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By Inquirer.net BrandRoom, August 6 2018; Philippine Daily Inquirer
http://business.inquirer.net/255164/low-cost-fund-transfers-pesonet
Image Credit to BSP (As cited from Philippine Daily Inquirer)
Growing tired of the long queue at banks just to deposit, withdraw or transfer funds? Getting worried about fees now being charged for cash deposit and withdrawal at bank branches? It’s high-time to look for smarter options.
Customers should have a more convenient, safe and affordable way of paying or transferring funds to others, including those who are customers of other banks, than by making deposits or withdrawals at bank branches. In response to this growing clamor from customers, the banks, electronic money issuers (EMI) and mobile money operators launched PESONet, the country’s first Automated Clearing House (ACH) under the National Retail Payments System (NRPS) of the Bangko Sentral ng Pilipinas (BSP). NRPS is the landmark payments policy of the BSP that aims to establish an efficient, safe, reliable and interoperable electronic payments system in the Philippines.
PESONet now makes it possible for banks, EMIs and mobile money operators to offer their customers the ability to conveniently, safely, speedily and affordably pay or transfer funds to others who may be customers of other banks using their electronic devices such as computers, laptops, tablets and mobile phones. PESONet is expected to help spur the rise of cash-less transactions in the Philippines for more inclusive economic growth and financial inclusion.
By using PESONet, customers such as businesses, government institutions and individuals of participating banks, electronic money (e-money) or mobile money operators are charged lower (for some, even zero) transaction fees when transferring funds to another account, e-money issuer or mobile money operator in the country. Payees receive the funds without any deductions and within the same banking day. To know the difference, they can simply check their banks’ transaction fees and compare it to that of PESONet.
Banks incur costs when performing customers’ cash transactions. They provide the branch premises, tellers, bill counters, vault and armored cars, hence they charge the clients.
With PESONet, customers now have an option to access their funds in the bank without having to go to the bank branch and incurring cash withdrawal and deposit fees. Aside from the lower or zero transaction fees, customers can do their transactions right in their homes or offices by using their PC, laptop, tablet or smartphone. They can just go to their banks’ or financial institutions’ internet banking website or mobile phone app, select the PESONet-enabled funds transfer service, then provide the necessary information – payee bank, account details and amount. It will normally take just a few clicks, and the transaction is done. Bulk transactions are also available for corporate customers. Definitely, PESONet provides that much-needed speed, efficiency, and convenience and reduced costs in doing business while providing transparency and enhanced security for everyone’s peace of mind.
PESONet is available on the following banks’ online/mobile channels: ANZ Bank, Bank of America, Bank of China, Citibank, CTBC Bank, Deutsche Bank, Development Bank of the Philippines, Eastwest Bank, HSBC, JP Morgan Chase Bank, Landbank, Maybank, MUFG Bank, Ltd, Mizuho Bank, PNB, PSBank, Robinsons Bank, Shinhan Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, UCPB, Unionbank and Yuanta Savings Bank.
But while PESONet is for batch/volume payment transactions, the payments industry also came up with another option as it introduced “InstaPay,” which caters to real-time funds transfer of smaller amounts. Instapay is the newest ACH under the NRPS framework, where sending and receiving of funds is limited to P50,000 only per transaction. There is no limit to the number of transactions customers can do in a day. InstaPay transactions, just like PESONet, are also done real time 24/7 and may come with very reasonable transaction fees.
So the next time you’re charged for deposit and withdrawal transactions at a bank branch, think again. You don’t have to feel bad. Just be smart and go online by doing it the PESONet way. It’s easy, it’s fast, It’s safe and secure. It’s that simple.
For more details about PESONet, visit PESONet at www.pesonet.info, or participating banks’ websites. You may also log on to www.bsp.gov.ph.