The Philippine office of Bank of America Philippines, or Bank of America, National Association, is in Makati:

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Bank of America, N.A.
27th Floor, Philamlife Tower
8767 Paseo de Roxas, Makati City 1226
Phones: 815-5000 / 815-5600
Fax: 815-5582


It is a commercial bank branch of the US-based bank Bank of America and it has only one office in the Philippines. It serves mainly corporations, institutions and government agencies.

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For US-based Bank of America account owners visiting the Philippines:

• There is only one Bank of America office in the entire Philippines, and it serves only corporations, institutions and government agencies. This office is in Makati. See above address.
  You cannot make over-the-counter deposits or withdrawals at this office.
• There is no Bank of America ATM in the Philippines from which you can withdraw money.
• Where will you withdraw money using your US ATM or debit card?
• Find an ATM that displays the same logo (MasterCard, Visa, American Express) on your ATM card. MasterCard, Maestro and Cirrus belong to the same network.
• Your best bets are the ATMs of HSBC, Citibank, Metrobank, PNB, BPI and BDO.
• The usual withdrawal fee is 200 to 250 pesos per withdrawal.
• There are maximum ATM withdrawal limits. 10,000 pesos is the usual maximum limit for major banks.
• For other banks, the maximum is 4,000 pesos.
• HSBC ATMs might still be generous up to today, so withdraw at an HSBC ATM if you see one.
• In the past, its maximum was 40,000 pesos, and there are foreign ATM cards that can be used without paying the Philippine ATM fee of 200 or 250 pesos.
• In addition to the 200- to 250-peso withdrawal fee, your US bank might also charge you for overseas ATM withdrawal.
• When traveling to the Philippines, bring with you more than one card, so you will have more than one option when withdrawing. Or bring enough cash. Declare your cash at the NAIA Immigration office if you’re bringing in more than US$10,000.
  But the best plan is to:
  • Limit your cash to less than $10,000 so you don’t have to tell anyone how much money you have.
  • Bring several ATM or debit cards with you, linked to different payment networks (Visa, Mastercard, American Express, etc.)
  • Inform your US banks you’ll be using your ATMs overseas for a certain period of time.

If you need to send money to your account in the U.S.:

• You can send money through wire transfer at the Philippine bank where you have an account.
• Just go to your branch and request a wire transfer.   
• BDO’s wire transfer is done only through Mobile and Online banking.
• You can send money using Western Union, whose outlets are spread out all over the Philippines.

As of September 2017, Bank of America, N.A. has 21.22  billion pesos in total assets. It’s No. 31 in a ranking of all the 43 universal and commercial banks in the Philippines, based on total assets as of September 2017.

It has granted regular loans amounting to 1.2 billion pesos
and loans arising from RA/CA/PR/SLB amounting to 4 billion pesos.
Its total capital adequacy ratio is 44.87% and its tier 1 CAR is 44.35%

In the Asia Pacific region, the US-based Bank of America Merrill Lynch has a network of 23 offices in 12 countries and territories, serving mostly corporations, governments and institutions. It also supports more than 60 charities through grants and volunteers.

The post Bank of America Philippines appeared first on BanksPhilippines.

There are 3 US banks in the Philippines. All 3 are commercial banks and operating as overseas branches of the US banks.

1. Citibank, N.A.
2. Bank of America, N.A.
3. JP Morgan Chase Bank, N.A.

Of these 3 US banks, it’s only CITIBANK that offers consumer banking in the Philippines.
It has 3 branches: Makati City, San Juan City, and Cebu City

5 ATM locations in Makati
2  in Mandaluyong
2  in Muntinlupa
2  in Taguig
3  in Pasay City
1  in Quezon City
1  in San Juan City
1  in Cebu City

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Maximum Limit per Day for ATM Withdrawals by Citibank Account Owners:

• At non-Citibank ATMs: 40,000 pesos
• At Citibank ATMs:
     3,000 US dollars or its peso equivalent
    (minus amount already withdrawn at non-Citibank ATMs)
• Call 995 9999 anytime if you need to withdraw more at a non-Citibank ATM
• Free Withdrawal at any ATM
• Withdrawal of US dollars:
• If you have a Philippine-based Citibank US dollar account, you can withdraw US dollars from any Citibank ATM, except the ones at the US Embassy.

Location of the main office of Citibank:
9th Floor, Citibank Tower
8741 Paseo de Roxas St.
Makati City 1226

Phone: 894-7700
Fax: 894-7703
Website: citibank.com.ph

See here Citibank branch and ATM locations

The other two US banks — Bank of America and JP Morgan Chase Bank — cater only to corporations, government agencies and other institutions. They do not have ATMs.

Bank of America, N.A. 
27th Floor, Philamlife Tower
8767 Paseo de Roxas, Makati City 1226
Trunkline: 815-5000 / 815-5600

Fax: 815-5582


JP Morgan Chase Bank, N.A. 
31st Floor, Philamlife Tower

8767 Paseo de Roxas, Makati City 1229
Phone: 885-7925

Fax: 885-7924


Banking information for foreign travelers to the Philippines or those planning to stay here:

• You can use your US-issued debit cards in most ATMs in the Philippines.
• At many ATMs, maximum limit per withdrawal is 10,000 pesos. Maximum limit per day is 20,000 pesos.
  In other ATMs, maximum limit per withdrawal is 4,000 or 5,000 pesos.
• ATM withdrawal fee is 200 to 250 pesos per withdrawal.
• International payment networks honored here (debit and credit cards):

1. Mastercard/Maestro/Cirrus
2. Visa/Plus
3. American Express
4. UnionPay
5. KTCP
6. NYCE

The post US Banks in the Philippines appeared first on BanksPhilippines.

