Rizal Commercial Banking Corp. (RCBC) announced Friday that it will waive fees for select InstaPay transfers, following a similar move earlier this week by Bank of the Philippine Islands (BPI), as major lenders ramp up efforts to promote digital transactions and financial inclusion.

In an online advisory posted July 3, RCBC said clients can enjoy zero InstaPay transfer fees starting July 4 when sending money to other local banks and e-wallets through its RCBC Pulz app.

The waiver applies to the first 30 InstaPay transfers per month, provided each transaction has a minimum amount of 100 pesos.

“Say goodbye to transfer fees,” the bank said in its announcement, encouraging users to shift to digital banking services.

The move comes days after BPI declared it would permanently remove fees for both InstaPay and PESONet transfers to other banks and e-wallets beginning July 1.

BPI said the policy covers transactions made عبر its mobile app, BPI Online platform, and affiliated services, including VYBE, BanKo and BizKo, making all such fund transfers free of charge.

The Ayala-led bank said the initiative forms part of its broader push for financial inclusion and coincides with its 175th anniversary.

The removal of interbank transfer fees by two of the country’s major lenders is expected to intensify competition in the digital banking space and could prompt other financial institutions to adopt similar measures.

InstaPay is an electronic fund transfer service that allows real-time, low-value transfers between participating banks and e-wallets in the Philippines, while PESONet is typically used for higher-value transactions processed in batches.

Industry observers say fee-free transfers may accelerate the adoption of cashless payments, especially among retail users and small businesses increasingly reliant on digital platforms for daily transactions.