News

CIMB presents free transfers through InstaPay and PESONet

Tuesday 13 September 2022 13:54 CET | News

Philippines-based digital banking provider CIMB has offers InstaPay on its app, so users can transfer money to and from their CIMB account.

 

CIMB Bank Philippines launched InstaPay on the CIMB Bank PH app. Users can now transfer as much as USD 882 to and from their CIMB savings accounts with no delay and cost.

Features of the new service:

  • CIMB does not charge any fees for all InstaPay transfers;

  • The service is available 24/7, but both senders and receivers must also be participating InstaPay institutions for users to enjoy instant transfers;

  • With InstaPay, CIMB customers can send or receive funds from over 60 participating banks and e-wallets;

  • Transfers can be made entirely from mobile phones using the CIMB Bank PH app.


CIMB presents free transfers through InstaPay and PESONet

 

Alternative for customers not participating in InstaPay

With the addition of InstaPay, CIMB customers can opt to transfer funds on the CIMB Bank PH using either InstaPay or PESONet. Transfers to participating banks and involving amounts up to USD 882 may be done through InstaPay. On the other hand, transfers involving amounts exceeding USD 882 or banks who are not participating InstaPay institutions can be done via PESONet for free as well.

Tonik also taps InstaPay for real-time payments

Neobank Tonik has implemented InstaPay services in a move to improve the experience of its users with real-time transactions.

The move makes Tonik one of the first officially BSP-recognised and licensed digital bank in the Philippines to fully implement InstaPay services. Its users now benefit from no added transfer fees, and they can send and receive real-time transactions up to USD 882 (PHP 50,000) if the transactions occur between participating banks and electronic money issuers.

When it comes to sending money using InstaPay on Tonik, customers can visit the ‘Send Money Options’ in the app’s dashboard and select ‘To another bank.’ They can then select the InstaPay channel and input the desired sum, transfer purpose and beneficiary account details before performing the authorisation.


More: Link


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Keywords: money transfer, remittance, product upgrade, real-time payments, digital banking
Categories: Payments & Commerce
Companies: CIMB, InstaPay
Countries: World
This article is part of category

Payments & Commerce

CIMB

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InstaPay

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Discover all the Company news on CIMB and other articles related to CIMB in The Paypers News, Reports, and insights on the payments and fintech industry:
Discover all the Company news on InstaPay and other articles related to InstaPay in The Paypers News, Reports, and insights on the payments and fintech industry: