Due to the recent changes made by the Bank of the Philippine Islands (BPI), a lot of BPI users and subscribers are complaining. Although it’s just a slight change, it’s still seen as an inconvenience especially to those who are on a tight budget.
To give you some sort of a refresher, back on July 1, 2019, BPI imposed fees on transactions done online. Yes, even if you would be able to enjoy the privilege of doing online banking 24/7, you would now have to pay certain charges when transacting.
In this article, we will be teaching you how you can do transactions via the BPI online banking facility for free.
Which transactions will be charged?
In their recent update, bank-to-bank transfers would have a P50.00 fee for every transactions done to other banks through InstaPay.
Transferring to BPI accounts, on the other hand, would have a P10.00-charge if the account/s are not enrolled.
So how can you perform online BPI transactions without suffering the new charges?—to enroll the account/s; to enroll third (3rd) party accounts.
How do you enroll third party accounts?
Enrolling third (3rd) party accounts in your BPI online banking profile has two (2) ways: to enroll it online and to visit the nearest BPI branch in your location.
TIP: Enroll third party accounts that you usually transact with or you would be doing transactions with in the future. By doing so, you don’t have to worry about being charged; you can enjoy the BPI online banking for free.
In their newest update, BPI made it easier for all BPI subscribers to enroll third party accounts. You can enroll third party accounts in three (3) easy steps:
- Download the Third Party Account Enrollment Form
- Print the Enrollment form and duly fill it out with information and affix the appropriate signature; and
- Email the scanned copy of the signed form and send it to [email protected].
NOTE: You need to use the email address that you used to register to BPI online banking. The file that you will send should have a maximum of 300 kilobytes (KBs).
**The subject line of your email should be Enrollment Request – Third Party Accounts.
After doing so, you will receive an SMS that you have sent the request out. Within four (4) to five (5) banking days, check your BPI online account to see if the third (3rd) party account/s that you have requested was/were enrolled successfully.
In the newest update, you don’t have to visit the nearest BPI branch near you anymore just to enroll a third party account—in doing so, you can do BPI online transactions for free!
Visiting the BPI branch nearest in your location
The second (2nd) way on how you can enroll third (3rd) party accounts in your location would be to visit the nearest BPI branch from your location.
Visit the nearest BPI branch from your location and after one (1) banking day, you will be able to see it enrolled in your BPI online banking profile.
The main benefit of doing it the old way is that you will be able to see the change in your profile within one (1) banking day versus doing it online which will take four (4) to five (5) business days.
If you’re unaware, a QR code is the unique trademark or a digital bar code for transactions. These is most usually used for digital transactions or transactions done from afar.
Another good way to enjoy the BPI online banking for free is to utilize QR codes. Instead of manually inputting account numbers, you can scan and use QR codes instead.
How can you set up or create a QR code for your account?
It’s literally easy and hassle-free! You can take advantage of the BPI online banking facility without having to pay for anything or the fear of transferring funds to an incorrect account! It’s as easy as these five (5) steps:
- Log in to the BPI online banking facility or the newest BPI mobile app
- Once logged in, select Other Services -> QR Generator
- If you have multiple accounts, select the account that you want a QR code to be made
- Choose a nickname for your QR code; and
- Hit on Save to Device to save the changes made
NOTE: A QR nickname can have a maximum of ten (10) alphanumeric characters for it to be successful.
You can save the QR code in your photo gallery and use it for future references. Alternatively, you can utilize the QR code live if the account you’re transacting with will give it to you.
Those are the few but best ways on how you can use the BPI online banking for free. Although it would take time, it’s better than paying a transaction fee for every transaction you do, right?
Click on this link for you to know how you will see it from a desktop and the mobile app.
Why is it better to enroll third (3rd) party accounts?
Other than the fact that doing transactions with enrolled third party accounts will let you do online banking transactions for free, it will also allow BPI users to transfer more than the daily cap when transferring to unenrolled accounts—the daily cap is at P50,000.00. Meaning, doing so will allow users to transact multiple times in a day.
Transacting via QR codes—other than the fact that it’s free—is safe and convenient. Imagine, you won’t have to memorize the account number of the account you are transferring to; other people won’t have to memorize yours as well!
Other than transferring, there are other services you can do with the BPI online banking facility! You can pay bills, do a mobile prepaid reload, load up your e-wallet, and other things, too!
Do note that the new charges and fees only apply to fund transfers and other online transactions. Check our previous article out to know more about which transactions will have charges and fees in the near future!
What do you think about the new charges and fees that BPI would impose if you do online fund transfers and/or transactions?
Now that you know the technique how you can avoid paying those fees, what are you waiting for? Apply third party accounts in your account now and enjoy BPI online banking for free!