Fund Transfer through InstaPay is now available in RCBC Online Banking
What is Instapay?
Instapay is a real-time, low-value, electronic payment or credit transfer to other banks. It follows a clear-before-settle arrangement to allow instant confirmation of transaction.
Instapay is also a part of Bangko Sentral ng Pilipinas’ (BSP) National Retail Payment System (NRPS) framework which aims to establish safe, efficient, and reliable electronic retail payment system that is interconnected and interoperable. This is to help facilitate the country’s transition from cash-heavy to a cash-lite economy.
What are the uses of Instapay?
Immediate payment in exchange of immediate release of goods & services
Instant fund transfer
What do I need to make an Instapay transaction?
You just need to have an active RCBC checking or savings account enrolled in RCBC Online Banking to be able to use Instapay. Ensure that such account has sufficient balance to fund the transfer.
How can I transfer money using Instapay via RCBC Online Banking?
Just login to your RCBC Online Banking account and go to Transfer Funds. The receiving account from the other bank should be enrolled as a beneficiary in order to make an Instapay transaction.
To enroll a beneficiary, just select the bank, input the account number, full name of beneficiary and contact details, then click on submit. Make sure that you select the correct bank for the account number you wish to enroll to avoid rejected transactions.
If you already have enrolled beneficiaries, transfers to accounts from other banks will automatically be routed to Instapay if they are Instapay receiving banks.
Is there an amount limit to Instapay?
There is an Instapay transactional limit of P50,000, which is also subject to RCBC Online Banking’s aggregate channel limit of P499,000 per day. There is no minimum amount per transfer. Amounts of up to 1 Peso denominations can be accepted and processed.
Is there a limit to the number of times I can send an Instapay transaction?
None, but you can only load up to P50,000 per transaction or total of P499,000 per day.
To which banks can I transfer to?
You can transfer to any bank that is a participating receiver of Instapay. You are also not limited to banks but you may send payments to other financial institutions and insurances (BSFIs) that are listed as Instapay receivers.
How much will be charged to me every time I send an Instapay transaction through RCBC Online Banking?
There is a P15.00 fee for each successful transaction. This will be debited to your source account on top of the amount to be paid or transferred.
How will I know if the transaction successfully pushed through the other account?
You will be notified through RCBC Online Banking that a transaction has been successful. You will also receive a transaction confirmation via e-mail and SMS.
What will I do when my account was debited but I encountered an error upon sending my transaction?
Online Banking will automatically debit your source account first before pushing this to the receiving account given the clear-before-settle arrangement. If there was an error encountered, depending on the error result, the amount will be automatically reversed and credited back to your account along with the transaction fee. In other cases, reconciliation or reversal will be done the following day.
What if I input the wrong beneficiary details (example, account number)?
The payment will push through as long as (1) the account number entered is a valid format/value accepted by the receiving BSFI (2) details are complete. You would have to make sure you entered the correct details and review the summary before clicking Submit.
Can I also receive funds from other banks via Instapay?
Yes, both RCBC and RCBC Savings Bank (RSB) are activated to receive Instapay transactions. Just make sure that the correct bank (if RCBC or RSB) and account number combination is selected when sending from other banks to ensure that you receive the funds.
For your RCBC/RSB checking or savings account to receive, sender must input the account number. For your MyWallet to receive the funds, sender may input the card number.