INSTAPAY is now the fastest way to transfer money online from one bank to another bank in the Philippines
on the condition that both sending and receiving entities are participants of INSTAPAY.
The fee for sending online depends on your bank. It ranges from 5 pesos to 50 pesos.
Note: Because of the covid-19 crisis, most banks have been offering Instapay transfers for FREE until further notice.
There’s NO FEE for receiving money. Only the sending account is charged.
You can send up to 50,000 pesos per transaction. Ask your bank if there’s a minimum amount to send and if there’s a maximum for the total amount you’re able to send within a day.
Here’s a list of banks and e-money issuers participating in INSTAPAY:
These Banks Can Both Send and Receive:
1. Asia United Bank Corp. (AUB)
2. Bank of Commerce
3. Bank of the Philippine Islands (BPI)
4. BDO Unibank, Inc.
5. BPI Direct Banko
6. Cebuana Lhuillier Rural Bank
7. China Bank Savings, Inc.
8. China Banking Corp.
9. CTCB Philippines
10. DCPay Philippines
11. Dungganon Bank (A Microfinance Rural Bank), Inc.
12. East West Banking Corp.
13. Equicom Savings Bank, Inc.
14. G-Xchange, Inc. (GCash)
15. Land Bank of the Philippines
16. Malayan Bank Savings and Mortgage Bank, Inc.
17. Maybank Philippines, Inc.
18. Metropolitan Bank and Trust Company (Metrobank)
19. PayMaya Philippines
20. Philippine Bank of Communications (PBCom)
21. Philippine National Bank (PNB)
22. Philippine Savings Bank (PSBank)
23. Rizal Commercial Banking Corp. (RCBC)
24. Robinsons Bank Corp.
25. Security Bank Corp.
26. Sterling Bank of Asia
27. Sun Savings Bank, Inc.
28. Union Bank of the Philippines (Union Bank)
29. United Coconut Planters Bank (UCPB)
There were only 24 financial institutions in March 2019; now there are 29.
RCBC Savings and PNB Savings are no longer in the list, as they have been acquired by their parent companies, RCBC and PNB, respectively.
These Banks Below Can Receive Only:
as of July 2020.
All banks are expected to be able to both send and receive through Instapay soon.
1. Development Bank of the Philippines (DBP)
2. ING Bank
3. Philippine Business Bank, Inc., A Savings Bank
4. Philippine Trust Crp.
5. Philippine Veterans Bank
Fees for Sending Money Online via INSTAPAY
as of July 2020, subject to change:
Most Instapay participants have been offering Instapay transfers for FREE since the covid-19 crisis started, until further notice.
G-Xchange (handles GCash)
Bank charging 5 pesos only
Banks charging 10 pesos
Asia United Bank (AUB)
Bank of Commerce
China Bank Savings
Banks charging 15 pesos
Equicom Savings Bank
Malayan Bank Savings and Mortgage
Banks charging 20 pesos
Banks charging 25 pesos
Bank charging 50 pesos
Reference: BSP InstaPay Fact Sheet as of January 2019
InstaPay Fees as of May 2020