BPI to charge P50-P100 fee on some Deposit and Withdrawal transactions

James Ryan Jonas

The Bank of the Philippine Islands (BPI) announced that some of their bank transactions that were previously offered for free will now have a corresponding fee effective September 1, 2018.

Transactions that will have updated fees beginning September 1 include:

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

Other bank transactions will either remain free or will retain the current fee. The full 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

According to BPI, their affiliate BPI Family Savings Bank will be using the same updated list of transaction fees. Here are additional FAQs 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 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.

What transactions are not covered by the updated fees?

The following OTC transactions are not covered by the updated fees and will remain to be free of charge:

  • Intra-regional cash deposits
  • Intra-regional cash withdrawals for those with passbook accounts
  • All check deposits
  • Check encashments in issuer’s branch of account

What’s the difference between inter-regional and intra-regional transactions?

Inter-regional transactions refer to transactions between 2 BPI branches located in 2 different regions, for example, transactions between NCR (Muntinlupa) and Region IV(Laguna).

Intra-regional transactions refer to transactions between 2 BPI branches located in the same region, for example, transactions between Cavite and Laguna. (Both are in Region IV-A Calabarzon)

Intra-regional also covers transactions within Metro Manila, for example Makati and Ortigas. (Both are in NCR)

The regions are based on the 17 geographical regions as defined by the Philippine government (as of 2017).

Are senior citizens and PWD’s also covered?

Yes, senior citizens and PWD’s are affected. However, both senior citizens and PWD’s are entitled to a 20% discount.

Discounts will be given even without the presence of the senior citizen or the PWD as long as the transaction is done on his/her behalf. However, the senior citizen’s or PWD’s ID will be required to effect the discount.”

Source: Bank of the Philippine Islands (BPI)

James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.