BPI defers Peso deposit, withdrawal fees to 2019

Not anymore this year, but in 2019. In an emailed statement, the Bank of the Philippine Islands (BPI) disclosed that they are postponing to next year the implementation of new fees affecting certain Peso cash and withdrawal transactions.

The said fees, announced last Monday, were supposed to take effect beginning September 1, 2018. BPI has now announced that the following Peso bank transactions will still adopt updated fees but the implementation will begin on January 2019 instead.

BPI transactions with updated fees beginning January 2019

  • Over-the-counter cash deposit from a branch in one region to an account in another region (Inter-region cash deposit) – P50.00 per deposit
  • Over-the-counter cash withdrawal for accounts with ATM card (any amount) – P100.00 per withdrawal
  • Over-the-counter inter-region cash withdrawal for accounts with Passbook – P100.00 per withdrawal

According to BPI, this move “will give our clients enough time to be more
familiar with our other existing Bank Anywhere facilities via our online and electronic channels.”

BPI reiterated, however, that the deposit fee for USD and other foreign currencies and for transactions other than Peso deposits and withdrawals will take effect on September 1, 2018 as originally announced.

The list of updated BPI transaction fees is as follows.

Updated BPI Transaction Fees

RankSchoolPassing RateNumber of PassersTotal Number of Takers
1San Pedro College, Davao City96%202209
2Universidad de Zamboanga, Zamboanga City63%234367
3Emilio Aguinaldo College in Manila, Manila60%164272

Here are some additional information about the new fees from the official BPI website:

“Why is BPI charging new fees?

We have not updated our fees for quite some time. We are just aligning with industry practice.

What are my other options if I don’t want to pay for the fees?

  • 1. You may use our electronic channels to do cash withdrawals and deposits for free. We have 2,000+ ATMs and 700+ cash acceptance machines (CAMs) nationwide.
  • 2. You may download and print your own statement of account for your deposit or investment accounts, or your credit card, from BPI online, www.bpiexpressonline.com. All you need to do is enroll your accounts if you have not done so.
  • 3. You may opt to change your branch of account if your branch of account is not the same branch where you transact most often.
  • 4. You may opt to have your daily withdrawal limit of your ATM account increased.

What happens if BPI self-service channels are offline or down or unavailable or under maintenance?

If the ATM or cash acceptance machines (CAM) machines of the branch where you are transacting in are offline, you may proceed to do the same transaction over the counter in the same branch and the fee will be waived.”

Source: Bank of the Philippine Islands (BPI)

About the Author

PSEi support seen at 6,200 and 6,000 amid weaker Peso

In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more

Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks

When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more

How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)

Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more

Why Filipinos do not become business owners or entrepreneurs

For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more

My experience investing in Mutual Funds in the Philippines

I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more

Income Tax Tables in the Philippines (2022)

The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more

PSE Stocks Performance under each Philippine President (1987-2021)

Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more

SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees

Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more

PSE Trading Hours in 2022: What time open, when closed?

Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more

Price Floor and Price Ceiling of PSE Stocks

Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.

Leave a Comment