There’s a Wells Fargo Bank Philippines, but it’s not operating as a regular bank. It does not do banking transactions like accepting deposits, granting loans or making foreign exchanges.
It’s a representative bank, doing only promotions and marketing work for the US-based Wells Fargo Bank.

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Wells Fargo Bank, N.A.
15th Floor Tower 1, Enterprise Center
6766 Ayala Avenue cor. Paseo de Roxas
Makati City

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What is the maximum amount that can be sent from the US to the Philippines?
3,000 US dollars per day if through BDO, BPI, Metrobank or PNB
1,000 US dollars per day if through Cebuana Lhuillier or MLhuillier

Maximum amount that the sender can send per day: $5,000

Maximum amount that the sender can send during any consecutive 30-day period: $12,500


In what currency will the recipient receive the remittance?
In peso

Minimum remittance amount: $25

Would you like to work with Wells Fargo in the Philippines? 
Wells Fargo has a business processing outsourcing (BPO) company in the Philippines named
Wells Fargo Enterprise Global Services, LLC-Philippines.
It provides business processing, corporate, and information technology services to Wells Fargo’s customers in the US.

Wells Fargo EGS LLC-Philippines
Uptown Cluster 2 Building
36th Street, Uptown Bonifacio
Taguig City

For job applicants: visit the Wells Fargo Uptown Recruitment Center at the ground floor. One-day application processing. Open from 10 am to 8 pm, Monday through Friday

There are 11 representative offices in the Philippines, including Wells Fargo Bank 
The others are:

The Bank of New York Mellon
Bank of Singapore Ltd. Philippine Representative Office
DBS Bank, Ltd.
Japan Bank For International Cooperation
Korea Development Bank Representative Office
Korea Eximbank Manila Representative Office
The Ogaki Kyoritsu Bank, Ltd. Representative Office
Rothschild (Singapore) Limited Philippine Representative Office
State Bank of India
UBS AG Philippine Representative Office

Photo credit for the Wells Fargo Bank logo above:
The original uploader was Henry W. Schmitt at English Wikipedia (Transferred from en.wikipedia to Commons.) [Public domain], via Wikimedia Commons

The post Wells Fargo Bank Philippines appeared first on BanksPhilippines.

Three thrift banks are among the Top 20 banks in the Philippines, based on assets as of September 2017. Each of the three has more assets than several commercial/universal banks.

BPI Family is No. 14, with total assets of more than 265 billion.
PSBank is No. 15, with total assets of more than 221 billion.
RCBC Savings Bank is No. 20 with total assets of more than 110 billion.

Of the TOP 50 banks, 14 are thrift banks. Here are the 14:

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Of these 14 top thrift banks, 9 are subsidiaries of commercial/universal banks:
BPI Family — subsidiary of the Bank of the Philippine Islands
PSBank — Metrobank
RCBC Savings Bank — RCBC
China Bank Savings — China Bank
City Savings — Union Bank
PNB Savings — PNB
UCPB Savings — UCPB
HSBC Savings — HSBC
BPI Direct Banko — Bank of the Philippine Islands

One observation: BPI Family is the only one among the above top thrift banks that does not have its own website. Perhaps because BPI Family’s operations are so intertwined with its parent, Bank of the Philippine Islands (BPI), that BPI Family does not need a separate website. Clients of BPI and BPI Family can use any of BPI and BPI Family’s ATMs and cash deposit machines without any interbank fees and use the same BPI Express online banking system.

Here’s a complete list of the top thrift banks in the Philippines, based on assets

Are there how many thrift banks in the Philippines?

The post 3 Thrift Banks are in TOP 20 Banks List appeared first on BanksPhilippines.

What’s the best savings account in the Philippines?

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We will have different answers and most of us will all be correct.

It’s because “the best” means which savings account will fulfill our needs and which gives us the most convenience.

For me, the best savings accounts are: BPI Family atm savings account and BDO atm savings account. 

For OFWs, it could be the OFW account offered by BDO, BPI, PNB, Metrobank, RCBC, or Landbank.

For others, it could be the UnionBank Eon, their payroll account, or the account offered by the bank nearest their residence or work, or the bank that granted them a bank loan.

For college students or new employees, it could be the BPI KAYA savings account.

So the best savings account really depends on what fulfills best our banking needs.

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Why do I say that the BPI Family and BDO atm savings accounts are the two best savings accounts?

My reasons:
1.  There are BPI and BDO ATMs near our house and in the places I frequently go to.
2.  I can deposit anytime using BPI Cash Deposit machines.
     BDO has Cash Accept machines too, although only a few are accessible for 24 hours.
3.  BPI and BDO have good online banking systems and mobile banking apps.
         Most online transactions are FREE.
4.  I can get my US dollar payments at my BDO branch in US dollars.
5.  The maintaining balance requirements are low:
            1,000 pesos for the BPI Family atm savings account
            2,000 pesos for the BDO atm savings account
6.  If I need to transfer money online to an account in another local bank, or to a BDO partner for cash pick-up, I can use the BDO Send Money feature
7.  Most of the people that I deal with also have BPI and BDO accounts, so it’s easy for us to transfer money online.
8.  BPI and BDO have branches inside the malls that I go to.
9.  BPI and BDO have branches near Czarina and Sanry’s where I usually exchange US dollars.
      BDO has a branch near Xchange Forex, which also gives competitive exchange rates.
10. BDO gives BDO Rewards points to banking transactions.
11.  Bank ranking is not my most important reason, as many commercial/universal/thrift banks in the Philippines are stable, but it’s an added bonus to know that BDO is the biggest bank and BPI is among the Top 3, usually the 2nd or 3rd biggest.
Obviously, their huge size enables them to operate many branches and ATMs nationwide and to offer services like cash deposit machines and fast online banking services.

