InstaPay Philippines: What Is It and How Can I Use It?
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.
Table of Contents
What is InstaPay?
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.
Read more: How Online Banking Account Makes Things Easier
Benefits of Using InstaPay Philippines
Here are some of the advantages of using this EFT service:
- Receive and send money from another bank
- Transfer funds electronically
- Money is transferred real time
- Minimal transaction charges
- Available 24/7 and all year round
InstaPay Participating Banks and Non-Bank E-Money Issuers
Below is a list of participating InstaPay banks and financial institutions:
InstaPay Sender and Receiver
- AUB
- Bank of Commerce
- BDO
- BPI
- BPI Direct BanKO
- China Bank Savings
- Chinabank
- DCPay
- East West Banking Corporation
- Equicom Savings Bank
- GrabPay
- G-Xchange Inc. (GCash)
- Landbank
- Maybank
- Metrobank
- PayMaya
- PBCom
- Philippine Savings Bank
- PNB
- RCBC
- Robinsons Bank Corporation
- Security Bank
- Sterling Bank of Asia
- UCPB
- UnionBank
Receiver Only
- Bangko Mabuhay
- Development Bank of the Philippines
- ISLA Bank
- OmniPay
- Partner Rural Bank (Cotabato)
- Philippine Veterans Bank
- Quezon Capital Rural Bank
- Wealth Development Bank
Read more: 25 Top Commercial Banks in the Philippines
How Do I Use InstaPay?
Using InstaPay is pretty straightforward and can be done safely and conveniently wherever you go.
Sending Money via InstaPay
- To transfer money via InstaPay Philippines, you need to access your bank or e-money company’s app or official website and log-in to your account.
- Choose send money to another institution using InstaPay and provide the required details.
- Make sure that you know the bank or non-bank issuer where the receiving account is enrolled. You should also know the receiver’s account information and the amount to be transferred.
- You will receive a notification once your transaction is successful.
Receiving Money via InstaPay
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.
What is the transfer limit?
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.
Are there fees for using InstaPay?
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 |
|---|---|
| PNB | PHP 50 |
| BDO | PHP 55 |
| UCPB | PHP 25 |
| PBCOM | PHP 20 |
| RCBC | As low as PHP 15 |
| UnionBank | As low as PHP 10 |
| Metrobank | PHP 50 |
| Security Bank | PHP 50 |
However, note that several banks in the country waived their InstaPay fees due to the ongoing pandemic[1]. 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:
- Bank of Commerce
- BDO
- BPI
- Chinabank
- Equicom Savings Bank
- G-Xchange Inc. (GCash)
- Metrobank
- PayMaya
- PBCom
- PSBank
- RCBC
- Robinsons Bank
On the other hand, these institutions waived their InstaPay fees until the end of the year:
- AUB
- Development Bank of the Philippines
- EastWest Bank
- Landbank
- Maybank
- Security Bank
- Standard Chartered Bank
- Sterling Bank
- UCPB
- UnionBank
Read more: 6 Things to Consider When Choosing the Right Bank for You
InstaPay Philippines FAQs
Is transferring money via InstaPay real time?
Yes, it is! The receiver will instantly receive the transferred funds after a successful transaction.
Can I transfer money to an overseas bank account using InstaPay?
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.
Can I transfer money to a non-participating financial institution?
You cannot. As mentioned, InstaPay was specifically designed to operate between banks and non-bank e-money issuers affiliated with the service.
I got a transaction error while using InstaPay. What should I do?
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.
Final Thoughts
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:
- BPI Online Banking Guide: How to Register, Send Money, Pay Bills, and More
- RCBC Online Banking Guide to Manage Your Finances at Home
- Security Bank Online Guide for Hassle-Free Banking at Home
- PNB Online Banking Guide to Balance Check, Sending Money, Paying Bills and More
Source:
- [1] 24 banks, e-payment firms waive PESONet, InstaPay fees (Villanueva, Philippine News Agency, 2020)
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.
