RCBC extends waived fees for PESONet, InstaPay until year’s end

By Joann Villanueva

September 29, 2020, 4:37 pm

MANILA – Rizal Commercial Banking Corporation (RCBC) has extended waived fund transfer fees for PESONet and InstaPay transactions until Dec. 31, 2020 from the earlier schedule of Sept. 30.
In a statement Tuesday, the bank said this decision was made in response to the continuing call for relief measures during these “extraordinary times”.
“We encourage everyone to continue banking from home using RCBC online banking for your banking transactions for your safety,” it added.
PESONet and InstaPay are the two real-time electronic payments systems under the central bank’s National Retail Payment System (NRPS). 
Utilization of these systems surged particularly after the government implemented lockdown measures since middle of March, boosting the Bangko Sentral ng Pilipinas’ (BSP) goal to increase the share of digital payments to half of total transactions by 2022.
Meanwhile, the BSP has released a list of banks that will waive PesoNet and InstaPay fees until Sept. 30 only. These include BDO Unibank, Inc. (BDO), Metropolitan Bank and Trust Company (Metrobank), Bank of the Philippine Islands (BPI), China Banking Corporation (Chinabank), Bank of Commerce, Robinsons Bank Corporation (Robinsons Bank), Philippine Savings Bank (PSBank), China Bank Savings, Inc., Philippine Bank of Communications (PBCom) which is extending its PHP1 fee due to system constraints; and Equicom Savings Bank, Inc.
PayMaya Philippines, Inc. and G-Xchange, Inc. (GXI) are also waiving fund transfer fees until Wednesday. 
On the other hand, banks that will waive these fees until Dec. 31 are Union Bank of the Philippines (Unionbank), Asia United Bank Corporation (AUB), Land Bank of the Philippines (Landbank), Development Bank of the Philippines (DBP), Security Bank Corporation (Security Bank), Sterling Bank of Asia, Inc. (Sterling Bank), Standard Chartered Bank, East West Banking Corporation (EastWest Bank), United Coconut Planters Bank (UCPB), and Maybank Philippines, Inc. (Maybank).
Hongkong and Shanghai Banking Corporation will also waive fees for retail customers, and reduced from PHP150 to PHP50 for corporate clients from July 1, 2020.
On the other hand, banks that have yet to announce their decisions on fees are Philippine National Bank (PNB), MUFG Bank, Ltd., CTBC Bank (Philippines) Corporation and Bank of China Limited – Manila Branch. (PNA)