1. What are PESONet and InstaPay?
PESONet and InstaPay are two interbank electronic funds transfer services under the National Retail Payment System (NRPS) of Bangko Sentral ng Pilipinas (BSP) which allows clients to transfer funds (send and receive) between their BPI account and other accounts in participating BSP-supervised banks and non-bank e-money issuers in the Philippines.
2. What is the difference between PESONet and InstaPay?
PESONet is a batch electronic fund transfer service that supports bulk disbursements and payments or high-value batch transactions that are recurring but not time critical. It is the perfect alternative to checks.
InstaPay, on the other hand, is used to transfer low value credit transactions in almost real-time, as many times during the day.
Below are the main features of PESONet and InstaPay:
|Transaction Amount Limit
|| None (Bank Dependent)
|| Php 50,000
|No. of Funds Transfer Transaction per day
|| No Limit
|| No Limit
|Availability of Service
|| Banking Days only
|Availability of Funds to the Recipient's Account
|| Same day credit
|| Almost real-time credit
|Purpose of Transactions
- Bulk payments that are non-urgent
- Payments to a Payee or Several Payees
- Settlement of commercial obligations
- Payroll to other banks
- Payee is not online
- Alternative to cash and checks
- Payments that are urgent/time critical
- Instant payments in exchange for the release of goods and services
- Transfer to own accounts with other banks or transfers to family & relatives
- Bill Sharing
3. Are these services already available in BPI?
Currently, BPI clients can only receive funds from other banks via PESONet or InstaPay. Transfer to other banks will soon be available in Online Banking/Mobile Banking (for Retail clients) and BizLink (for Corporate and SME clients).
4. What accounts are eligible to receive funds?
BPI and BFB PHP Savings or Checking Account (applicable for both Individual and Corporate Accounts) can be used as beneficiaries of transfers.
However, USD or third currency accounts, Time Deposit, Save-Up, SBA / Merchant / Collection Accounts and Prepaid Cards are not eligible receive funds.
5. How can I receive funds in my BPI account?
Depositors of other banks need to log on to their respective online or mobile banking facilities and look for the PESONet or InstaPay option, where they can enter the beneficiary transaction details such as the BPI account number and the amount they want to transfer.
6. How long does it take for the funds to be credited to my BPI account?
If all information provided from the sending bank is correct, it will be credited to the receiver’s BPI account almost real-time for InstaPay and same day for PESONet*
*If BPI receive the funds within 4pm cut-off period
7. As receiver of the funds, are there bank charges?
There’s no receiving fee. BPI clients receive the amount in full. However, the sending bank may apply a fee to the sender which may vary from one bank to another.
8. Can this be used to transfer funds to an account overseas?
No, it is only available for PHP/Peso fund transfers between accounts of participating bank and non-bank e-money issuers in the Philippines.
9. How can I check the status of the credit to my BPI account?
You may visit any BPI branch or call our hotline 89-100 to inquire on the status of the credit to BPI transaction.
10. What are the PESONet and InstaPay participating institutions?
PESONet: For updated list of participating institutions and other update about PESONet, visit www.pesonet.info.
InstaPay: More banks are already lined up to activate their InstaPay participation as a sending bank including BPI. Please check the BSP website www.bsp.gov.ph to get the updated list of participating institutions