UnionBank, BPI, RCBC waive InstaPay transfer fees after BSP lifts pricing moratorium

UnionBank, BPI, and RCBC waive InstaPay transfer fees following BSP's lifted moratorium on e-fund transfer pricing under Circular No. 1238.

BPI, UB, and RCBC logos

Easing consumer's mini burden

Three of the country's major commercial banks, Union Bank of the Philippines (UnionBank), Bank of the Philippine Islands (BPI), and Rizal Commercial Banking Corp. (RCBC), have each moved to waive fees on real-time fund transfers through the InstaPay network, following the Bangko Sentral ng Pilipinas' (BSP) decision to lift its five-year moratorium on electronic fund transfer pricing under BSP Circular No. 1238.

BPI was first to act, permanently eliminating transaction fees for both InstaPay and PESONet transfers across its digital channels starting July 1. 

RCBC followed on July 4, revising its pricing structure to offer 30 free monthly InstaPay transfers through its RCBC Pulz app, along with unlimited free transfers via its financial inclusion platform, RCBC DiskarTech. 

UnionBank, led by the Aboitiz family, announced its own policy update through an official advisory, confirming it would scrap InstaPay transaction fees starting July 7.

For UnionBank, the change extends an existing list of complimentary services on its UnionBank Online app, which already includes free PESONet transactions, intra-bank transfers, bill payments, telco load purchases, and in-store QRPh payments. 

The bank also noted that the zero-fee terms apply only to transactions made through its online platform, and that depositors must use the latest version of the app to access the updated rates.

The BSP's regulatory framework gives banks flexibility in setting transfer fees, provided pricing remains fair and market-based in a way that supports the wider adoption of digital retail payments nationwide. 

With BPI, RCBC, and UnionBank now offering fee-free or reduced-fee transfers, industry observers say the shift could pressure other lenders to follow suit.

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Source: BitPinas