You can now transfer money thru INSTAPAY or PESONET instantly! Just use your online banking and any of your Philippine peso accounts.
Under Send Money or Transfer Money 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 |
| BDO | 100 |
| BPI | 50 |
| BPI Direct Banko | 50 |
| BPI Family | 50 |
| China Bank | 10 to 15 |
| China Bank Savings | 10 |
| Eastwest | 5 |
| Equicom Savings | 15 |
| GCASH (G-Xchange) | FREE |
| LandBank | 25 |
| Malayan Bank | 15 |
| MayBank | 10 to 40 |
| Metrobank | 25 |
| PBCom | 20 |
| PNB | 50 |
| PNB Savings | 25 |
| PSBank | 15 to 150 |
| RCBC | 15 |
| RCBC Savings | 20 |
| Robinsons Bank | 25 |
| Security Bank | 15 |
| Sterling Bank | 15 |
| Sun Savings Bank | 10 |
| Union Bank | 10 |
| UCPB | 25 |
RECEIVER only
These 15 banks are INSTAPAY RECEIVER only as of September 30, 2019
1. AllBank
2. Bangko Mabuhay .
3. CTBC Bank
4. DBP
5. ING Bank
6. Isla Bank
7. OmniPay .
8. Partner Rural Bank (Cotabato)
9. PayMaya
10. Philippine Business Bank
11. PhilTrust
12. Philippine Veterans
13. Quezon Capital Rural Bank
14. UCPB Savings Bank
15. Wealth Development Bank
| BANK | TRANSFER FEE |
| in PESOS | |
| AUB | 10 |
| ANZ | 300 |
| Bank of America | 10 to 2,100 |
| Bank of Commerce | 10 |
| Bank of China | 30 |
| BDO | 0 to 100 |
| BPI | 50 |
| BPI Direct Banko | 50 |
| BPI Family | 50 |
| China Bank | 50 |
| China Bank Savings | 150 |
| Citibank | 0 to 100 |
| CTBC Bank | 403 |
| Deutsche Bank | 10 to 2,000 |
| DBP | 250 |
| Eastwest | FREE |
| Equicom Savings | 15 |
| First Consolidated Bank | 25 to 500 |
| KEB Hana Bank | $10 to 105 |
| HSBC | 0 to 700 |
| Industrial Bank of Korea | 200 |
| ING Bank | FREE |
| JP Morgan | 50 to 175 |
| LandBank | 120 to 150 |
| MayBank | $15 |
| Metrobank | 100 |
| Mizuho Bank | 50 |
| MUFG Bank | 250 |
| PBCom | 15 to 500 |
| PNB | 30 |
| PNB Savings | 25 |
| PSBank | 50 to 150 |
| Philtrust | 200 |
| Philippine Veterans | 1,000 |
| Producers Savings Bank | 100 to 500 |
| RCBC | 10 |
| Robinsons Bank | 20 to 100 |
| Security Bank | 20 to 50 |
| Shinhan Bank | 100 |
| Standard Chartered | 50 |
| Sterling Bank | 100 |
| Sumitomo Mitsui | 250 |
| Union Bank | FREE |
| UCPB | 100 to 150 |
| United Overseas | 300 up |
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.
What’s the difference between INSTAPAY and PESONET?
If both Instapay and PesoNet are offered by your online banking, you can choose any of the two. Individuals are more likely to choose INSTAPAY since the transfer fees are lower, except in some banks.
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