Tips for managing your savings account:

1.  Do not withdraw your maintaining balance.

2.  If possible, withdraw only at your bank’s ATMs to avoid ATM service fee deductions.

3.  Create a PIN related to a memorable event in your life,
        so you won’t forget.
     — A PIN easy for you to remember,
         but difficult for others to guess.

   I use a PIN which is the number of the apartment near Taft Ave. where I stayed as a college student many years ago. Until today, I can visualize in my mind that graying wooden door and its number.

4.  Keep in mind your last savings account balance, so it will be easy for you to notice when there is a  questionable withdrawal or deduction.

Related posts:
OFW accounts
Kiddie accounts
Student accounts

The post Best Savings Account, Philippines appeared first on BanksPhilippines.

Here’s a  list of Metrobank remittance partners in Qatar:

You can ask these remittance partners if they can help you open a Metrobank OFW account while in Qatar. Bring your IDs and money for processing. If they offer account opening, you will get your atm card and/or passbook after about one month.

Al Dar for Exchange Works
PO Box 24451 Doha


Al Fardan Exchange Co. W.L.L.
PO Box 339 Doha

Al Mana Exchange
124 Airport Road Al Mana Tower Doha

Al Sadd Exchange
PO Box 17127 Doha

Al Zaman Exchange W.L.L.
Souq Najada, Doha
PO Box 23497

City Exchange Co.
Souq Najada Pb No 16081

Gulf Exchange Co.
PO Box 4847 Doha


Habib Qatar International Exchange Ltd.
Mushrib Street
PO Box 1188, Doha


Islamic Exchange Co. W.L.L.
Souq Najada Ali Bin
Abdulla Door, Doha
PO Box 2731

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International Money Transfer Partners of Metrobank

MoneyGram
Prabha Money Transfer
Remitly
RIA
Transfast Worldwide Money Transfer
UniTeller
Wells Fargo
XOOM
WorldRemit
CASH Express Worldwide Money Transfer
XPRESS Money Global Money Transfer

Representative Offices of Metrobank in Qatar

You can ask the marketing officers about opening a Metrobank account while in Qatar. Ask also about atm card activation.

Gulf Exchange Co.
Flat No. 6, Building No. 32, Zone 26,
Street 830, Najma Area, Doha, Qatar

Marketing Officer: Daniel Mana-ay
Email Addresses: daniel.manaay@metrobank.com.ph
       danielmanaay@yahoo.com
       danielmanaay76@gmail.com
Mobile No.: (974) 5576-1899
Fax No.: (974) 44811584


Al Dar For Exchange
5th Floor, Flat No. 10, Rako Bldg.
Bin Mahmoud Doha, Qatar

Email Addresses: edgardojrranosa79@gmail.com
Mobile No.: +97433834747

How Many Filipinos Are There in Qatar?
There are around 205,000 Filipinos in Qatar, as of 2013, according to the Commission on Filipinos Overseas (CFO). Qatar is No. 9 on the CFO list of countries with the biggest number of overseas Filipinos.

Side Notes:
There are two Philippine schools in Qatar that cater to the educational needs of the children of Filipinos in Qatar. Both are authorized by the Philippine Department of Education (Deped) and the Ministry of Education and Higher Education (MEHE) of Qatar.


Philippine School Doha (PSD)
 — offers the STEM and the Accountancy, Business, and Management (ABM) programs


Philippine International School-Qatar (PISQ)
 — offers the Science, Technology, Engineering, and Mathematics (STEM) and the Humanities and Social Sciences (HUMSS) programs

BDO Remittance Partners in Qatar

The post Metrobank Remittance Partners in Qatar appeared first on BanksPhilippines.

Here’s a list of Landbank remittance partner offices where you can send money from Qatar to the Philippines:

Al Fardan Exchange 
Grand Hamad St., Doha
Phones: 4463 0600 / 4440 8224

Al Fardan Exchange 
Najma St., behind Gulf St., Doha
Phones: 4433 5107 / 4433 5132

Al Fardan Exchange 
Al Shafi Street, Near Al Shafi Roundabout, Wakra
Phones: 4463 0600 / 4463 0601

Al Fardan Exchange 
Alkassarat Street No 29, Near Dubai Shopping Centre, Doha
Phones: 4460 1684 / 4450 4363

Al Fardan Exchange 
Alfardan Exchange Building, Alkhor
Phones:  4472 1605 / 4472 3326


Al Fardan Exchange 
Head Office
PO Box 9948, Doha
(974) 44537769

Al Fardan Exchange 
Gulf Mall (please ask if their branch is already offering remittance through Landbank)

Al Fardan Exchange
Muaither (please ask if their branch is offering remittance through Landbank)

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City International Exchange Co. WLL
Near Bank St. – Doha Head Office
Phone: 44769777


City International Exchange Co. WLL
St.No. 23 Near Al Attiya Souq
Industrial Area-Old
Phone: 44503306

City International Exchange Co. WLL
St.No. 19 opposite Al Attiya Souq Dream Hyper Market
Industrial Area–Dream
Phone: 44377403

City International Exchange Co. WLL
Al Shafi Street – Near Saudi Super Market
Rayyan Branch
Phone: 44808584

City International Exchange Co. WLL
Near International Islamic Bank – Al Ittihad St.
Garrafa Branch
Phone: 44864652

City International Exchange Co. WLL
Quality Hyper Market – Salwa Road
Salwa Road Branch
Phone: 44161896

