Rizal Commercial Banking Corp. (RCBC) said it will waive InstaPay fees for person-to-person fund transfers made through its digital banking apps starting July 4, joining a growing number of banks lowering the cost of digital transactions as competition in mobile banking intensifies.
The move follows a similar announcement by Bank of the Philippine Islands (BPI), which said it would permanently remove fees for interbank transfers made through its digital channels beginning July 1, covering both InstaPay and PesoNet transactions.
RCBC said free InstaPay transfers will be available through RCBC Pulz and RCBC DiskarTech, allowing users to send money to other banks, e-wallets, and financial institutions without transfer charges, subject to certain conditions.
For Pulz users, InstaPay transfers of at least P100 will be free for up to 30 transactions per customer each month. A P10 fee will apply once the monthly cap is reached or for transfers below the minimum amount.
For DiskarTech users, all person-to-person InstaPay transfers will remain free, with no minimum transaction amount and no monthly transaction limit.
RCBC said the fee waiver is part of its push to make digital banking more accessible and encourage wider use of cashless transactions. The move also aligns with Bangko Sentral ng Pilipinas Circular No. 1238, which encourages financial institutions to adopt fair, transparent, and market-based pricing for person-to-person electronic fund transfers.
“At RCBC, we believe the best digital innovations are those that make banking simpler, more accessible, and more affordable for every Filipino. Offering free InstaPay transfers through both RCBC Pulz and DiskarTech reflect our commitment to delivering practical solutions that create everyday value for our customers while advancing the country’s digital transformation,” RCBC president and CEO Reggie Cariaso said.
“Digital banking succeeds when it delivers real value to real customers. Eliminating transfer fees is one way we can remove barriers to adoption while helping Filipinos build stronger digital financial habits,” he added.
RCBC Pulz also offers services such as foreign exchange in eight major currencies, unit investment trust funds, credit card management, loan applications, QR Ph payments, and a U.S. virtual account product for Filipinos.
DiskarTech, RCBC’s financial inclusion app, offers savings, payments, fund transfers, mobile load, bills payment, and the MySSS Card developed with the Social Security System.
