Rizal Commercial Banking Corporation (RCBC) will eliminate most fees for InstaPay transfers as of July 4, 2026. This initiative follows recent reductions in digital transaction fees by other major banks.
Details of RCBC's InstaPay Fee Waiver
RCBC's Pulz mobile banking app users can make up to 30 free InstaPay transfers monthly, with each transaction requiring a minimum of P100. Any transfers below this threshold or exceeding the free limit will incur a fee of P10.
In contrast, users of RCBC's DiskarTech app can enjoy unlimited free person-to-person transfers without a minimum amount.
The bank's decision reflects a competitive shift in the digital payments sector, aiming to provide greater accessibility for users.
RCBC Management
These changes come in the wake of the Bangko Sentral ng Pilipinas' (BSP) Circular No. 1238, which encourages banks to limit interbank transfer fees to those comparable within their own institutions. The BSP's guidelines aim to reduce costs for consumers while enhancing the overall digital payment infrastructure.
As RCBC implements these fee waivers, the bank faces scrutiny regarding its loan quality. Moody's Investors Service recently adjusted RCBC's outlook to negative, citing potential deterioration in asset quality.
Despite these challenges, RCBC's management expressed confidence in its strategy to fortify its balance sheet, with ongoing adjustments to its lending practices and investment strategies.