City International Exchange Co. WLL
Near Badriya Signal, Opposite Taj Mahal Restaurant
Bin Mahmoud Branch
Phone: 44410907

City International Exchange Co. WLL
Logic Mall – Fatima Building
Maither Branch
Phone: 44769733

How Much is the remittance fee from Qatar to the Philippines?
Based on World Bank’s remittance surveys done in November 2017, these are the remittance fees:

For a remittance amount of 1,820 QAR:

Commercial Bank (mobile and online banking)
   —  10 to 15 QAR
OMM (mobile phone transfer) — 15
Speed Remit — 15
Xpress Money — 15 to 20
Al Dar Exchange — 18
Eastern Exchange Co. — 20
IRemit — 20
Western Union — 20
EZRemit — 20
Lari — 20
Arabian Exchange Co. — 23

Check not only the remittance fees; check also their foreign exchange rates and how fast will the remittance reach your beneficiary/recipient.

BDO Remittance Partners in Qatar
BPI Remittance Partners in Qatar
Metrobank Remittance Partners in Qatar 

There are about 205,000 Filipinos in Qatar as of 2013, according to the Commission on Filipinos Overseas.

The post Send Money from Qatar via Landbank Remittance Partners appeared first on BanksPhilippines.

Here are the offices of the Philippine National Bank in Qatar:

Qatar Desk Office
Doha Bank International Relations Center
First Floor, Doha Bank D-Ring Road Branch
D-Ring Road cor Al Mansour Street, Matar Qadeem,
Doha
PO Box 3818

Business Hours:
Sunday to Thursday – 7:30AM to 3:30PM

Landline (+974) 4445 6759
Mobile (+974) 5582 1049
Relationship Officer:
 Anthony Ariel R. Aya-Ay
Email: AyaayaAR@pnb.com.ph
       aaayaay@dohabank.com.qa

Send Money Online from Doha Bank
You can open an account with Doha Bank, so you can send money online from your Doha Bank account to your account with PNB in the Philippines.

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Qatar Marketing Office
c/o Alzaman Exchange W.L.L. 
Mansoura Al Meera, Doha,
PO Box 23497 (974) 5 5970111

(Mobile) (974) 44357552
(Office) (974) 44154732
(974)44357620
Relationship Officer: Benette Cueto-Quiton
Email: CuetoBA@pnb.com.ph

Other ways to send money to the Philippines from Qatar:
BDO remittance partners
BPI remittance partners
Metrobank remittance partners
Landbank remittance partners


How much does it cost to send money from Qatar to the Philippines?
Remittance fees from Qatar to the Philippines range from 15 to 23 Qatari riyals.

I-observe nio rin kung favorable naman ang foreign exchange rate na ginagamit ng mga remittance companies o banks at kung meron pang inward remittance fee charged by the receiving bank in the Philippines.

Are there many Filipinos in Qatar?
Yes, there are around 205,000 Filipinos in Qatar as of 2013, according to the Commission on Filipinos Overseas.
Qatar is No. 9 on the CFO list of countries with the biggest number of Filipinos.

The post Philippine National Bank in Qatar appeared first on BanksPhilippines.

I was looking for drinks at the Alfamart convenience store at the ground floor of the Grace Residences in Taguig when I saw a TouchPay machine. I’ve read about it on the Paymaya website, so I decided to try to use it to load my Paymaya.

It was easy, and the one-thousand peso bill that I entered into the machine got credited instantly to my Paymaya account. I immediately got a text from PayMaya informing me that my TouchPay load was already added to my PayMaya account.

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Tips:
Prepare the amount you want to load.
Know your Paymaya phone number.
Only paper bills.  No coins.
The machine will NOT give you change.
Minimum is 100 pesos.

How to Load:
Just press e-money

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Press PayMaya
Enter your PayMaya phone number: 0_ _ _ _ _ _ _ _ _ _
Enter amount
Insert your money into the receptacle below
Do you want a receipt?  Press Yes
Get your receipt.
Look at your phone message. See this text from PayMaya:
Awesome! You have received PHP1,000.00 on your PayMaya Account from Touchpay.
Your available balance is PHP3,587.00. Ref. No. 0913f3c4b3ce

The loading was instant. The text from PayMaya was just a few seconds after I pressed Yes.

The TouchPay receipt shows:
Date
Receipt #
APM#
Service name: PAYMAYA
Mobile Number:
Reference #
Amount Received
Amount Transacted
Service Fee: Php0.00
Total Amount Paid
Customer Support:  Mon to Fri, 9am – 6pm
                        (02) 232-8946 / (02) 232-8947
 Email: custcare@meps.ph
Visit us at touchpay.ph


According to the TouchPay website, TouchPay machines are available at:

AAVA
ADB
Aklatan ng Lungsod Quezon
Ateneo de Manila
Ceres Liner
Convergys
Davao Light
ISM
Meralco
Newpoint
Philam Life
PLDT
Shell Select
Sky Cable
Smart
SPi Global
Total
Transcom
Ultra Mega
UNILAB
Unilever
Uptown Mall
VECO
Xavier School Luceat Lux

Selected branches of:
Alfamart  (I used a TouchPay at an Alfamart store)
Amaia
Avida
Caltex
Century Properties
DMCI Homes
DTI
Gaisano Grand Malls
Globe
J.P.Morgan
Mercury Drug
National Bookstore
Petron
SMDC
SSS
Victory Malls

The post How to Load Paymaya at a TouchPay machine appeared first on BanksPhilippines.

Which bank will be the first one to be closed down by the BSP in 2018?

