How to Use PESONet: Guide for Businesses and Individuals
Published: September 26, 2020 | Updated: August 17, 2021 | Posted by: Moneymax | Personal Finance
Apart from paying bills and purchasing items online, you can now use your smartphone to transfer money in bulk. That’s right. Imagine, you can even send your employees’ salaries online. How? By using the Philippine EFT System and Operations Network or PESONet.
Launched in 2017, PESONet Philippines allows users to transfer money to another bank or non-bank institution that also uses the facility. Keep on reading to more about the system and how you can use it to send money.
Table of Contents
What is PESONet?
PESONet[1] is a batch electronic fund transfer (EFT) credit payment scheme, which serves as an alternative to a paper-based check system.
PESONet fund transfers are processed in bulk and cleared in batch intervals. There is no transfer limit with this fund transfer service. However, transferring money isn’t real-time. The receiver will get the transferred fund within the same business day, as long as the sender transfers the amount within the cut-off of their respective PESONet participating institution.
This inter-bank fund transfer platform aims to make business-to-business (B2B) and person-to-business (P2B) payments more convenient. For example, corporations can use it to credit salaries to their employees’ accounts without the need to create special payroll accounts.
How Does PESONet Work?
Customers using PESONet can use their bank or non-bank’s mobile app or online facility to send money to another account with another participating institution (ex: BDO Online Banking to BPI Online Banking). You just need to provide the receiver’s financial institution, account number, and the amount to be transferred to the clearing switch operator, which currently is the Philippine Clearing House Corporation (PCHC).
The funds are then settled in their respective financial institution’s demand deposit accounts. These accounts are held in Bangko Sentral ng Pilipinas (BSP)’s Philippine Payments and Settlement System (PhilPaSS).
Upon settlement, the fund will be credited to the receiver’s account within the same banking day.
Read more: Online Banking in the Philippines: The Benefits of Going Cashless
Benefits of Using PESONet Philippines
- Cross-selling of products such as loans, deposits, insurance products, and investments
- Digital innovation in the delivery of financial services
- Reduce cost for check payments
- Secured way to transfer salaries to employees
- Improved efficiency in fund transfer
- No fees deducted for the receiver
- Can be used as an alternative to check payments
List of PESONet Banks and Financial Institutions
The following banks and financial institutions allow PESONet transactions:
Commercial and Universal Banks
- Al-Amanah Islamic Investment Bank of the Philippines
- Asia United Bank Corporation (AUB)
- Australia and New Zealand Banking Group Limited (ANZ)
- Bangkok Bank Public Co. Ltd.
- Bank of America, N.A
- Bank of China Ltd. – Manila Branch
- Bank of Commerce
- Bank of the Philippine Islands (BPI)
- BDO Unibank, Inc.
- China Banking Corporation (ChinaBank)
- CIMB Bank Philippines, Inc.
- Citibank
- CTBC Bank (Philippines) Corporation
- Deutsche Bank AG
- Development Bank of the Philippines (DBP)
- EastWest Banking Corporation
- Industrial Bank of Korea—Manila Branch
- ING Bank
- J.P. Morgan Chase Bank
- KEB Hana Bank – Manila Branch
- Land Bank of the Philippines (Landbank)
- Maybank Philippines, Inc.
- Mega International Commercial Bank Co., Ltd.
- Metropolitan Bank and Trust Company (Metrobank)
- Mizuho Bank, Ltd. – Manila Branch
- MUFG Bank, Ltd.
- Philippine Bank of Communications (PBCom)
- Philippine National Bank (PNB)
- Philippine Trust Company
- Philippine Veterans Bank
- Rizal Commercial Banking Corporation (RCBC)
- Robinsons Bank
- Security Bank
- Shinhan Bank – Manila Branch
- Standard Chartered Bank
- Sumitomo Mitsui Banking Corporation – Manila Branch
- The Hongkong & Shanghai Banking Corporation (HSBC)
- Union Bank of the Philippines (UnionBank)
- United Coconut Planters Bank (UCPB)
- United Overseas Bank Limited, Manila Branch
Thrift Banks
- AllBank, Inc.
- China Bank Savings, Inc.
- Equicom Savings Bank, Inc.
- First Consolidated Bank, Inc.
- HSBC Savings Bank, Inc.
- Malayan Bank Savings and Mortgage Bank, Inc.
- Philippine Business Bank, Inc.
- Philippine Savings Bank
- Producers Savings Bank Corporation
- Sterling Bank of Asia, Inc.
- Wealth Development Bank Corporation
- Yuanta Savings Bank Philippines, Inc.
Rural Banks
- Bank of Florida, Inc.
- BDO Network Bank, Inc.
- Camalig Bank, Inc.
- Cebuana Lhuillier Rural Bank, Inc.
- Country Builders Bank, Inc.
- Dungganon Bank, Inc.
- East West Rural Bank, Inc.
- Rural Bank of Guinobatan, Inc.
Electronic Money Issuers
- DCPay
- PayMaya
Read more: 25 Top Commercial Banks in the Philippines
What is the Transfer Limit for PESONet Transactions?
There is no amount limit for PESONet fund transfer transactions. The fund will also be credited to the recipient’s account on the same banking day if you send the money within your bank or financial institution’s cut-off time.
