With the advancement of technology, busy people won’t need to go out of their way to go to the bank to pay bills or transfer money. Through the efforts of the BSP (Bangko Sentral ng Pilipinas) and InstaPay, you can transfer money from one bank to another in just a few clicks. You just have to sign-up in your bank’s online account.
InstaPay is a system that allows customers to transfer money from one bank to another through EFT (Electronic Fund Transfer) as long as it is a BSP participating bank. Anyone can send and receive payments and money in real time. It has a maximum amount of 50K per transaction and has no limits. Transactions can be done 24/7 through the bank’s websites and it’s also available in mobile apps.
Customers don’t have to go to their banks or payment centers personally just to transfer money or pay bills. It can all be done online. The receiving party will receive the funds transferred. It’s such an ease but there the sender will have to pay a minimal charge.
Steps in transferring money online;
To Transfer Money to Another Person’s Accounts, you must first enroll the account:
- Login to BDO Internet Banking, click Enrollment Services > Other Person’s Account > Enroll.
- Fill-out the information needed then click Submit.
- Activate your enrollment via any BDO ATM using your BDO ATM Debit Card.
You may read also:
- Things You Need to Know When You Experience a BDO Withdrawal Error
- What You Need to Know in Opening BDO Kabayan Savings Account
- Tips to Determine if the Philippine Banknote is Genuine
Sign-up for a BDO online banking account and follow these;
Step I – Go to the BDO website then log-in to your online account. You have to enter your OTP (One-time Password). This is what was sent to the mobile number that you have connected your online account with.
Step II – Once you’re logged in, click “to another local bank” or “send money”.
Step III – Fill out these items;
- Settlement Type: Credit to Another Local Bank
- Transaction Type: Credit to Other Bank
- Transfer From (your BDO account)
- Amount (the amount of money you want to send)
- Destination Bank (choose from the dropdown list of participating banks)
- Destination Account Number (enter the bank account number of the recipient)
- Receiver Name (name of your recipient)
- Mobile Number (Mobile number of your recipient)
- Purpose of Transaction
To save the information that you have provided for your future use, check the “Save as New Template” option then click “Submit” once you’re finished.
Step IV – Once you have reviewed the information that you’ve provided, click “Continue”.
Step V – Enter the OTP that was sent to your mobile number.
Step VI – You will get a notification that the transaction is successful and make sure that you save the reference number.
Participating Banks
- Asia United Bank
- Bank of Commerce
- Bank of the Philippine Islands
- China Bank
- China Bank Savings
- Chinatrust Bank
- Development Bank of the Philippines
- Dungganon Bank
- East West Bank
- Equicom Savings Bank
- G Exchange, Inc.
- Isla Bank Inc.
- Land Bank of the Philippines
- Malayan Savings Bank
- Maybank Phils.
- Metropolitan Bank and Trust Company
- Omnipay, Inc.
- Partner Rural Bank (Cotabato), Inc.
- Paymaya
- Philippine Bank of Communications
- Philippine Business Bank, Inc.
- Philippine National Bank
- Philippine National Bank Savings
- Philippine Savings Bank
- Philippine Trust Company
- RCBC Savings
- Rizal Commercial Banking Corp.
- Robinsons Bank
- Security Bank
- Sterling Bank
- Sun Savings Bank
- Union Bank of the Philippines
- United Coconut Planters Bank
- Yuanta Savings Bank
Other Information
- Transfer Fee – Php100.00 (This is from BDO to Other Banks; BDO to BDO is free)
- Minimum Transaction – Php100.00
- Maximum Transaction – Php50,000/transaction/day with no limits
The transfer will be credited to the account of the recipient immediately.
If you entered erroneous information, make sure to notify the bank at once. If the account name or account number doesn’t exist on the receiving bank, your money will be credited back to your account in two days. You may reach BDO at 631-8000 or at their domestic toll-free number 1-800-10-6318000.