Or will 2018 be a rare year? With no bank failing this year.

Let’s look back and see which year saw the most number of banks that failed:

NUMBER OF CLOSED BANKS by YEAR

*One thrift bank was not closed down. It voluntarily surrendered its thrift banking license.

The post Types of Philippine Banks Closed Down from 2000 to 2017 appeared first on BanksPhilippines.

What are investment banks in the Philippines?

Investment banks in the Philippines are also called investment banking firms or investment houses.

They’re not really “banks” in the sense that we cannot just walk in to their premises and open deposit accounts or apply for bank loans. They do more complex activities. They serve corporations or institutions.

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What do investment banks do that other banks are not authorized to do?

• They help corporations raise money or capital funds through new equity shares, private placements or debts
• They help institutional investors such as mutual funds, pension funds and insurance companies invest their money.
• They buy or sell securities on behalf of their institutional clients.
• They advise corporations on mergers and acquisitions.
• They help in the restructuring and reorganization of a company.
• They bring investors together with companies that issue securities or broker securities.
• They manage financial portfolios on behalf of clients.
• They do financial research, publish and market financial products.

Investment Banks in the Philippines

1.    AB Capital and Investment Corp.
2.    Abacus Capital & Investment Corp.
3.    Amalgamated Investment Bancorp.
4.    Ampersand Capital
5.    Asian Alliance Investment Corp.
6.    BA Investments and Holdings, Inc.*
7.    BDO Capital & Investment Corp.
8.    BPI Capital Corp.
9.    China Bank Capital Corp.
10.  CIMB Bancom Capital Corp.*
11.  Citicorp Capital Philippines, Inc.
12.  CLSA Exchange Capital, Inc.
13.  First Metro Investment Corp.
14.  Insular Investment Corp.
15.  Investment & Capital Corp. of the Philippines
16.  Maybank ATR Kim Eng Capital Partners, Inc.
17.  Multinational Investment Bancorp.
18.  PBC Capital Investment Corp.
19.  PentaCapital Investment Corp.
20.  Philippine Commercial Capital, Inc.
21.  Philippine Regional Investment Development Corp.
22.  PNB Capital and Investment Corp.
23.  Premiere Capital Venture Corp.**
24.  RCBC Capital Corp.
25.  SB Capital Investment Corp.
26.  State Investment Trust, Inc.
27.  UBS Investments Philippines, Inc.
28.  Unicapital, Inc.

All of the above are members of the Investment House Association of the Philippines (IHAP) and all are registered as with the Securities and Exchange Commission, except below firms.
*Not IHAP member
**Not in SEC list

There are 22 universal banks in the Philippines as of June 2023. They are authorized to do investment banking activities.

1.    Al-Amanah Islamic Investment Bank of the Philippines
2.    Asia United Bank Corp. (AUB)
3.    Australia and New Zealand Banking Group Ltd. (ANZ)
4.    Bank of Commerce
5.    Bank of the Philippine Islands (BPI)
6.    BDO Unibank, Inc. (BDO)
7.    China Banking Corp. (ChinaBank)
8.    Deutsche Bank AG
9.    Development Bank of the Philippines (DBP)
10.    East West Banking Corp. (EastWest)
11.    Hongkong & Shanghai Banking Corp. (HSBC)
12.    ING Bank NV
13.    Land Bank of the Philippines (LandBank)
14.    Metropolitan Bank and Trust Co. (Metrobank)
15.    Mizuho Bank Ltd. – Manila Branch
16.    Philippine Bank of Commerce
17.    Philippine National Bank (PNB)
18.    Philippine Trust Co. (Philtrust)
19.    Rizal Commercial Banking Corp. (RCBC)
20.    Security Bank Corp.
21.    Standard Chartered Bank
22.    Union Bank of the Philippines (Union Bank)

List of universal banks is based on the BSP directory of banks.

Updated May 12, 2024

The top thrift banks in the Philippines based on total assets as of December 31, 2023, the latest published report, are Philippine Savings Bank (PSBank), China Bank Savings, Philippine Business Bank, and City Savings Bank.

In the past, it was BPI Family Savings Bank that was the country’s biggest thrift bank, but it has been absorbed by its parent company, Bank of the Philippines Islands (BPI) in 2021.

RCBC Savings Bank, which was the 3rd biggest thrift bank in the past years, was merged into its parent bank, RCBC in July 2019.

Note that three of the Top Four thrift banks as of December 2023 are subsidiaries of three of the country’s biggest banks. Philippine Business Bank is a subsidiary of Metrobank, China Bank Savings is a subsidiary of China Bank and City Savings Bank is a subsidiary of Union Bank.

The other, Philippine Business Bank, is owned by Alfredo Yao and Zest-O Corp.

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Top Philippine thrift banks, based on total assets as of December 31, 2023:

35th to 42nd: Million-Peso Thrift Banks

Notable Changes Between March 2023 and March 2021

HSBC Savings was absorbed by its parent company, HSBC Philippines, in 2022

Overseas Filipino Bank (OFBank) is now operating as a Digital Bank, so it’s no longer in this list. It’s the first bank licensed by the BSP as Digital Bank.

