BPI P10 InstaPay fee now permanent

MANILA, Philippines –  Bank of the Philippine Islands (BPI) has made permanent its reduced P10 InstaPay transfer fee—from P25 originally—for inter-bank fund transfers made via its mobile application following strong demand.

“The response to our promotion reducing InstaPay fee to P10 last March was very positive, as we experienced increased transactions throughout online and mobile banking channels,” BPI head of consumer banking Maria Cristina Go said in a statement on Monday.

READ: BSP: InstaPay still overtakes ATM withdrawals

“Making the P10 InstaPay fee permanent is part of our broader commitment to deliver convenient, secure and cost-efficient digital services that empower Filipinos to manage their finances more effectively,” Go added.

The lower fee was initially introduced as a promotional rate to encourage BPI customers to use digital platforms to transfer money in real-time.