Updated March 9, 2019
Is Interbank Fund Transfer or Bank-to-Bank Money Transfer now possible in the Philippines?
Is it now possible to transfer money from one local bank to another local bank ONLINE?
With the BSP’s push for electronic funds transfer systems InstaPay and PesoNet, interbank funds transfer in the Philippines is now available to more account owners.
Prior to InstaPay and PesoNet, only account owners of certain bank accounts can transfer online. Now with more than 37 banks participating in InstaPay as of January 2019, and with more expected to join soon, interbank funds transfer in the country will soon be available to every account owner.
Online Interbank Funds Transfer via INSTAPAY
You can see the Instapay system integrated into your online banking system when you login. The FEE to transfer funds ranges from 5 pesos to 100 pesos. Transfer from a GCash account to a bank account is FREE. EastWest charges only 5 pesos. BDO charges the highest fee: 100 pesos.
There are now 24 banks that can send and receive money via Instapay:
1. Asia United Bank (AUB)
2. Bank of Commerce (BCommerce)
3. BDO Unibank (BDO)
4. China Bank Savings
5. China Banking Corp.
6. Dungganon Bank, A Microfinance Rural Bank
7. East West Banking Corp. (EastWest)
8. Equicom Savings Bank
9. G-Xchange (operator of GCash)
10. Land Bank of the Philippines (Landbank)
11. Malayan Bank Savings and Mortgage Bank
12. Maybank Philippines
13. Metropolitan Bank and Trust Company (Metrobank)
14. Philippine Bank of Communications (PBCom)
15. Philippine National Bank (PNB)
16. Philippine Savings Bank (PSBank)
17. PNB Savings Bank
18. RCBC Savings Bank
19. Rizal Commercial Banking Corp. (RCBC)
20. Robinsons Bank Corp.
21. Security Bank Corp.
22. Sun Savings Bank
23. Union Bank of the Philippines (Union Bank)
24. United Coconut Planters Bank (UCPB)
The following banks can only receive money via Instapay as of this time:
1. Bank of the Philippine Islands (BPI)
2. CTBC Bank (Philippines) Corp.
3. Development Bank of the Philippines (DBP)
4. Isla Bank (A Thrift Bank)
6. Partner Rural Bank (Cotabato)
7. PayMaya Philippines
8. Philippine Business Bank, A Savings Bank
9. Philippine Trust Co.
10. Philippine Veterans Bank
11. Sterling Bank of Asia, A Savings Bank
12. UCPB Savings Bank
13. Yuanta Savings Bank Philippines
From this debit card, you can transfer money online to accounts in other local banks, without pre-enrollment of recipient accounts.
You just need these: Name of Other Bank, Name of Account Owner, and Account Number
Online fund transfer from this debit card to an account in another bank costs 10 pesos. There might also be banks that charge recipient or inward transfer fees.
This debit card has no maintaining balance requirement, but it charges 350 pesos per year as annual fee.
You can transfer money online from one bank to another bank within the BANCNET network.
(Note: As of Dec 19, 2014, interbank transfer is temporarily not available. Check bancnetonline.com from time to time)
Or check your own bank’s online banking service. Many Bacnet-member banks have their own online banking services.
Some require pre-enrollment of source and recipient accounts; others do not. The interbank fund transfer fee is 25 pesos.
The new BancnetOnline.Com says that only the account owners of the following member banks can use BancnetOnline.com in the meantime:
Asia United Bank
BPI Direct BanKo
Citystate Savings Bank
Equicom Savings Bank
Maximum Savings Bank Inc.
Overseas Filipino Bank
Philippine Business Bank
Philippine Veterans Bank
Sterling Bank of Asia
Sun Savings Bank
Tiaong Rural Bank
BancNet has more members, including top banks BDO, BPI, Metrobank and Landbank, but these banks run their own online banking systems.
Send Money from Your BDO Account to an Account in Another Local Bank
Choose the Send Money option in your BDO online banking account.
Click “Send Money to Another Local Bank”
You’ll fill up a form.
Enter details that include your recipient’s name, account no., birth date, mobile no., address, gender, purpose of transaction.
You’ll choose from a list of banks.
The charge is 100 pesos.
See more info here: Transfer Money from BDO to Other Local Banks
Online Wire Transfer from a BDO US Dollar Account to Another Local Bank
The local wire transfer cost is US$10. The transfer process might take 2 to 3 days.