BPI lifts online fees for small transactions
Bank of the Philippine Islands (BPI) will no longer collect online bank transfer fees for small transactions, providing added convenience and cost savings for customers, according to a report by Manila Times.
In a statement on Thursday, the bank said that customers using the new BPI app would be able to send money to any bank or e-wallet without incurring any charges.
The charge waiver will apply to InstaPay transactions of up to P1,000 and be available for a limited period beginning July 5 and ending September 30.
BPI said this would allow customers to swiftly transfer cash to other bank accounts, split bills with peers and settle payments for basically any transaction.
"We encourage our clients to take advantage of the new BPI app and transfer up to P1,000 via InstaPay for free to fully enjoy and maximize the benefits of digital banking," BPI consumer platforms head Fitzgerald Chee said.
"As the oldest bank in the Philippines, we are committed to staying ahead of the curve to continuously deliver better, real value for our clients," he added.
BPI said it was one of the first banks in the country to eliminate InstaPay interbank transfer fees, aligning with a Bangko Sentral ng Pilipinas proposal to remove fees for small-value online transactions.
"The initiative is also part of BPI's customer obsession strategy and broader plan to address the financial inclusion gap in the country, helping build a better Philippines — one family, one community at a time," it said.
Former BSP governor Felipe Medalla had proposed to remove fees on transactions of P500 and below, and expressed optimism that an agreement with banks and payment operators would be reached.
Some banks and nonbank institutions already provide free InstaPay services while others impose charges ranging from P8 to P25 per transaction.
Currently, there are 78 supervised financial institutions — 22 big banks, 19 thrift banks, 15 rural banks, 5 digital banks and 17 nonbank financial institutions — participating in InstaPay.
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