RCBC to scrap InstaPay transfer fees starting July 4

No more extra charges! RCBC will waive InstaPay transfer fees starting July 4.

In an announcement on Friday, the bank revealed that RCBC Pulz users will get 30 free interbank InstaPay transfers every month.

This applies to all outgoing transactions with a minimum amount of P100. A P10 fee will be charged once the monthly limit is reached, or if transactions are below the minimum.

Customers may download the app via rcbc.com/pulz or on the Apple App Store, Google Play Store, and Huawei App Gallery.

This comes after the Bangko Sentral ng Pilipinas moved to lower fees on digital transactions. The central bank recently directed BSP-supervised financial institutions to adopt fair and reasonable pricing for person-to-person electronic fund transfers.

Aside from RCBC, BPI also announced that they have waived InstaPay and PESONet fees on the BPI app, BPI Online, VYBE e-wallet, and BizKo platforms, while Maribank offers up to 50 free InstaPay and PESONet transactions monthly.

In May, LandBank said it lowered its InstaPay transfer fees to P8 from the original P15, and waived transfer fees to transactions below P1,000.