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ChinaBank, UnionBank extend free interbank transfer

Thursday 24 December 2020 10:28 CET | News

ChinaBank and UnionBank have announced they will extend free interbank transfer until 31 March 2021, while RCBC will also do the same until 31 January 2021.

UnionBank and RCBC offer the free bank transfer via Instapay. InstaPay is an electronic fund transfer (EFT) service that allows customers to transfer Philippine peso funds almost instantly between accounts of participating BSP-regulated banks and non-bank e-money issuers in the Philippines. 

ChinaBank allows free money transfers for both Instapay and PesoNet. PESONet is an interbank funds transfer service under the National Retail Payment System (NRPS) of the Bangko Sentral ng Pilipinas (BSP) which allows clients to electronically transfer high-value funds between their BPI account and other accounts in participating banks and financial institutions in the Philippines.

The banks said this is to encourage clients to bank online. Most banks earlier announced that they are offering free interbank transfers only until 31 December 2020.

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Keywords: ChinaBank, UnionBank, interbank transfer, RCBC, instapay, PesoNet
Categories: Banking & Fintech
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Countries: Asia
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Banking & Fintech