Top Thrift Banks or Savings Banks based on Assets as of March 2023

1 Philippine Savings Bank (PSBank) – 254.29 B
2 Philippine Business Bank – 135.63 B
3 China Bank Savings – 132.68 B
4 City Savings – 131.92 B
5 Bank of Makati – 49.75 B
6 Sterling Bank – 40.18 B
7 Producers Savings Bank – 31.01 B
8 BPI Direct Banko – 27.26 B
9 First Consolidated – 24.85 B
10 UCPB Savings – 15.92 B
11 HSBC Savings – 14.74 B
12 Wealth Development – 11.47 B
13 Malayan Savings Bank – 10.58 B
14 1st Valley Bank – 10.54 B
15 CARD SME Bank – 8.93 B
16 Luzon Development Bank – 6.26 B
17 Citystate Savings – 5.25 B
18 AllBank – 4.98 B
19 Legazpi Savings Bank – 4.96 B
20 Bangko Kabayan – 3.94 B
21 Sun Savings Bank – 3.32 B
22 Queen City Development – 3.00 B
23 Yuanta Savings Bank – 2.43 B
24 Penbank – 2.24 B
25 Bank One Savings – 1.91 B
26 Dumaguete City Development – 1.83 B
27 Century Savings – 1.68 B
28 Rizal Micro Bank – 1.62 B
29 Isla Bank – 1.42 B
30 Hiyas Banking – 1.33 B
31 LOLC Bank Philippines – 1.33 B
32 Pacific Ace Savings Bank – 1.15 B
33 Makiling Development Bank – 1.07 B
34 Northpoint Development Bank – 1.06 B
35 University Savings Bank – 768.6 Million
36 Pampanga Development Bank – 712.9 M
37 Bataan Development Bank – 541.4 M
38 Cordillera Savings Bank – 468.3 M
39 Life Savings Bank – 335.7 M
40 Phil Star Development Bank – 234.7 M
41 Lemery Savings and Loan Bank – 229.8 M
42 Quezon Coconut Bank – 87.8 M

Top Thrift Banks as of March 2021

1 BPI Family – 274.649 B
2 PSBank – 226.396 B
3 Philippine Business Bank – 119.588 B
4 China Bank Savings – 97.814 B
5 City Savings – 96.168 B
6 Bank of Makati – 45.190 B
7 Sterling Bank – 40.029 B
8 Producers Savings Bank – 23.868 B
9 First Consolidated – 20.781 B
10 UCPB Savings – 20.535 B
11 BPI Direct Banko – 20.318 B
12 HSBC Savings – 14.253 B
13 Wealth Development – 12.736 B
14 Equicom Savings – 11.112 B
15 1st Valley Bank – 11.070 B
16 Malayan Bank Savings – 10.004 B
17 CARD SME Bank – 9.015 B
18 Luzon Development Bank – 6.305 B
19 AllBank – 5.092 B
20 Citystate Savings – 4.985 B
21 Overseas Filipino Bank – 3.658 B
22 Bangko Kabayan – 3.598 B
23 Yuanta Savings Bank – 3.368 B
24 Legazpi Savings Bank – 3.056 B
25 Penbank – 2.780 B
26 Queen City Development Bank – 2.656 B
27 Enterprise Bank – 2.304 B
28 Sun Savings Bank – 1.933 B
29 Bank One Savings – 1.655 B
30 Dumaguete City Development – 1.600 B
31 Rizal Micro Bank – 1.569 B
32 Century Savings – 1.466 B
33 Hiyas Banking – 1.391 B
34 Isla Bank – 1.388 B
35 Makiling Development Bank – 1.114 B
36 University Savings Bank – 1.050 B
37 Northpoint Development Bank – 925.72 M
38 Inter-Asia Development Bank – 804.66 M
39 Farmers Savings and Loan Bank – 711.35 M
40 Pacific Ace Savings Bank – 672.15 M
41 Pampanga Development Bank – 611.37 M
42 Bataan Development Bank – 520.17 M
43 Metro Cebu Public Savings Bank – 518.51 M
44 Cordillera Savings Bank – 499.90 M
45 Life Savings Bank – 336.20 M
46 Phil Star Development Bank – 249.43 M
47 Lemery Savings and Loan Bank – 234.07 M
48 Quezon Coconut Bank – 86.37 M

Notable Changes between March 2021 and Dec 2019

PNB Savings Bank has been absorbed by its parent company, Philippine National Bank.

Maritime Savings Bank is no longer in the PDIC list of thrift banks.

Overseas Filipino Bank (OFBank) became the first bank to get a digital bank license from the BSP.

Top Thrift Banks as of December 2019

1 BPI Family – 284.213 B
2 PSBank – 224.108 B
3 Philippine Business Bank – 113.978 B
4 China Bank Savings – 102.836 B
5 City Savings* – 76.795 B
6 PNB Savings – 59.871 B
7 Sterling Bank – 43.984 B
8 Bank of Makati – 40.158 B
9 Producers Savings Bank – 25.452 B
10 UCPB Savings – 20.977 B
11 First Consolidated – 19.283 B
12 BPI Direct Banko – 17.834 B
13 Wealth Development – 14.534 B
14 HSBC Savings – 13.885 B
15 Malayan Bank Savings – 10.627 B
16 Equicom Savings – 9.270 B
17 1st Valley Bank – 9.208 B
18 CARD SME Bank – 7.873 B
19 Luzon Development Bank* – 6.090 B
20 AllBank – 5.724 B
21 Overseas Filipino Bank* – 5.369 B
22 Citystate Savings – 4.139 B
23 Yuanta Savings Bank – 3.964 B
24 Bangko Kabayan – 3.247 B
25 Legazpi Savings Bank – 2.722 B
26 Penbank – 2.719 B
27 Queen City Development Bank – 2.377 B
28 Enterprise Bank – 2.254 B
29 Sun Savings Bank* – 2.082 B
30 Rizal Micro Bank* – 1.818 B
31 Bank One Savings – 1.591 B
32 Dumaguete City Development – 1.489 B
33 Hiyas Banking – 1.441 B
34 Century Savings – 1.428 B
35 Isla Bank – 1.389 B
36 Makiling Development Bank* – 1.093 B
37 University Savings Bank – 1.013 B
38 Northpoint Development Bank – 833.16 B
39 Farmers Savings and Loan Bank – 788.10 B
40 Inter-Asia Development Bank* – 616.49 B
41 Pampanga Development Bank – 590.18 B
42 Pacific Ace Savings Bank – 487.66 B
43 Bataan Development Bank – 466.26 B
44 Cordillera Savings Bank – 448.94 B
45 Life Savings Bank – 313.62 B
46 Lemery Savings and Loan Bank – 234.54 B
47 Phil Star Development Bank – 233.91 B
48 Maritime Savings Bank – 158.19 B
49 Quezon Coconut Bank – 89.11 B

