Instapay vs PesoNet Funds Transfer

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.

Contents:
. When to use Instapay or PesoNet
. Instapay Fees as of June 30, 2021
. PesoNet Fees as of June 30, 2021
. FAQ about Instapay and PesoNet
. Summary of Instapay vs PesoNet comparison
. Cash-In for FREE Transfer between partners

Choose INSTAPAY, if you need instant transfer. Any day, any time. You can transfer up to 50k pesos per transfer. Transfer fee ranges from 5 to 40 pesos. You can transfer many times per day, but check if your bank has a maximum aggregate amount that you can transfer per day.

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 if you transfer before cut-off time, or the next business day. Only on business days.

Use PesoNet also if you’re transferring more than 50,000 pesos…to save on fees.

You can find Instapay or PesoNet within your online banking system, under Send Money, Transfer Money or Funds Transfer.

Some banks offer Instapay only; other banks offer PesoNet only, like CIMB. There are banks that offer both, like Eastwest.

Here are banks offering Instapay money transfer, including transfer fees:

INSTAPAY FEES as of June 30, 2021

BANK	TRANSFER FEE
	in PESOS
AllBank	15
Asia United Bank (AUB)	FREE until 12-31-21
Bank of Commerce	10 to 25
Bank of the Philippine Islands (BPI)	25
BDO	25
BPI Direct Banko	25
Camalig Bank	FREE until 9-30-21
Card Bank	12
Cebuana Lhuillier Rural Bank	15
China Bank Savings	FREE
China Banking Corp. (Chinabank)	FREE until 12-31-21
CTBC Philippines	15
DCPay Philippines	10
Dungganon Bank	10
East West Banking Corp. (Eastwest)	5 (FREE until 9-30-21)
East West Rural Bank	FREE
Equicom Savings	15 (FREE until 9-30-21)
GCASH (G-Xchange)	15
GPAY Network PH	FREE
ING Bank	FREE
LandBank	25 (FREE until 9-30-21)
Malayan Bank	15
MayBank	10 to 40
Metropolitan Bank and Trust Co. (Metrobank)	25
PayMaya	10
Philippine Bank of Coms. (PBCom)	20
Philippine National Bank (PNB)	10 to 15
Philippine Savings Bank (PSBank)	15
Rizal Commercial Banking Corp. (RCBC)	25 (FREE until 12-31-21)
Robinsons Bank	1 (25 for companies)
Rural Bank of Guinobatan	FREE until 12-31-21
Security Bank	15 to 25
StarPay Corp.	15
Sterling Bank	15
Sun Savings Bank	10
Union Bank	30 (FREE until 12-31-21)
United Coconut Planters Bank (UCPB)	25 (FREE until 9-30-21)

INSTAPAY RECEIVER only as of June 30, 2021

These 4 banks are INSTAPAY RECEIVER only as of June 30, 2021:

BDO Network Bank
DBP (Development Bank of the Philippines) — with partners only
Philippine Business Bank
Philippine Veterans

PESONET Fees as of June 30, 2021

BANK	TRANSFER FEE
	in PESOS
Al-Amanah Islamic Investment Bank	55
AllBank	25
Asia United Bank (AUB)	10 (FREE until 9-30-21)
Australia and New Zealand Banking (ANZ)	0 to 400
Bangkok Bank	150 to 250
Bank of America	20 to 2,100
Bank of China	30
Bank of Commerce	10 to 25
Bank of Florida	50
Bank of Makati	FREE
Bank of the Philippine Islands (BPI)	50
BDO Unibank	50
BDO Network Bank	100 to 500
BPI Direct Banko	0 to 50
Camalig Bank	20 to 500
Cathay United Bank Manila	200
Cebuana	50
China Bank Savings	FREE
China Banking Corp. (Chinabank)	FREE until 12-31-21
CIMB Philippines	150 until 12-31-21
Citibank	100
Country Builders Bank	FREE until 7-31-21
CTBC Bank	FREE until 12-31-21
DCPay Philippines	5
Deutsche Bank	10 to 2,000
DBP (Development Bank of the Philippines	FREE to 10
Dungganon Bank	10
Eastwest Banking	FREE until 9-30-21
Eastwest Rural Bank	FREE until 9-30-21
Equicom Savings	FREE to 15
First Consolidated Bank	15 to 300
The Hongkong & Shanghai Banking Corp. (HSBC)	700 (FREE until 9-30-21)
HSBC Savings Bank	0 to 150
Industrial Bank of Korea	200
ING Bank	FREE until 12-31-21
JP Morgan	0 to 125
KEB Hana Bank Manila	$10 to $105 in peso
LandBank	15 to 150 (FREE until 9-30-21)
Malayan Savings Bank	50
MayBank	$15 in peso
Mega International Commercial Bank	$10 in peso
Metropolitan Bank and Trust Co. (Metrobank)	100
Mizuho Bank	50
MUFG Bank	250
Philippine Bank of Communications (PBCom)	15 to 500
Philippine Business Bank	FREE
Philippine National Bank (PNB)	10 to 50
Philippine Savings Bank (PSBank)	50
Philippine Trust Co. (Philtrust)	FREE
Philippine Veterans Bank	FREE until 12-31-21
Producers Savings Bank	100 to 500
Rizal Commercial Banking Corp. (RCBC)	10 (FREE until 12-31-21)
Robinsons Bank	20
Rural Bank of Guinobatan	FREE
Security Bank	20 to 50
Shinhan Bank Manila	100
Standard Chartered Bank	50
Sterling Bank of Asia	15 to 30
Sumitomo Mitsui Banking Corp. Manila	250
Union Bank	100 (FREE until 9-30-21)
United Coconut Planters Bank (UCPB)	0 to 150
United Overseas Bank Manila	775 up
Yuanta Savings Bank	100

FAQ about Instapay and PesoNet

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 Money from my US Dollar account via Instapay or PesoNet? No

Can I Transfer to Any Institution? No. Only to Instapay or PesoNet member banks, e-money or e-wallet . Your Online Banking will let you choose from a List of Participating Institutions

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? Sorry, no. Once the transfer is completed, you can no longer cancel. So be careful.

What happens if money was debited from my 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 might take a few days and there might be a charge for the return process.

What happens if I transferred to a wrong account? If you know the account owner, talk with them about what happened and about returning the money. If they deny your request, then treat your mistake as an expensive lesson. If it’s a big amount of money, ask legal professionals if there’s a legal way you can get the money back.
If you don’t know the account owner, sorry, you can no longer do anything about it. Accept you made a costly mistake, be determined not to commit this mistake again, and find ways to increase your earnings.
Remember, you can’t blame your bank, e-wallet or e-money for this type of mistake. So again, BE CAREFUL.

My account was debited, but was not transferred to the receiving account, and has not been returned after a week. First, contact your bank, e-wallet/e-money. Provide the details of your transaction, and ask for the return of your money. Document your requests and follow-ups, in case you need to ask help from the BSP.
If your request is ignored, contact the BSP via one of the following:
. BSP Webchat – http://www.bsp.gov.ph/
. BSP Facebook – https://www.facebook.com/BangkoSentralngPilipinas/
. Text – 21582277 (for Globe subscribers only); Other networks will join soon.

Who supervises Instapay or PesoNet? It’s Philippine Payments Management Inc. (PPMI), which is composed of BSP-supervised banks and non-bank financial institutions, and which is also overseen by the BSP. As of August 12, 2021, there are 141 member institutions: 21 universal banks, 22 commercial banks, 28 thrift banks, 43 rural banks, 2 cooperative banks, and 25 non-bank electronic money issuers.