Philippines Report

LOOK: BPI to increase bank fees for deposits and withdrawals in 2019

The Bank of the Philippine Islands (BPI) will be implementing higher service fees come January 2019. This follows the other increases the bank made last September for services such as encashing checks, issuing checkbooks, and providing bank statements. The soon-to-be-implemented fees were introduced in September, but pushed back to allow for an adjustment period.

Increased bank service fees to look out for in the new year are withdrawals and deposits which are either inter-region or over-the-counter. Inter-region transactions are those made from region to region (ex. Metro Manila to Cebu). While over-the-counter transactions are those made through the teller on the counter. The new fees are as follows:

  • Inter-region cash deposit fee: Php 50
  • Inter-region withdrawal fee: Php 100
  • Over-the-counter withdrawals (of accounts with ATM cards): Php 100

It’s also important to remember that the new fees charge Php 0.10 per $1 for all dollar deposits. The table below from BPI’s official site shows a more detailed list of the fees previously implemented:

The BPI site also has some Frequently Asked Questions concerning the new bank fees. Information to take note of is that these fees apply to all those who transact with BPI, whether they are an account holder or not. Also that the updated fees are due to BPI “aligning with industry practice.” The complete list of FAQs is placed below.

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