INSTAPAY vs PESONET funds transfer — whichever you use, you can now easily transfer money from your bank to any other bank online. Just use your online banking and any of your Philippine peso accounts.
Choose INSTAPAY, if you need instant transfer. Any day, any hour. Transfer fee ranges from 5 to 50 pesos.
Note: Most banks have been offering Instapay transfers for FREE due to the covid-19 crisis until further notice.
Choose PesoNet, if you’re not rushing, especially if your bank does not charge anything for PesoNet. Eastwest, Union Bank and ING Bank offer this transfer for FREE. Transfer is done within the day, or the next business day. Only on business days.
Use PesoNet also if you’re transferring more than 50,000 pesos.
Under Send Money, Transfer Money or Funds Transfer in your online banking, you can find Instapay or PesoNet.
Here are banks offering Instapay money transfer, including transfer fees:
| BANK | TRANSFER FEE |
| in PESOS | |
| AUB | 10 |
| Bank of Commerce | 10 to 25 |
| BDO | 50 |
| BPI | 50 |
| BPI Direct Banko | 2 to 50 |
| Cebuana Lhuillier Rural Bank | 15 to 50 |
| China Bank | 10 to 15 |
| China Bank Savings | 10 |
| CTBC Philippines | 0 |
| DCPay Philippines | 0 to 10 |
| Dungganon Bank | 10 |
| Eastwest | 5 |
| Equicom Savings | 15 |
| GCASH (G-Xchange) | FREE |
| LandBank | 25 |
| Malayan Bank | 15 |
| MayBank | 0 to 40 |
| Metrobank | 25 |
| PayMaya | FREE |
| PBCom | 20 |
| PNB | 50 |
| PSBank | 15 to 150 |
| RCBC (Rizal Commercial Banking Corp.) | 15 |
| Robinsons Bank | 1 to 25 |
| Security Bank | 15 |
| Sterling Bank | 15 |
| Sun Savings Bank | 10 |
| Union Bank | 10 |
| UCPB | 25 |
RECEIVER only
These 5 banks are INSTAPAY RECEIVER only as of July 2020:
1. DBP (Development Bank of the Philippines)
2. ING Bank
3. Philippine Business Bank
4. PhilTrust
5. Philippine Veterans
| BANK | TRANSFER FEE |
| in PESOS | |
| Al-Amanah Islamic Investment Bank | 50 |
| AUB (Asia United Bank) | 10 |
| ANZ | 0 to 300 |
| Bangkok Bank | 150 to 250 |
| Bank of America | 20 to 2,100 |
| Bank of Commerce | 10 to 25 |
| Bank of China | 30 |
| Bank of Florida | 50 |
| BDO Unibank | 50 |
| BDO Network Bank | 100 to 500 |
| BPI (Bank of the Philippine Islands) | 50 |
| BPI Direct Banko | 0 to 50 |
| China Bank | 50 |
| China Bank Savings | 150 |
| CIMB Philippines | 150 |
| Citibank | 0 to 100 |
| CTBC Bank | 403 |
| DCPay Philippines | 0 to 5 |
| Deutsche Bank | 10 to 2,000 |
| DBP (Development Bank of the Philippines | 10 to 50 |
| Dungganon Bank | 10 |
| Eastwest | FREE |
| Equicom Savings | 15 |
| First Consolidated Bank | 25 to 500 |
| HSBC (Hong Kong & Shanghai Banking Corp. | 0 to 150 |
| HSBC Savings | |
| KEB Hana Bank | $10 to $105 (peso equivalent) |
| Industrial Bank of Korea | 200 |
| ING Bank | FREE |
| JP Morgan | 0 to 125 |
| LandBank | 15 to 150 |
| MayBank | $15 (peso equivalent) |
| Mega International Commercial Bank | $10 (peso equivalent) |
| Metrobank | 100 |
| Mizuho Bank | 50 |
| MUFG Bank | 250 |
| PayMaya Philippines | 15 to 500 |
| PBB (Philippine Business Bank) | |
| PBCom (Philippine Bank of Communications) | 15 to 500 |
| PNB (Philippine National Bank) | 30 to 203 |
| PSBank (Philippine Savings Bank) | 50 to 150 |
| Philtrust | |
| Philippine Veterans | |
| Producers Savings Bank | 100 to 500 |
| RCBC (Rizal Commercial Banking Corp.) | 10 |
| Robinsons Bank | 1 to 100 |
| Security Bank | 20 to 50 |
| Shinhan Bank | 100 |
| Standard Chartered | 50 |
| Sterling Bank | 100 |
| Sumitomo Mitsui | 0 to 250 |
| Union Bank | FREE |
| UCPB | 100 to 150 |
| United Overseas | 775 up |
| Yuanta Savings | 100 |
QUESTIONS
Who Pays the Transfer Fee? Sender
Does the Receiver Pays a Fee? No
Does the Receiver Receive the Full Amount? Yes
Can I Use Instapay or PesoNet to Transfer Money to an Account Abroad? No
Can I Transfer to Any Institution? No. Only to Instapay or PesoNet members
Your Online Banking will let you choose from a List of Participating Institutions
Which institution supervises Instapay or PesoNet? banking industry-led Philippine Payment Management Inc., which is overseen by the BSP
What are needed to make a transfer?
1. Your online banking account
2. Money in your peso account
3. Your mobile phone with phone number registered in your online banking account
(Your one-time-password (OTP) will be sent to your phone)
4. Information on your receiving account (Name of bank, account name and account number)
Can I Cancel a Transfer? Once the transfer is completed, you can no longer cancel.
What happens if the money was debited from the sender’s account but not credited by the receiving bank? This happens because of mismatch in account name or account number, or the receiving account has been closed, frozen or dormant. The amount will be returned by the receiving bank and will be credited back to your account. This process may take a day or a few days. There might be an additional fee for this process.
INSTAPAY vs PESONET Funds Transfer — What’s the difference?
If you need instant transfer, choose Instapay.
If you need to transfer much more in one transaction, choose PesoNet.
Instapay:
– Instant transfer
– Maximum of 50,000 pesos per transaction
(Daily limit depends on your bank)
– Transfer anytime 24/7, any day, including weekends and holidays
PesoNet
– Not instant transfer, but within the day,
or next business day for transactions done after cut-off time
– Higher maximum limit per transaction
– Business days only (and business hours only for some banks)
More information on INSTAPAY or PESONET