RCBC Limits InstaPay Transfers to 30 Per Month Free, BSP Says Non-Compliant on July 4

According to Rappler, RCBC announced on July 3 that it would make InstaPay transfers free starting July 4 through its RCBC Pulz mobile app and RCBC DiskarTech financial inclusion app. However, the offer comes with conditions: RCBC Pulz customers can make only 30 free transfers per month with a P100 minimum per transaction, with transfers below P100 or exceeding the cap charged at P10.

BSP Deputy Governor Mamerto Tangonan told reporters the fee structure does not comply with BSP Circular No. 1238, which takes effect July 4 and sets new pricing rules for digital fund transfers. Tangonan said banks should charge only the switch fee (approximately P1.50) for transfers between banks if intra-bank transfers are free, stating "Bank A to Bank A, free. When you do Bank A to Bank B, it should be plus switch." RCBC has until July 4 to bring its pricing into compliance with the new framework.