Bangko Sentral ng Pilipinas (BSP) launched the National Retail Payment System (NRPS) to ensure that Filipinos can have safe, reliable, affordable, and efficient services for transferring funds. Under this regulation and policy is PESONet. Here’s all you need to know:
What is PESONet?
PESONet is an electronic fund transfer (EFT) service under the NRPS that allows you to transfer high volume Peso funds to and from BSP-supervised banks and e-money issuers in the country.
Who is PESONet for?
PESONet supports high volume and recurring payments by individuals, businesses, and government agencies that have accounts with PESONet-participating banks and e-money issuers.
What is PESONet for?
Initially, BSP meant for it to be a viable and electronic alternative to checks. Some of its uses will be for the facilitation of payment of salaries and benefits, payments to suppliers, payments for bulk purchases, bills payments, and government collections and disbursements.
Why should I use PESONet?
PESONet is one of the best services for transferring a high volume of funds safely and securely. In most banking institutions, there are no set limits to how many times you can transfer and how much you can transfer per transaction via PESONet.
Take note, however, that unlike InstaPay, clearing for PESONet transfers can be next-day rather than real-time. So be sure that your PESONet transfers and payments are not time-sensitive.
Are there fees for using PESONet?
Banks and other institutions may charge processing fees to the sender during fund transfers. However, the recipient will receive the funds in full and will not be charged any fees after the funds have been credited to their account.
Where can I use PESONet?
Here are the list of participating banks and E-wallets:
| Universal and Commercial Banks | 1. Al-Amanah Islamic Investment Bank of the Philippines 2. Asia United Bank Corporation 3. Australia and New Zealand Banking Group Limited 4. Bangkok Bank Public Co. Ltd. 5. Bank of America, N.A 6. Bank of China Ltd. – Manila Branch 7. Bank of Commerce 8. Bank of the Philippine Islands 9. BDO Unibank, Inc. 10. China Banking Corporation 11. CIMB Bank Philippines, Inc. 12. Citibank, N.A. 13. CTBC Bank (Philippines) Corporation 14. Deutsche Bank AG 15. Development Bank of the Philippines 16. East West Banking Corporation 17. Industrial Bank of Korea Manila Branch 18. ING Bank, N.V 19. JP Morgan Chase Bank, N.A. 20. KEB Hana Bank – Manila Branch 21. Land Bank of the Philippines 22. Maybank Philippines, Inc. | 23. Mega International Commercial Bank Co., Ltd. 24. Metropolitan Bank and Trust Company 25. Mizuho Bank, Ltd. – Manila Branch 26. MUFG Bank, Ltd. 27. Philippine Bank of Communications 28. Philippine National Bank 29. Philippine Trust Company 30. Philippine Veterans Bank 31. Rizal Commercial Banking Corporation 32. Robinsons Bank Corporation 33. Shinhan Bank – Manila Branch 34. Standard Chartered Bank 35. Sumitomo Mitsui Banking Corporation – Manila Branch 36. The Hongkong & Shanghai Banking Corporation 37. Union Bank of the Philippines 38. United Coconut Planters Bank 49. United Overseas Bank Limited, Manila Branch |
| Thrift Banks | 1. AllBank, Inc. 2. China Bank Savings, Inc. 3. Equicom Savings Bank, Inc. 4. First Consolidated Bank, Inc. 5. HSBC Savings Bank, Inc. 6. Malayan Bank Savings and Mortgage Bank, Inc. 7. Philippine Business Bank, Inc. | 8. Philippine Savings Bank 9. Producers Savings Bank Corporation 10. Sterling Bank of Asia, Inc. 11. Wealth Development Bank Corporation 12. Yuanta Savings Bank Philippines, Inc. |
| Rural Banks | 1. Bank of Florida, Inc. 2. BDO Network Bank, Inc. 3. Camalig Bank, Inc. 4. Cebuana Lhuillier Rural Bank, Inc. | 5. Country Builders Bank, Inc.* 6. Dungganon Bank, Inc. 7. East West Rural Bank, Inc. 8. Rural Bank of Guinobatan, Inc. |
| Electronic Money Issuers | 1. DCPay Philippines (Coins.ph) 2. PayMaya Philippines |
How to use PESONet
If you’re using a banking app or e-Wallet, generally the steps on how to send money via PESONet will go like this:
- Open your internet banking website/app or e-Wallet
- Select your app’s Send Money/Transfer Funds option
- Choose to send money via PESONet
- Enter the amount and recipient details
- Comply with your app’s security steps (2FA, etc)
- Submit transaction
No steps are required to receive funds via PESONet as long as the sender has the details to your PESONet-accredited account.
Send Money using your Coins Wallet via PESONet
You can send money for free via PESONet with your Coins.ph account! Just remember to tell your recipient that clearing may be on the next-day so they know what to expect! Be sure that your account is ID, Selfie, and Phone certified so you can cash in and cash out for free via PESONet.
