RCBC waives PesoNet, InstaPay fees until Dec. 31


Posted at Sep 30 2020 09:45 AM

MANILA - Rizal Commercial Banking Corp said Wednesday it would continue waiving fees for online fund transfers until Dec. 31 to offer relief for Filipinos during the pandemic. 

Fees for PesoNet and InstaPay transactions will remain free until the end of the year, RCBC said in a statement. 

Such move will also encourage clients to do their banking transactions at home and reduce the risk of exposure to COVID-19, it said. 

"In response to the continuing call for relief measures during these extraordinary times, RCBC will continue to waive fund transfer fees through PesoNet and InstaPay until December 31, 2020," the lender said.

Several banks and other e-money operators have said that they would resume charging fees for select money transfer transactions starting Oct. 1.

The Bangko Sentral ng Pilipinas earlier urged banks to waive fees for digital transactions. Several other banks will waive their fees until December, according to an updated list released by the central bank in August.