How to Use PESONet Transfer Service: Guide for Consumers and Businesses



Last updated November 03, 2021

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 how to use the PESONet transfer service.

What is PESONet?

pesonet transfer - 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.

PESONet vs InstaPay: What are the Differences?

While PESONet and InstaPay are both electronic fund transfer systems, their functions are different. InstaPay is for real-time transfer of low-value amount. On the other hand, PESONet can handle non-time sensitive transfers in bulk.

Below is a comprehensive comparison between these two electronic fund transfer services in the Philippines:

Service availabilityBanking days only24/7
Fund transfer speedWithin the same banking day, provided the money is transferred within the cut-offReal-time
Transaction purposesBulk payments that are not time-sensitive and payments to several recipientsLow-value, urgent payments
Transfer limitNoneUp to PHP 50,000 per transaction, depending on the institution
Transfer feePHP 0 to PHP 500, depending on the institutionAs low as PHP 15, depending on the institution
Clearing Switch Operator (CSO)Philippine Clearing House CorporationBancNet

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 (e.g., Metrobank Online to BPI Online). 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

pesonet transfer benefits
  • Cross-selling of products such as loans, deposits, insurance products, and investments
  • Digital innovation in the delivery of financial services
  • Secure way to transfer salaries to employees
  • Improved efficiency in fund transfer
  • No fees deducted for the receiver
  • Reduce cost for check payments
  • Can be used as an alternative to check payments

List of PESONet Banks and Financial Institutions in the Philippines

The following banks and financial institutions allow PESONet transfer 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

Read more: 25 Top Commercial Banks in the Philippines

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.

See also: 7 Best Banks in the Philippines for Opening a Savings Account

Electronic Money Issuers

  • DCPay
  • PayMaya

What is the Limit for PESONet Transfer 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 InstitutionPESONet Clearing Time
AUB2:00 PM
BPI2:00 PM
ChinaBank12:30 PM
DCPay3:00 PM
EastWest Bank4:00 PM
Metrobank2:00 PM
PayMaya2:00 PM
PBCom2:00 PM
UCPB12:00 NN
UnionBank3:00 PM

PESONet Transfer Fees

Participating InstitutionTransfer Fee
AUBFree (waived until December 31, 2021)
ANZFree to PHP 400
Cebuana Lhullier Rural BankPHP 50
ChinaBankFree (waived until December 31, 2021)
CIMB Bank PhilippinesFree (waived until December 31, 2021)
CitibankPHP 100
Development Bank of the Philippines Free (waived until December 31, 2021)
DCPayFree to PHP 5
EastWest BankFree (waived until December 31, 2021)
Equicom BankFree to PHP 15
HSBCFree to PHP 700
Industrial Bank of KoreaPHP 200
ING Bank (Manila Branch)Free (waived until December 31, 2021
MetrobankPHP 50 to PHP 100
PBComPHP 15 to PHP 500
Philippine Veterans BankFree
UCPBFree to PHP 150
UnionBankFree to PHP 100

Due to the ongoing community quarantine, select banks have waived their PESONet transfer fees until the end of the year.[2]

List of banks and financial institutions with waived PESONet fees until December 31, 2021:

  • AUB
  • China Bank
  • China Bank Savings
  • CTBC Bank
  • DBP (over-the-counter)
  • EastWest Bank
  • EastWest Rural Bank
  • Equicom Savings Bank (retail clients only)
  • HSBC (retail clients only)
  • HSBC Savings Bank (retail clients only)
  • ING Bank
  • Malayan Savings Bank
  • Philippine Trust Company
  • Philippine Business Bank
  • Philippine Veterans Bank
  • Rural Bank of Guinobatan
  • UnionBank (retail clients only)

How to Use PESONet Philippines

How to Transfer Money via PESONet

  1. Access your bank or e-money issuer’s app or official website and log in to your account.
  2. Choose to send money using PESONet and provide the required details.
  3. Provide the receiver’s account information and the amount to be transferred.
  4. 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.

Related article: Transferring or Receiving Money? Check This Complete SWIFT Code and Bank Code List

PESONet Philippines FAQs

pesonet transfer FAQs

1. Is the PESONet transfer service secure?

Yes, the system is secured and has the same level of security standards as other inter-bank fund transfer services in the Philippines.

2. 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.

3. How will I know if my PESONet transfer 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.

4. How long does a PESONet transfer take?

The PESONet crediting time depends on whether you transfer money before or after the bank's cut-off time for transactions.

If the PESONet transfer is done before or within the cut-off time, the funds will be credited within the same banking day. But if the transaction happens after the cut-off, on a holiday, or on a weekend, expect the funds to be received within the next 1 to 2 banking days.

5. 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.

6. 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

7. 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.

8. 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.

9. What is the PESONet customer service contact number I can call?

PESONet has no dedicated customer service hotline. If you have questions or concerns about your PESONet transfer transaction, you may call the customer service hotline of the participating bank where you have an account.

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 the PESONet transfer service to pay bills, it’s still a safe and secure way to send funds to your loved ones for non-urgent needs. This service is also perfect for employers wanting to automate their payouts to employees without having to go to a bank.

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