InstaPay and PESONet: A Convenient Fund Transfer

January 28, 2019

What is Instapay?

InstaPay is an electronic fund transfer (EFT) service that allows customers to transfer PHP funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. The service is available 24×7, all year round.

Who can use InstaPay?

Customers of InstaPay participating institutions with savings, current, or e-money accounts (with or without ATM/debit cards) can use InstaPay for sending and/or receiving fund transfers. Users of
Instapay may be individuals, businesses, or government agencies.

Why would one use InstaPay?

Customers may choose to use InstaPay when they want to do the following:

• Transfer funds electronically; and
• Make the funds to be available to their recipient immediately.

How does one use InstaPay?

To send funds via InstaPay, customers need to access their bank’s or e-money issuer’s mobile app or internet banking facility, choose to send to another institution via InstaPay, and provide the required information. Some participating institutions provide a transaction receipt to notify the sender that the transfer is successful.

At the minimum, the sender needs to identify the bank or non-bank e-money issuer where the
receiving account is maintained, the account number of the receiver, and the amount to be transferred.

To receive funds via InstaPay, customers don’t need to do anything but they can verify if their account has been credited with the funds transferred by accessing their bank’s or non-bank e-money issuer’s mobile app or internet banking facility. Some participating institutions provide SMS or email notification upon receipt of funds.

Are there minimum or maximum transaction limits for using InstaPay?

Customers can transfer funds up to PHP50,000 per transaction as many times during
the day. They should, however, contact their bank or non-bank e-money issuer to verify if there is a minimum amount for sending via Instapay or a daily limit on the aggregate amount a customer may transact in a day.

Are there charges for using InstaPay?

Participating institutions may apply a fee for sending via InstaPay. The fee may vary depending on each participating institution’s pricing strategy. There is no fee, however, for receiving funds via InstaPay. Customers receive the amount in full.

A schedule of sending fees charged by the different participating BSFIs is available on the BSP website (http://www.bsp.gov.ph/payments/Fees.pdf) for greater transparency and to allow the public to make an informed choice on which fund transfer service to use.

How does InstaPay compare with other methods?

Funds transferred via InstaPay are received almost instantaneously, 24×7, all year round.