'Tis The Season for Money Transfers: InstaPay and PESONet, Which One Should You Use

instapay fees
PHOTO BY Pixabay/Anna Shvets ILLUSTRATOR: War Espejo

(SPOT.ph) Those transacting online may have come across PESONet and InstaPay, two major electronic fund transfer services making money transfers and e-payments easier for Filipinos. While both services are mostly similar in nature, they differ in features based on the amount transferred or urgency of transactions, the Bangko Sentral ng Pilipinas said.

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Here's what you need to know:

Money transfers: InstaPay and PesoNet

Money Instapay PesoNet use cases difference
PHOTO BY Florante Valdez/Pixabay
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Both platforms can be used for:

  • Fund transfers including those whose accounts are under different banks or e-wallet provider
  • Payments for goods and services including periodic payments
  • Bills payment
  • Payments to government

How to access InstaPay and PESONet

Customers can access the two services via bank or e-money mobile apps or internet banking facilities.

When to use InstaPay?

Those looking for real-time transfers of amounts up to P50,000 may use InstaPay, said BSP. It's ideal for sending money to relatives or small businesses.

Here are its features:

  • Immediate and urgent transactions
  • Funds available to recipient almost immediately
  • Up to P50,000 transfer per transaction
  • Available 24/7, all year round
  • Can be used as alternative to cash

When to use PESONet?

Those who will transfer more than P50,000 in non-urgent transactions may use PESONet. It's ideal for businesses and government transactions, the central bank said.

Here are its features:

  • Planned and non-urgent transactions
  • Available during banking days only and subject to cut-off times
  • Funds available on the same day, but subject to transaction cut-off time
  • Transfer any amount per transaction with banks or e-money issuer (EMIs) setting the limit
  • Can be used as alternatives to cheques
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Are PESONet and InstaPay for free?

Sender may bear charges based on the charges set by the bank, BSP said. Recipients will get the full amount.

How to use them?

1. Check if the payment service provider is a PESONet or InstaPay participating bank or EMI.

2. Open the mobile or online banking app and choose the "transfer fund" option. Select either PESONet or InstaPay.

3. Enter the amount to transfer or send as payment and the recpient's account details. Double check the details to ensure the right amount and receiving account.

4. Approve the transaction and wait for the confirmation via email or SMS.

What to do in case of transaction issues

1. Report to the bank or e-money issuer

  • Take note of your transaction confirmation email/SMS or funds transfer transaction number which can be presented to banks or EMIs.
  • Inform the sending or receiving entities
  • Be familiar with the processing times
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2. Contact the BSP for unresolved issues

You may reach BSP through their webchat, Mesenger, or SMS at 21582277 for Globe subscribers only.

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