RCBC extends free InstaPay bank transfers

The banking arm of the Yuchengco Group of Companies and the country’s fastest-growing bank Rizal Commercial Banking Corporation announced that it will be extending its free bank transfers through InstaPay until 31 March 2024.

The bank said transactions worth P1,000 and below will continue to be free with Instapay through RCBC’s flagship one-stop-shop mobile application RCBC Pulz.

The free bank transfer promo was initially announced in December 2023 in time for the holiday season.

The bank hopes that by extending the offer, more Filipinos will enjoy nonstop convenience and high-speed digital banking service.

“The race towards creating a digital society is intensifying, and RCBC’s response is to fuel its engines and go on full speed. We do not only show our undying mission and vision to transform and improve the lives of Filipinos, but to make digital banking synonymous with progress and development,” said RCBC’s Executive Vice President and Chief Innovations and Inclusion Officer Lito Villanueva.

Bangko Sentral ng Pilipinas Governor Eli Remolona, Jr. has been pushing all BSP-supervised financial institutions including non-banks such as GCash and Maya to offer free InstaPay fund transfers as he expressed his desire to make the free transfers more permanent through a systemic measure or a framework covering this initiative.

RCBC is also extending the promo in continued support of the BSP enabling more Filipinos to shift to digital payments.

In 2023, RCBC Pulz app was launched with an AI-powered upselling and cross-selling service, digital foreign currency exchange for six major international currencies, hyper-personalized offers, and financial literacy modules, among others.

More than 12 million Overseas Filipino Workers can also open bank accounts using any international mobile number through RCBC Pulz.