You have probably been to the bank, filled out a deposit slip, and waited in line for an hour just to deposit money into the bank account of a friend or loved one. It's a good thing that you no longer have to put in that much effort to move money to another bank account. It is simple to move money between banks using EFT services like PESONet and InstaPay. To transfer funds to a local bank account, all you need is an Internet-connected computer or mobile phone and an online banking account.
As long as both banks are a part of the same EFT network, electronic or digital fund transfer (EFT) services enable a bank to transfer funds to another bank. Consider an electronic funds transfer service to be a direct link between two distinct banks. The EFT service handles and facilitates the transfer of funds from one bank to another, serving as a ""middleman."" ,'_com-medrectangle-3','ezslot_5',191,,_('div-gpt-ad-_com-medrectangle-3-0');
You can deposit money into someone else's bank account without going to the bank thanks to EFT services like PESONet and InstaPay. To finish the process, all you need to do is log in to your online banking account, enter the recipient's account information, and choose your preferred EFT service. In addition, mobile wallets like GCash and PayMaya use InstaPay and PESONet to transfer funds between bank accounts.
While PESONet and InstaPay are both electronic fund transfer services that basically do the same thing, there are a few differences. The amount of time it takes for the transfer to be completed and the daily transaction limits of these EFT services vary. Even though they are typically set by the sending bank, transaction fees vary.
We'll go over what PESONet and InstaPay are, the differences between them, and which one to choose based on your preferences and expectations in this article. 300,250],'_com-medrectangle-4','ezslot_6',192,,_('div-gpt-ad-_com-medrectangle-4-0');
Table of Contents: Quick Comparison of InstaPay and PESONet What is InstaPay? Features of InstaPay Advantages and Disadvantages of InstaPay Participating Banks and Transaction Fees What is PESONet? Features of PESONet Advantages and Disadvantages of PESONet Participating Banks and Transaction Fees PESONet vs. InstaPay: Conclusion InstaPay vs. PESONet: A Quick Comparison PESONet and InstaPay are both electronic fund transfer services managed by the Philippine Payments Management Inc. (PPMI), a self-governing body supported by the Bangko Sentral ng Pilipinas (BSP) and established in 2017.
Refer to the table below for a quick comparison of InstaPay and PESONet:
Fees for InstaPayPESONet transactions vary depending on the sending bank. Funds are available almost immediately if received by 3:00 p.m. on the same banking day;
Service Availability 24 hours a day, 7 days a week, only banking days Maximum Transaction Limit 50,000 per transactionNone, but may depend on the bank As you can see, the two EFT services differ significantly in terms of the maximum transaction limit and the availability of funds. PESONet funds are available the same day or the following banking day if made after the cut-off time, whereas InstaPay transfers are available almost immediately. In contrast to InstaPay, which only allows up to 50,000 per transaction, PESONet is ideal for large-scale transfers because it has no transaction limits (depending on the bank).
InstaPay: What is it?
Customers in the Philippines can transfer funds between their accounts with participating InstaPay and BSP-supervised banks and e-money issuers (or e-wallets) using the InstaPay electronic fund transfer (EFT) service. '_com-box-4','ezslot_7',193,,_('div-gpt-ad-_com-box-4-0');
The InstaPay EFT service can be used to send and receive funds from savings, current, and e-money accounts held by customers of participating InstaPay institutions. InstaPay is accessible seven days a week, including holidays and weekends.
When funds are transferred using InstaPay, they are processed in real time, and the recipient will have access to the funds almost immediately. Although participating banks can set the maximum daily transfer limit for each account, customers can only transfer a maximum of 50,000 per transaction. The sending bank determines the transaction fee, which is credited to the sender's account.
Features of InstaPay: Transaction Fee Depends on the sending bank's availability of the fund: Instantaneous Service Accessibility: 24/7, 365 days a yearCapacity for One Transaction: 50,000 per transaction InstaPay Benefits Real-time transfersReceive money almost immediatelyGreat for urgent, time-sensitive transactionsAvailable at any time of day, even on weekends and holidays InstaPay Negatives You can only send up to 50,000 per transaction InstaPay Participating Banks and Transaction Fees These are the e-money issuers and participating banks in InstaPay as of August 12, 2021. As of June 30, 2021, the transaction fees are accurate. The list can be changed at any time without notice.