Notes on Dec 2019 Ranking, compared to Sep 2018 ranking

RCBC Savings was merged into its parent, RCBC, in July 2019.

City Savings Bank, the Cebu-based thrift subsidiary of Union Bank of the Philippines, completed its acquisition of Philippine Resources Savings Bank Corp. (PR Savings Bank), based in Isabela, in March 2019. The share purchase agreement with ROPALI Group of Cos. was signed on December 29, 2017.

*The change of name of Merchants Savings and Loan Association, Inc. to Rizal Microbank, Inc. – A Thrift Bank of RCBC was authorized by the BSP on March 7, 2O19.

*Mount Makiling Rural Bank, Inc. has been authorized by the BSP to upgrade from a rural bank into a thrift (development) bank under the corporate name Makiling Development Bank Corp. (MDBC) in September 2019. MDBC will start as a thrift bank on September 20, 2019.

Sun Savings Bank increased its assets from 1.404 billion in Sep 2018 to 2.082 billion in Dec 2019, rising in ranking from No. 35 to No. 29. It now has 6   branches in Cebu, with the newest branch in Cebu Business Park. Its head office is in Cebu City.

Inter-Asia Development Bank‘s assets rose by a huge amount of 278 million from 338.49 in Sep 2018 to 616.49 in Dec 2019, and rose in ranking from No. 46 to No. 40.

Why kaya? Nag-invest pala sa Inter-Asia ang Sri Lankan bank, The LOLC Holdings PLC (LOLC), the largest  non-banking financial conglomerate in Sri Lanka in September 2019.  Inter-Asia is a thrift subsidiary of Tao Group of Companies, a diversified conglomerate founded by Julio D. Sy Jr., a native of Dumaguete City, Negros Oriental.

Metro Cebu Public Savings Bank (480.3 million, No. 41 in Sep 2018 ranking, why not in Dec 2019 ranking?)

Business and Consumers Bank (338.67 million, No. 45 in Sep 2018 ranking, why not in Dec 2019 ranking?)

Luzon Development Bank  (No. 19 as of Dec 2019, but why not in Sep 2018 ranking below?)

Overseas Filipino Bank (OFBank) decreased in assets from 9.675 billion in Sep 2018 to 5.369 billion in Dec 2019. Bakit kaya? Nasaan yong 4.306 billion?

Doon sa General Information Sheet submitted to the SEC on October 22, 2019, nakasulat na ang Total Assets ng OFBank based on latest audited financial statements is 9,017,235,136.00.

Top Thrift Banks in the Philippines, based on total assets as of September 2018:

Rankings of Smaller Savings Banks in the Philippines

top thrift banks in the Philippines

Toll-Free No.:  011 800 8 631 8000

Use this BDO toll-free number when calling from USA so you won’t pay long-distance toll charges, and use your landline to avoid paying US airtime charges.

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If you use your mobile phone, you might be charged for airtime, unless your plan allows unlimited international calls.

You can call this number anytime, 24/7.

These below are other ways to contact BDO while in the US:

. Email: callcenter@bdo.com.ph (BDO says this is temporarily suspended until further notice)

. BDO Contact Page:
BDO Contact Page on the BDO Website

Go here to report unauthorized credit card transactions

Go here to report unauthorized debit card transactions

For general inquiries, you can use Facebook Messenger

DO NOT provide confidential information.
DO NOT provide your account number, BDO Remit Reference No., password, phone number, SS Number, email address, home address, or any personal information.

. Private Message on Facebook

BDO has 3 official pages on Facebook

BDO Unibank

BDO Kabayan

BDO Customer Care

These 3 above are the only BDO pages on Facebook. Only three.

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Are there BDO Bank Branches in the USA?

No, there are no BDO bank branches in the USA.

The BDO entities operating in the US are the two branches of BDO’s remittance company, BDO Remit (USA) Inc. and several BDO remittance partners.

Branches of BDO Remit (USA) Inc.:

Daly City, California branch
350 Gellert Blvd
Daly City, CA 94015
(Just 4 minutes away from Serramonte Mall, Serramonte Blvd.)

Phone: +16509941625 / +18004723252
Fax: 1-866-372-3252

Business hours: Everyday from 10am to 7pm

Los Angeles, California branch
215 South Vermont Avenue
Los Angeles, California 90004
(Just 6 minutes away from the Philippine Consulate, Wilshire Blvd.)

Phone: +12133865069
Fax: 1-213-386-5067

Business hours: 9am to 6pm

BDO Remittance Partners in California

BDO Remittance Partners in New York

Customer Contact Center while in the Philippines:
when using a landline in Metro Manila: 8631-8000
when using a smart phone:  (+632) 8631-8000
when using a landline outside Metro Manila: 02-8631-8000
(or 2-8631-8000)

Credit for photo above (woman using red payphone):
Photo by Andy Art on Unsplash

Is there a BDO London?

