BPI sets P15 cash-in fee starting Oct. 1

Bank of the Philippine Islands (BPI) is shifting all inter-institution cash-in transactions to InstaPay starting Oct. 1, in compliance with a Bangko Sentral ng Pilipinas (BSP) directive aimed at enhancing interoperability and transparency in digital financial services.

- By KEISHA TA-ASAN

Under the new scheme, a standard P15 service fee will be charged for cash-in transactions made through InstaPay, including transfers to popular e-wallets such as GCash, BPI announced.

The same rate applies to earlier implementations for ShopeePay and will extend to other financial apps as they adopt the BSP mandate.

“The fee covers additional expenses, including clearing costs from Banc-Net, the designated clearing switch operator for InstaPay,” the Ayala-led bank said.