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BPI Makes Interbank Transfers Free from P10, Starting July 1 Under New BSP Rules

GateNews
According to Rappler, Bank of the Philippine Islands (BPI) eliminated transfer fees for InstaPay transfers starting July 1, removing the P10 charge for payments to other banks and e-wallets. BPI CEO TG Limcaoco said the move aligns with Bangko Sentral ng Pilipinas Circular 1238, which prohibits cross-subsidization between same-bank and interbank transfers. Since same-bank transfers were already free and the cost difference to process interbank transfers is only P1.50 (the network switch operator fee), BPI concluded charging P1.50 was not justified. "We think this generates a lot more customers and activity, and helps us understand what services we can offer them," Limcaoco said.
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