Rizal Commercial Banking Corporation (RCBC) announced it was making most InstaPay transfers free starting July 4. Good news for RCBC customers, sure, except the Bangko Sentral ng Pilipinas (BSP) isn’t fully convinced.
The Yuchengco-led bank announced on Friday, July 3, that InstaPay transfers through RCBC Pulz, its main mobile banking app, and RCBC DiskarTech, its financial inclusion app, would be free starting July 4 as banks move to comply with new BSP rules meant to bring down digital transfer fees.
But there’s a catch.
RCBC Pulz customers may make only up to 30 free InstaPay transfers per month, with a minimum amount of P100 per transaction. Transfers below P100 or beyond the monthly free allocation will still be charged P10. DiskarTech users, meanwhile, will get free person-to-person InstaPay transfers with no minimum amount and no monthly cap.
But the BSP appears to be saying that “free” can’t come with too much fine print under its new circular.
