Published: September 14, 2020 | Updated: October 26, 2020 | Posted by: Moneymax | Personal Finance
Using a smartphone to transfer money is now faster and more convenient thanks to mobile wallets and banking apps. However, most of these apps don’t allow senders to transfer money to accounts maintained in another application or financial institution. Enter InstaPay Philippines, an electronic fund transfer (EFT) service by the Bangko Sentral ng Pilipinas or BSP.
Launched in 2018, InstaPay allows users to transfer money to another bank or non-bank institution that carries the facility. Keep on reading to know more about InstaPay Philippines and how you can use it to send money.
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InstaPay is an EFT service that allows clients to transfer money instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. It is governed by the Philippine Payment Management Inc. under the supervision of BSP.
You can use InstaPay if you have an e-money account (with or without ATM or debit card) with one of the service’s participating institutions. Individuals, businesses, and government agencies can send and/or receive fund transfers with this facility.
InstaPay aims to bring a safe and reliable retail payment system in the country, especially for real-time, low-value fund transfer transactions.
Here are some of the advantages of using this EFT service:
Below is a list of participating InstaPay banks and financial institutions:
Read more: 25 Top Commercial Banks in the Philippines
Using InstaPay is pretty straightforward and can be done safely and conveniently wherever you go.
You don’t have to do anything to receive money via InstaPay Philippines. Just wait to be notified by the sender and verify that the amount has been credited to your account. Simply log in to your bank or non-bank’s app or facility to check that the money has been transferred.
You can transfer funds up to PHP 50,000 per transaction as many times as you would like every day. However, some banks and other non-bank e-money issuers may have a minimum daily limit for sending via InstaPay Philippines. Check with your bank or non-bank e-money institution for more details.
The receiver will not be charged with any fees. However, InstaPay fees may apply to the sender. Here are the InstaPay transfer charges for some of the top banks in the country:
|Institution||InstaPay Transfer Fee|
|RCBC||As low as PHP 15|
|UnionBank||As low as PHP 10|
|Security Bank||PHP 50|
However, note that several banks in the country waived their InstaPay fees due to the ongoing pandemic. Some waived their corresponding InstaPay charges until the end of September, while others waived it until the end of the year.
Below is the list of InstaPay participating banks and financial institutions with waived fees until the end of September 2020:
On the other hand, these institutions waived their InstaPay fees until the end of the year:
Yes, it is! The receiver will instantly receive the transferred funds after a successful transaction.
Unfortunately, you cannot use InstaPay Philippines to transfer money to an international bank or a bank created overseas. InstaPay is designed to be used only for PHP fund transfers between accounts maintained in the country with participating institutions.
You cannot. As mentioned, InstaPay was specifically designed to operate between banks and non-bank e-money issuers affiliated with the service.
If you encounter any errors when sending money using the facility, you should immediately report the problem to your respective institution. Receivers who also encounter an issue with receiving funds via InstaPay Philippines should contact their respective institution and request for the fund to be returned to the sender.
InstaPay Philippines offers a fast and reliable way to transfer funds to your loved ones, especially during the quarantine. Some banks and non-bank e-money issuers have also waived their transfer charges, making this facility a lot more convenient.
Do you have accounts with other banks? Check out these online banking guides:
With a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin.