Rizal Commercial Banking Corporation (RCBC) announced that it will be extending its free bank transfers through InstaPay until March 31, 2024.
Transactions worth Php 1,000 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 more Filipinos will enjoy nonstop convenience and high-speed digital banking service by extending the offer. “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 to progress and development,” said RCBC’s Executive Vice President and Chief Innovations and Inclusion Officer Lito Villanueva.
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. 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 (OFWs) can also open bank accounts using any international mobile number through RCBC Pulz.
RCBC emerged as the fastest-growing bank in the country, leapfrogging from eighth position in 2018 to fifth in 2022 in the list of the Philippines’ largest privately owned banks in terms of assets. Among its global and local recognitions include a four-peat award as the Philippines’ Best Bank for Digital by Asiamoney, the Eye on Innovation Award by Gartner, YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million, Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines, and Number 1 in the Philippine Best Customer Service 2023 survey by the Philippine Daily Inquirer and global research firm Statista.