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.
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.
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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now