Transaction Fees for AllBank, Inc. or an E-Wallet Participating in InstaPay Asia United Bank Corporation Free Bangko Mabuhay (A Rural Bank), Inc. N/A Bank of Commerce - 10 - 25 BDO Unibank, Inc. - 25 BDO Network Bank, Inc. Bank of the Philippine Islands (BPI) - Free Only for the recipient Binangonan Rural Bank, BPI Direct Banko, Inc., A Savings Bank, Free - 25 Camalig Bank, Inc. (A Rural Bank) Free Card Bank, Inc. (A Microfinance-Oriented Rural Bank), 12 Cebuana Lhuillier Rural Bank, Inc., 15 China Bank Savings, Inc. Free China Banking Corporation, Free CTBC Bank (Philippines) Corporation, 15 DCPay Philippines Inc. (Coins.ph East West Banking CorporationFree East West Rural Bank, Inc. N/A Dungganon Bank (A Microfinance Rural Bank), Inc. Bank of Free Equicom Savings, Inc. Free - ING Bank N.V. Free ISLA Bank (A Thrift Bank), Inc. Free - 15 G-Xchange Inc. (GCash) 15 Gpay Network PH, Inc. (GrabPay) Land Bank of the Philippines as the sole receiver Free Malayan Bank Savings and Mortgage 15 Maybank Philippines, Inc. 10-40 Metropolitan Bank and Trust Company Free Mindanao Consolidated Cooperative Banks OmniPay, Inc. Partner Rural Bank (Cotabato), Inc. - Unknown PayMaya Philippines Inc. 10 Philippine Bank of Communications (PBCom) 1 - 20 Philippine Business Bank, Inc., a Savings BankReceiver only Philippine National Bank (PNB) 10 - 15 Philippine Savings Bank (PSBank) Free Philippine Trust Company / Producers Savings Bank Corporation / Queen City Development Bank, Inc. Free - 25 Robinsons Bank Corporation (RBC) 1 - 25 Rural Bank of Guinobatan, Inc.N/A Quezon Capital Rural BankN/A Rizal Commercial Banking Corporation (RCBC) Free Security Bank Corporation (SBC) - 15 - 25 Starpay Corporation - 15 Sun Savings Bank - 10 UCPB Savings Bank - 30 United Coconut Planters Bank (UCPB) Free USSC Money Services, Inc. Free Security Bank Corporation (SBC) - 15 - 25 Starpay Corporation What exactly is PESONet? Wealth Development Bank Corporation
PESONet is an automated clearing house (ACH) and electronic fund transfer (EFT) service that makes it easy to move money from one account to another or multiple accounts in various BSP-Supervised Financial Institutions (BSFIs). PESONet stands for Philippine EFT System and Operations Network.'_com-banner-1', 300,250],);
PESONet transactions are cleared in batches and processed in bulk, with multiple settlement and clearing cycles occurring throughout the day. If the transfer was made before the 3:00 p.m. cutoff, the beneficiary or payee will receive the entire amount on the same banking day. After the cut-off or on non-banking days (like weekends and holidays), any funds transferred will be processed on the following banking day.
PESONet allows customers to transfer an unlimited amount, subject to the bank's maximum limits. The sending bank or e-money issuer also determines transaction fees.
Features of PESONet Transaction Fee: Depends on the sending bank's availability of the fund: if submitted before 3:00 p.m. on the same banking day; next business day if payment is made after 3 p.m. or on weekends and holidays. The maximum number of transactions that can be made: None, but it could depend on the bank. PESONet Benefits: Can send unlimited amounts (depending on the bank.) Great for large-scale fund transfers (like salary payments). PESONet Drawbacks: Transfers aren't instant and could take up to a day or more. Not ideal for transactions that need to happen quickly. Only available on banking days. PESONet Participating Banks and Transaction Fees These are the banks that will be participating in PESONet and e-money As of June 30, 2021, the transaction fees are accurate. The list can be changed at any time without notice.
