko Sentral ng Pilipinas Circular No. 1238, Series of 2026, which urges the central bank's supervised financial institutions to adopt reasonable and fair market-based pricing for person-to-person electronic fund transfers.

The waived fees apply to transactions of all existing BPI mobile app users, including both active and inactive customers under BPI Preferred, BPI Gold, BPI Private Wealth and verified Vybe users who already enjoy free interbank fund transfers as part of their existing benefits.

Vybe is an e-wallet where users can accumulate reward points from BPI transactions, while BizKo is a digital financial management platform and mobile app specifically designed for micro, small, and medium enterprises. BPI customers must update the mobile apps or download the updated versions to include minor fixes and performance improvements.

Previously, BPI app users were charged PHP10 for InstaPay (instant, small-value transfers up to PHP50,000) and PHP50 for PESONet (larger, batch-processed transfers) when sending funds through the BPI app. Transfers to other banks and e-wallets remain free for all verified Vybe users.

"As we mark our 175th year, BPI remains committed to removing barriers to financial access and making banking more inclusive for all Filipinos. 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," BPI president and chief executive officer Jose Teodoro Limcaoco stated. "We expect this to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs. It simplifies everyday payments and makes the BPI app an even more practical tool for managing finances."

The free interbank fund transfer initiative is expected to benefit more than 9.5 million BPI app users. In a separate statement, Finance Secretary Frederick Go welcomed BPI's move to eliminate digital transaction fees. "We welcome BPI's efforts to make digital transactions free. I have been an advocate for affordable digital banking fees. 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," Go said.