Updated May 2, 2024
Yes, you can now transfer money online between banks, e-wallets and other financial apps using INSTAPAY or PESONET.
Use Instapay for instant transfer, for up to 50,000 pesos. Anytime, any day.
For bigger amounts, use PesoNet, but the transfer will not be instant. The money will be transferred after several hours or the next day. Pesonet is available only on business days and hours.
Some banks use both Instapay and Pesonet. Other banks use only one.
What is INSTAPAY?
InstaPay is an electronic fund transfer (EFT) service that allows account owners to transfer peso funds instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. The service is available 24/7, any day, any time.
InstaPay is supervised by the Philippine Payment Management Inc. (PPMI) under the oversight of the Bangko Sentral ng Pilipinas. The PPMI was established by Philippine banks in 2017 through the Bankers Association of the Philippines (BAP) to help the BSP implement an interconnected electronic retail payment system in the country.
InstaPay is primarily for consumers, as the maximum amount that can be transferred per day is 50,000 pesos.
InstaPay is an electronic fund transfer (EFT) service that allows account owners to transfer peso funds instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. The service is available 24/7, any day, any time.
InstaPay is supervised by the Philippine Payment Management Inc. (PPMI) under the oversight of the Bangko Sentral ng Pilipinas. The PPMI was established by Philippine banks in 2017 through the Bankers Association of the Philippines (BAP) to help the BSP implement an interconnected electronic retail payment system in the country.
InstaPay is primarily for consumers, as the maximum amount that can be transferred per day is 50,000 pesos.
InstaPay is supervised by the Philippine Payment Management Inc. (PPMI) under the oversight of the Bangko Sentral ng Pilipinas. The PPMI was established by Philippine banks in 2017 through the Bankers Association of the Philippines (BAP) to help the BSP implement an interconnected electronic retail payment system in the country.
InstaPay is primarily for consumers, as the maximum amount that can be transferred per day is 50,000 pesos.
What is PESONET?
PESONET is primarily for fund transfers by businesses, as this accommodates transfers of more than 50,000 pesos. Transfers are not instant, but funds are credited within the day, as long as they are received prior to cut-off periods. Another thing to remember: PesoNet is only available during business days and hours.
PESONET is primarily for fund transfers by businesses, as this accommodates transfers of more than 50,000 pesos. Transfers are not instant, but funds are credited within the day, as long as they are received prior to cut-off periods. Another thing to remember: PesoNet is only available during business days and hours.
Just login to your BPI mobile app or BPI online banking, then find Transfer. You will use the electronic fund transfer service called InstaPay. Transfer will be instant. The money transferred is immediately credited to the destination account. And this service is available any day, any time, 24/7. Transfer fee is 50 pesos.
The other transfer service called PesoNet, which is good for amounts bigger than 50,000 pesos, is not yet available with BPI.
Based on the latest list of InstaPay transfer fees published by the BSP, BPI is among several banks that charge 25 pesos per transfer. The others are BDO, Metrobank, RCBC, Security Bank, Bank of Commerce.
Eastwest Bank charges only 5 pesos! And during the pandemic, Eastwest has been offering its transfer service for FREE! Thank you, Eastwest Bank!
Just login to your BPI mobile app or BPI online banking, then find Transfer. You will use the electronic fund transfer service called InstaPay. Transfer will be instant. The money transferred is immediately credited to the destination account. And this service is available any day, any time, 24/7. Transfer fee is 50 pesos.
The other transfer service called PesoNet, which is good for amounts bigger than 50,000 pesos, is not yet available with BPI.
Based on the latest list of InstaPay transfer fees published by the BSP, BPI is among several banks that charge 25 pesos per transfer. The others are BDO, Metrobank, RCBC, Security Bank, Bank of Commerce.
Eastwest Bank charges only 5 pesos! And during the pandemic, Eastwest has been offering its transfer service for FREE! Thank you, Eastwest Bank!
The other transfer service called PesoNet, which is good for amounts bigger than 50,000 pesos, is not yet available with BPI.
Based on the latest list of InstaPay transfer fees published by the BSP, BPI is among several banks that charge 25 pesos per transfer. The others are BDO, Metrobank, RCBC, Security Bank, Bank of Commerce.
Eastwest Bank charges only 5 pesos! And during the pandemic, Eastwest has been offering its transfer service for FREE! Thank you, Eastwest Bank!
Hope BPI will include this kind of feature for their customer's satisfaction