Transaction Fees for PESONet Participants or E-Wallets Al-Amanah Islamic Investment Bank of the Philippines: 55 AllBank, Inc. (A Thrift Bank): 25 Asia United Bank Corporation: Free Australia and New Zealand Banking Group, Ltd. Free - 400 Bangko Kabayan, Inc., a Development Bank, and/or Bangko Mabuhay, Inc., a Rural Bank. N/A Bangko Nuestra Senora Del Pilar, Inc. (A Rural Bank) N/A Bangkok Bank Public Co. Ltd. (150-250 baht) Bank of America, N.A. (20-2,000 baht) Bank of China ""Hong-Kong"" Limited - Manila Branch (30 baht) Bank of Commerce (10-25 baht) Bank of Florida, Inc. (50 baht) BDO Unibank, Inc. Free Bank of the Philippine Islands (BPI) Free - 50 Free - 50 BDO Network Bank, Inc. Free - 100 BPI Direct BanKO, Inc., Inc., A Savings Bank Free - 50 Camalig Bank, Inc. (A Rural Bank) Free - 20 Bantilan Bank, Inc. N/A Cathay United Bank Co., Ltd. - Manila Branch 200 Cebuana Lhuillier Rural Bank, Inc. 50 China Bank Savings, Inc. Free CIMB Bank Philippines, Inc. Free China Banking Corporation 100 Community Rural Bank of Romblon (Romblon), Inc. for free Citibank, N.A. Country Builders Bank, Inc. - Unknown Free DCPay Philippines Inc. (Coins.ph) Free - 5 Deutsche Bank AG 10 - 2,000 Development Bank of the Philippines (DBP) 10 Dumaguete City Development Bank, Inc. East West Banking CorporationFree East West Rural Bank, Inc. Dungganon Bank, Inc. Bank of Free Equicom Savings, Inc. Free - 15 G-Xchange, Inc. (GCash) - 300 G-Xchange, Inc. (GCash) - None Guagua Rural Bank, Inc. Free - 125 KEB Hana Bank - Manila Branch$10 - $105 (Php equivalent) Laguna Prestige Banking Corporation, (A Rural Bank)N/A Land Bank of the PhilippinesFree Malayan Bank Savings and Mortgage50 Maybank Philippines, Inc.$15 (Php equivalent) Mega International Commercial Bank Co., Ltd.$10 (Php equivalent) Metropolitan Bank and Trust CompanyFree Mizuho Bank, Ltd. - Manila Branch50 Money Mall Rural Bank, Inc N/A MUFG Bank, Ltd. 250 MVSM Bank, Inc., a Rural Bank Since 1953 PayMaya Philippines Inc. - Unknown N/A Philippine Business Bank, Inc. 500 - 15 Philippine Bank of Communications (PBCom) Free Philippine National Bank (PNB) from 10 to 50 Free Philippine Trust Company from 100 to 500 Free Philippine Veterans Bank from 100 to 500 Free Producers Savings Bank Corporation from 100 to 500 Queen City Development Bank Inc. RBT Bank, Inc., a Rural Bank, and Rang-Ay Bank, Inc. N/A Rizal Commercial Banking Corporation (RCBC) ten Robinsons Bank Corporation (RBC) one hundred N/A Guinobatan Rural Bank, Inc. Rural Bank of Montalban, Inc./Free Rural Bank of Lebak (Sultan Kudarat), Incorporated None at this time Rural Bank of Rosario (La Union), Inc. N/A Rural Bank of South Africa Inc. Ignacia N/A Security Bank Corporation (SBC): 20 - 50 Shinhan Bank - Manila Branch: 100 Standard Chartered Bank: 50 Sterling Bank of Asia, Inc. (A Savings Bank): 15 - 30 Sumitomo Mitsui Banking Corporation - Manila Branch: 250 HSBC: Free - 700 Tonik Digital Bank, Inc. N/A Union Bank of the Philippines is free; United Coconut Planters Bank (UCPB) is free; United Overseas Bank Limited, Manila Branch is free. 775 Yuan Wealth Development Bank, Inc. PESONet vs. InstaPay: n/a Yuanta Savings Bank Philippines, Inc. 100 Which one ought to you select?
Because both PESONet and InstaPay are backed by the BSP and are reputable and dependable fund transfer services, your choice of EFT service is based on more than just the transaction fee. '_com-large-leaderboard-2','ezslot_11',195,,_('div-gpt-ad-_com-large-leaderboard-2-0');
Even though the process takes longer, PESONet is probably the better option if you intend to transfer larger sums, such as more than 50,000. To ensure that the funds are available before 11:00 p.m. on the same day, you can make the transfer well in advance of the 3:00 p.m. deadline.
Keep in mind that PESONet transfer transaction limits exist at some banks. For instance, the daily maximum for online banking transfers at Metrobank is 200,000 dollars. To find out if your bank has daily, per-account, or per-transaction transaction limits for PESONet fund transfers, you will need to speak with them.
However, because transfers are processed and completed almost immediately, InstaPay is your only option if you or your beneficiary require the funds immediately. The funds typically appear in the account of your beneficiary in less than a minute.
In a nutshell, use PESONet if you have a significant amount of money to transfer but are not in a hurry, and use InstaPay for small and/or urgent transactions. ,'_com-leader-1','ezslot_12',196,,_('div-gpt-ad-_com-leader-1-0');
Conclusion By understanding the similarities and differences between PESONet and InstaPay, you will be able to make an informed choice regarding which electronic funds transfer service to use for your subsequent online transfer. If you choose the wrong EFT service, you won't have to deal with any problems and save money on transaction fees.
Visit the PPMI website or send an email to ppmi@philpayments.org.ph to learn more about PESONet and InstaPay.
Tags: The Philippine Central Bank's ""InstaPay"" online banking system" - https://www.affordablecebu.com/
