FREQUENTLY ASKED QUESTIONS FOR INSTAPAY & PESONET

1. What is instaPay and PESONet?

The Bangko Sentral ng Pilipinas established the NPRS (National Retail Payment System) which is a
policy and regulatory framework to establish a safe, efficient and reliable payment system in the
country.
Under the NPRS are two ACH (Automatic Clearing houses) launched as follows:
a. PESONet or The Philippine EFT System and Operation Network was the first ACH launched on
November 8 2017. It is a batch of electronic fund transfer (EFT) credit payment scheme, which
allows EastWest customers to conveniently transfer bulk payments of high value from his account
to one or multiple accounts. This facility supports payments that are recurring but are not time
critical thus being a perfect alternative to the widely used paper-based check system. A maximum
of Php500,000 per transaction is allowed for EastWest customers through PESONet. The Philippine
Clearing House Corporation or PCHC is the designated clearing switch operator for this service.
b. instaPay is a real-time low-value electronic fund transfer (EFT) credit push payment scheme
launched on April 23, 2018. This allows EastWest customers to transfer small value payments of
up to Php50,000 instantaneously from his account to an account in another participating BSP-
supervised financial institution & non-bank E-money issuers. BancNet is the designated clearing
switch operator for this service.

2. What is the difference between instaPay & PESONet?

instaPay PESONet
Availability of service Available 24 x 7 Available during banking days only
Transaction amount Php50,000 Php500,000
limit
Transfer Fee Only Php5 FREE
Transfer transaction No limit on transfer transactions per day
limit
Availability of funds to Almost real-time credit Same day credit (Subject to cut-off
the recipient’s account schedule at 4pm)

Note: Credit to the payee Note: Credit to the payee account is

account is dependent on the dependent on the processing of the
processing of the receiving receiving bank.
bank. *crediting / processing banking day

Purpose of transaction • Used for payments that are • Bulk payments that are recurring
time critical and urgent. and non-urgent.
• Payments to a payee or several
payees.

3. Can I send and receive fund transfers with my EastWest account?

Yes, EastWest customers with personal accounts can send and receive fund transfers through instaPay
and PESONet by accessing these services through EastWest Online or EastWest mobile app. However,
instaPay and PESONet is not yet available for corporate accounts.

4. Can I use instaPay & PESONet to transfer funds overseas?

Unfortunately, instaPay and PESONet services are only available for PHP/Peso fund transfers between
Peso accounts of participating banks and non-bank e-money issuers within the Philippines.
5. Do I need to enroll the accounts that I want to transfer to?
No, it is not required to enroll the recipients account for fund transfers made through instaPay or
PESONet as long as the source or originating account is active.

6. What information do I need to provide to process an instaPay or PESONet transaction?

a. Beneficiary’s First name
b. Beneficiary’s Middle name
c. Beneficiary’s last name
d. Beneficiary’s Account Number
e. Beneficiary’s Account Currency
f. Beneficiary’s Bank
g. Beneficiary’s Address
h. Transfer Amount
i. Purpose
j. Other Instructions

7. How do I transfer funds through instaPay or PESONet?

You may easily use instaPay and PESONet by accessing our online facilities:
a. Log-in to EastWest online: personal.eastwestbanker.com or to your EastWest Mobile app
b. Select “Accounts”
c. Select “Make a transfer”
d. Select “Send Money” under Payment details
e. Choose your payment type
f. Choose your beneficiary type
g. Fill in all mandatory information
h. Select preferred transfer schedule (immediately via instaPay or within 1 banking day via
PESONet)
i. Review your transaction details and submit

If you are expecting a fund transfer, please provide the correct 12-digit EastWest Peso Account number
and Account name for a successful fund transfer.

8. Are instaPay and PESONet secure electronic fund transfers?

Yes, instaPay and PESONet are secure ways of transferring your funds electronically because they follow
security standards mandated by Bangko Sentral ng Pilipinas.

9. What if my instaPay and PESONet request is not successful, can it be refunded?

If the recipient’s bank is unable to credit or rejects the fund transfer, the full amount will be returned to
your account in the next 2-3 banking days.

10. What if the customer entered the incorrect account number, how will the customer recover
the fund?

Funds transferred via instaPay and PESONet are credited with finality. For funds transferred to a wrong
beneficiary account, please call our EastWest 24-Hour Customer Service Hotline at (+632) 888-1700.

11. Which are the participating institutions for instaPay and PESONet?
For instaPay, please find the latest list of participating institutions here (as of June 30, 2019):
http://www.bsp.gov.ph/payments/Instapay%20Participants.pdf
For PESONet, please find the latest list of participating institutions here (as of June 30, 2019):
http://www.bsp.gov.ph/payments/PESONet%20Participants.pdf