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Transfer Money in an Instant to Other Bank Accounts with InstaPay

12 October 2022
Transfer Money in an Instant to Other Bank Accounts with InstaPay

The convenience of online banking is perhaps the most compelling argument for making the switch to digital. People won't have to worry about carrying large amounts of cash, using plastic cards, or standing in long queues at ATMs. It is also a convenient and secure means of making purchases while on the road nowadays.

 

With its safety, speed, and convenience, mobile payments, without a doubt, have quickly become a preferred method for accepting payments from customers in person. This is due to the fact that the ability to accept contactless payments while on the move, expand the types of payment accepted, and reduce wait times in stores are all issues that may be addressed with mobile payments.

 

All these transactions and money transfers to other bank accounts were also made simpler and faster by InstaPay.

 

InstaPay is a new electronic fund transfer (EFT) service that became live in 2018. It enables you to send money to users of other apps or banks. Let's get to know more about this helpful tool for doing electronic transactions in this digital age.

 

InstaPay: BSP's National Retail Payment System

BancNet, which serves as the clearing switch operator, powers InstaPay as part of the Banko Sentral ng Pilipinas BSP National Retail Payment System. Furthermore, InstaPay is governed by the independent, self-governing regulatory framework called the Philippine Payment Management Inc. (PPMI), and is directly supervised and monitored by the BSP.

 

For this reason, InstaPay has become the most convenient and secure method of receiving and sending money throughout the country. The system is protected by many layers of authentication and is up to date with international safety norms not to mention the secure connection and encrypted data that ensure the safety of all your financial dealings.

 

Is there any limit when I transfer funds to another bank account via Instapay?

If you like, you may make as many daily transfers of up to Php 50, 000 as you desire. However, the amount you may transfer in a single day with InstaPay varies depending on the e-money provider or bank that you choose.

 

Pros and cons of using InstaPay?

There are many advantages to using InstaPay but perhaps the most notable ones would be it a reliable, secure, and legal means of doing financial transactions online. You can also instantly transfer money and receive money instantly as well with its real-time transactions making it fast and with no waiting time.

 

The amount that you will also receive when you use InstaPay on your financial transaction will be in full, which means that there will be no charges to the receiver. In terms of the sender, you will only be charged minimum transfer fees.

 

The best thing about InstaPay? It's accessible around the clock and use it whenever you choose with its 24/7 availability! Additionally, this can also be used for in-store purchases or online payments with a QR code.

 

Meanwhile, just like we mentioned, the only disadvantage of using InstaPay so far is its fees.

 

As it happens, some Philippine banks charge as much as Php 25 for each InstaPay transfer, however, this varies widely amongst institutions. If you need to make numerous InstaPay transactions in a day, the costs might add up quickly.

 

Moreover, the maximum amount that may be sent is Php 50, 000. Therefore low-value transactions are the only ones that should be made via InstaPay.

 

How to Use InstaPay's Digital Account

You may use InstaPay on your computer or mobile device without worrying about security or privacy concerns because of how easy it is to use. Here are the steps on how to send and receive money instantly using InstaPay.

 

InstaPay Transfers

Step 1. Log in to your online/mobile banking or electronic wallet to send money with InstaPay.

 

Step 2. You may either choose to Send or Transfer Money. A drop-down menu will appear, from which you may choose the recipient's bank or electronic wallet.

 

Step 3. Select the account holders from which you want to transfer money. Type in the money and the person's information. It may be a QR code, a mobile number, or an account number.

 

Step 4. Double-check all the details that you input then Confirm. Once done, click Submit.

 

Step 5. Put in the one-time code to complete the transaction. When your transaction has been processed successfully, you will get a message by SMS or email.

 

Receive Money with InstaPay

Getting paid using InstaPay requires zero action on your part. You just have to simply wait for the sender to verify the funds have arrived in your account. Then you may check to see whether the funds have arrived by logging into your electronic wallet, banking app, or other relevant financial institutions.

 

 

InstaPay's Participating Banks and E-Money Issuers

Since InstaPay only works between connected banks and non-bank e-money issuers, you cannot use it to send money to a financial institution that is not an affiliate of the InstaPay service. You also cannot utilize InstaPay for fund transfers to a foreign bank or an offshore bank account, though the Philippines now have various trusted remittance centers all over the country.

 

Because of this, it would be useful to familiarize yourself with the affiliated banks with InstaPay. Below are the affiliated banks and e-money issuers with InstaPay together with the allocated transfer charges for some banks and e-wallets.

 

InstaPay Services: Send and Receive Funds

  • AllBank: Php 15 transfer fee
  •  Union Bank: Php 10 transfer fee
  • AUB: Php 8 transfer fee
  • USSC Money Services
  • Bank of Commerce: Php 15 transfer fee
  • UCPB
  • Binangonan Rural Bank
  • - Sterling Bank of Asia: Php 15 transfer fee
  • BPI / BPI Family / BPI Direct BanKO: Php 25 transfer fe
  • Standard Chartered Bank
  • Camalig Bank
  • ShopeePay
  • CARD BANK / CARD SME Bank
  • Security Bank: Php 25 transfer fee
  • Cebuana Lhuillier Rural Bank: Php 15 transfer fee
  • - Seabank
  • - China Bank: Php 10 - Php 12 transfer fee
  • Robinsons Bank: Php 10 transfer fee
  • China Bank Savings: Php 10 - Php 15 transfer fee
  • RCBC: Php 8 - Php 25 transfer fee
  • CIMB: Free
  • PSBank: Php 15 transfer fee
  • CIS Bayad Center
  • Producers Bank
  • CTBC: Php 15 transfer fee
  • PNB: Php 20 transfer fee
  • Development Bank of the Philippines
  • Philtrust Bank
  • Coins.ph (DCPay)
  • PBCom: Php 20 transfer fee
  • EastWest Bank / EastWest Rural Bank: Php 15 transfer fee
  • PayMaya: Php 15 transfer fee
  • Equicom Savings Bank: Php 25 transfer fee
  • GrabPay
  • Metrobank: Php 25 transfer fee
  • GCash (G-Xchange): Php 15 transfer fee
  • Maybank Philippines
  • ING Bank
  • Malayan Bank
  • LANDBANK: Php 25 transfer fee
  • Tonik Digital Bank: Free
  • InstaPay Services: Receiver Only
  • Alipay
  • Veterans Bank
  • Bangko Mabuhay
  • UCPB Savings Bank
  • ISLA Bank
  • QCRB
  • Omnipay
  • Philippine Business Bank

 

 

Start Your Affordable Home Investment in an Instant with InstaPay!

Getting a home investment has never been much easier and more convenient with the coming of InstaPay to the Philippines' online banking system. You may now buy a house and lot in the Philippines from anywhere, both in the nation and abroad, and enjoy a more streamlined and straightforward home-buying process.

 

This is made even better with the affordable house and lot for sale available in the real estate market these days through Vista Land's leading housing segment, Lumina Homes!

 

For buyers, they can now pay the home reservation fees of their preferred affordable house and lot through their bank accounts or e-wallets via InstaPay. On the other hand, Lumina Homeowners can also comfortably pay their downpayment through InstaPay anytime and anywhere they are.

 

Home investors can now have the freedom to start their venture and property acquisition in our over 50 projects nationwide without the need to be physically present in their chosen location.

 

Choose convenience. Choose affordability. Choose Practicality. Choose Lumina Homes and start your home investment now!

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