RCBC to make InstaPay transfers free starting July 4, 2026

The Rizal Commercial Banking Corp. (RCBC) is set to make InstaPay transfers free starting Saturday, July 4, 2026, through its online banking application Pulz, following the lead of the Bank of the Philippine Islands (BPI) that removed interbank transfer fees earlier this week.

In an advisory, RCBC said the first 30 InstaPay transfers per month with a minimum of P100 will be free. It will charge P10 once the monthly limit is reached, or if transactions fall below the minimum amount.

Ayala-led BPI permanently removed transfer fees from transactions made through InstaPay and PESONet starting July 1, 2026.

Under Memorandum 2026-025 dated June 17, 2026, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP) lifted the moratorium on changes to InstaPay and PESONet transaction fees, following the rollout of zero-fee payments for small merchant payments.

The same circular also provides that transfers sent to another bank should not be significantly higher than those sent within the same bank, with the only allowable difference being the actual processing “switch cost” or the actual cost of processing the transaction through a payment network.

InstaPay, an electronic fund transfer (EFT) payment system that enables individuals to wire funds across banks in real time, was launched by the Bangko Sentral ng Pilipinas (BSP) in 2018. — RSJ, GMA News