PESONet Clearing Time
Here are select participating institutions’ cut-off time for Mondays to Fridays.
| Bank/Financial Institution | PESONet Clearing Time |
|---|---|
| AUB | 2:00 PM |
| BDO | 2:00 PM |
| BPI | 2:00 PM |
| CIMB | 1:15 PM |
| ChinaBank | 12:30 PM |
| DCPay | 3:00 PM |
| EastWest Bank | 4:00 PM |
| HSBC | 1:00 PM |
| Metrobank | 2:00 PM |
| PayMaya | 2:00 PM |
| PBCom | 2:00 PM |
| UCPB | 12:00 NN |
| UnionBank | 3:00 PM |
PESONet Transfer Fees
| Participating Institution | Transfer Fee |
|---|---|
| AUB | PHP 15 to PHP 500 |
| ANZ | PHP 0 to PHP 300 |
| BDO | PHP 50 to PHP 500 |
| Cebuana Lhullier Rural Bank | PHP 15 to PHP 500 |
| ChinaBank | PHP 15 to PHP 500 |
| Citibank | PHP 15 to PHP 500 |
| Development Bank of the Philippines | PHP 15 to PHP 500 |
| DCPay | PHP 15 to PHP 500 |
| Equicom Bank | PHP 15 to PHP 500 |
| HSBC | PHP 50 |
| Industrial Bank of Korea | PHP 200 |
| Landbank | PHP 15 to PHP 500 |
| PayMaya | PHP 10 to PHP 500 |
| PBCom | PHP 15 to PHP 500 |
| Philippine Veterans Bank | PHP 15 to PHP 500 |
| RCBC | PHP 10 to PHP 500 |
| UCPB | PHP 150 |
| UnionBank | PHP 100 |
Due to the ongoing community quarantine, select PESONet partners waived their transfer fees until the end of the year[2]. To view the list of institutions with waived PESONet fees, click here.
List of PESONet participating banks and financial institutions with waived fees until March 31, 2021:
- Asia United Bank
- Binangonan Rural Bank
- Chinabank
- Equicom Savings Bank
- Landbank of the Philippines
- Metrobank
- Philippine National Bank
- Robinsons Bank
- Security Bank
- Sterling Bank of Asia
- UnionBank of the Philippines
Rizal Commercial Banking Corporation (RCBC) has waived their PESONet fees until January 31, 2021.
How to Use PESONet Philippines
How to Transfer Money via PESONet
- Access your bank or e-money issuer’s app or official website and log in to your account.
- Choose to send money using PESONet and provide the required details.
- Provide the receiver’s account information and the amount to be transferred.
- You will receive a notification once your transaction is successful.
How to Receive Money via PESONet
You don’t have to do anything to receive money using PESEONet. Just wait for your funds to reflect on your account within the same banking day, provided the sender transferred the money before the cut-off time. Log in to your bank or non-bank’s app or facility to check that the amount has been transferred.
PESONet vs InstaPay: What are the Differences?
While PESONet and InstaPay are both electronic fund transfer systems. Their functions are different. InstaPay was created for real-time transfer of low-value amount. On the other hand, PESONet was designed to handle non-time sensitive transfers in bulk.
Below is a comprehensive comparison between these two electronic fund transfer services:
| Feature | PESONet | InstaPay |
|---|---|---|
| Service availability | Banking days only | 24/7 |
| Fund transfer speed | Within the same banking day, provided the money is transferred within the cut-off | Real-time |
| Transaction purposes | Bulk payments that are not time-sensitive and payments to several recipients | Low-value, urgent payments |
| Transfer limit | None | Up to PHP 50,000 per transaction, depending on the institution |
| Transfer fee | PHP 0 to PHP 500, depending on the institution | As low as PHP 15, depending on the institution |
| Clearing Switch Operator (CSO) | Philippine Clearing House Corporation | BancNet |
Read more: InstaPay Philippines: What Is It and How Can I Use It?
PESONet Philippines FAQs
Is PESONet secured?
Yes, the system is secured and has the same level of security standards as other inter-bank fund transfer services in the Philippines.
Do I need to enroll the receiver’s account?
You don’t have to enroll the recipient’s account to your bank or non-bank’s facilities, as long as your account is active.
How will I know if my transaction is successful?
If your fund transfer is successful, you will receive an email or SMS confirmation from your financial institution. You can also check for the transaction’s reference number in your institution’s mobile app or online facility. Simply go to your account and check your transaction history.
What happens if I received a transfer error?
If your PESONet request was unsuccessful and the transfer was rejected by the beneficiary institution, the money will be returned to your account on the next banking day.
What if I entered the wrong account number?
If you entered the wrong account number, immediately inform the bank or financial institution. You may also have to provide the following information:
- Date of transaction
- Source account number
- Wrong receiver account number
- Name of beneficiary institution
- Transferred amount
- Transaction reference number
Can I use PESONet to transfer money overseas?
Unfortunately, you can’t use this service to transfer funds abroad. PESONet was created to service fund transfers between peso accounts of participating banks and financial institutions.
Can I use PESONet to pay bills?
No, you can’t use this platform to pay bills. This service only accepts fund transfer instructions from one account to another account maintained at other participating institutions.
Read more: 6 Things to Consider When Choosing the Right Bank for You
Final Thoughts
PESONet offers hassle-free fund transfer services for both businesses and individuals with its bulk money transfer feature. While you can’t use this service to pay bills, it’s still a safe and secure way to send non-urgent funds to your loved ones. This service is also perfect for employers wanting to automate their payouts to employees without having to go to a bank.
Read more: Mobile Banking Apps You Need to Know About
Sources:
- [1] BSP Launches Pesonet (Bangko Sentral ng Pilipinas, 2017)
- [2] Banks waive PESONet, InstaPay fees until September, year’s end (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.
