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.
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 BancNet, the designated clearing switch operator for InstaPay,’ the Ayala-led bank said.
Despite the new fee, BPI assured customers that more affordable and even free transfer options remain available.
‘BPI remains committed to providing customers with accessible and cost-effective digital banking solutions,’ it said.
Clients using the BPI app can transfer funds to GCash via InstaPay for a lower fee of P10, while select customer segments and merchant payments will continue to enjoy free transfers.
BPI also highlighted its partnership with GCash through BPI #MySaveUp (on GSave), which allows users to open an account via the GCash app with no maintaining balance.
Funds can be moved from the BPI app to GSave at zero fees and then withdrawn to the GCash e-wallet without extra charges.
The listed bank said the adoption of InstaPay ‘ensures compliance with regulatory standards while continuing to offer customers flexible and affordable ways to manage their finances.’
In a separate statement, e-wallet giant GCash said all direct cash-in transactions would be processed via InstaPay starting Oct. 1 as well.
GCash said it would not impose additional fees under the new InstaPay model. However, the platform noted that partner banks may adjust their own service charges depending on their policies. Customers are advised to check with their banks for specific transition schedules and updated fees.
‘We remain committed to keeping our services safe, seamless, and affordable, while working with partner banks and regulators to serve you better,’ GCash said.