Yes, there is. But it’s not a bank. It’s a remittance company called BDO Remit UK Ltd.

It’s owned by BDO Unibank in the Philippines through its subsidiary BDO Remit International Holdings BV (formerly CBN Grupo International Holdings BV).

BDO Remit UK Ltd. is formerly CBN London Ltd.

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You can send money to the Philippines from the UK at its office or at its Lodgement ATM (LATM):

BDO Remit UK Ltd. 
142 Strand Bridge House
Lower Ground Floor
Strand WC2R 1HH

Phone Nos.​:
(0044) 0207 4623000
(0044) 0208 0682236
Email address: london@bdoremiteurope.com

BDO Business Hours:

Open everyday
Monday – Thursday: 9:30 am. to 6 pm
Friday – Saturday: 9:30 am to 5 pm
Sunday: 12 pm to 5 pm

BDO Remittance Fees:

– for Credit to BDO Kabayan account

– for Cash Pickup Anywhere

– for Bill Payment

– for Credit to Account in Another Bank

– for Delivery of Jollibee or Max’s food surprise

– for Door-to-Door Cash Delivery within Metro Manila

(See bottom note for deliveries outside of Metro Manila)

For remittance via cash paid into a Lodgement ATM:

Fee of 5 pounds per remittance of 500 pounds or less

Then 0.50 pound for every additional 100 pounds or less

For over-the-counter remittance using a debit card:

Fee of 5 pounds per remittance of 1,000 pounds or less

then 1 pound for every additional 500 pounds or less

For over-the-counter using cash: 

Fee of 5 pounds per remittance of 1,000 pounds or less

Fee of 6 pounds per remittance of 1,001 to 1,500 pounds

Fee of 7 pounds per remittance of 1,501 to 2,000 pounds

then 0.50 pound for every additional 100 pounds or less

Other Services Offered by BDO Remit UK:

. Payment of Philippine Bills

Payment will be done within 24 hours from receipt of remittance by BDO remittance unit in the Philippines

. SSS and Pag-ibig Fund Contribution Payments

Fee of 2.50 pounds per contribution payment, remitted within 5 days

.  Food Delivery (Jollibee and Max’s)

Fees are the same as above BDO Remittance Fees

Max’s order can be delivered within 3 days (estimated)

Jollibee orders worth 5,000 pesos or less can be delivered within 3 days (estimated)

Jollibee orders worth 5,001 to 10,000 pesos can be delivered within 5 days (estimated)

Jollibee orders worth more than 10,000 pesos can be delivered within 7 days (estimated)

. Door to Door Cash Delivery

Can be delivered within 2 days within Metro Manila

Can be delivered within 4 days outside of Metro Manila (there might be some places excluded). Remittance fee ranges from 7 to 9 pounds.

Related posts:

Remittance Partners of BDO in London

Open a Bank Account with BPI Europe in London

You can open this BPI savings account for OFWs — Pamana Padala — for only 500 pesos.

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Why is this a good savings account?

It comes with free accident and life insurance. Basta regular ka lang na mag-ipon sa account na ito.
This is good for your family just in case you are called to heaven unexpectedly.

How to open this BPI savings account:

1. Prepare your original valid ID (with photo and signature)
and a proof that you are an OFW (any one below)
– work visa in your passport
– work permit
– OFW job contract
– OEC from POEA
– OWWA ID (unexpired)
– Seaman’s book
– PDOS certificate
– CFO certificate
– foreign residence ID

2. Prepare your initial deposit of 500 pesos
or US$500 (for US dollar account)

3. Bring above items and go to any BPI or BPI Family Savings Bank branch
(preferably near your residence)

4. You will fill up the following BPI bank forms:
– Savings account opening forms
– BPI Pamana Padala Enrollment for Group Life Insurance Coverage
– Your beneficiary or beneficiaries should be your immediate family members
(spouse, children, parent, brothers, sisters).
Beneficiaries outside your immediate family will be subject to evaluation.

5. You will receive your Free 90-day Personal Accident Insurance certificate
and your processed deposit slip.

6.  What’s your savings account number?

Ask the bank officer where in the deposit slip your account number is. Or pasulat mo na lang sa isang papel.

6. You will be instructed to claim your BPI Pamana Padala debit card 3 days after account opening. Pero kahit wala pa sa iyo ang debit card mo, active na ang account mo. Puede ka nang mag-deposit kung meron kang extra money.

7. Your Life Insurance certificate will be sent to your email address after you have made your 4th inward remittance from abroad within a 12-month period. Effectivity date will be the date of receipt of your 4th remittance.

8.  If your spouse or your child or the persons you will be sending money to later on do not yet have a BPI savings account, ask them to come with you to open their own BPI savings accounts.

Bakit kelangang meron silang account? So you will save on remittance fees.

Just remit your salary to your account (dito ka lang magbabayad ng remittance fee), then transfer online (FREE transfer) to your spouse’s account or child’s account or parent’s account anytime they need money. Ang online money transfer from BPI to BPI is INSTANT, any day, any time.

Do not forget! Once you have your debit card, enroll your account in BPI online banking.

Go to BPI Express Online

Click Enroll Now under Online Banking Login

After enrolling, Activate your enrollment at a BPI ATM. Take note of the code given to you.

Sabihin mo na rin sa asawa o anak o parents mo na mag-enroll sa BPI online banking para mas madali nilang ma-check kung credited na ang trinansfer mong pera sa kanilang account.

REMEMBER! Para lagi kang INSURED, mag-remit ka madalas from abroad sa Pamana Padala account mo.

Ang requirement ng BPI: Dapat meron kang at least 4 foreign remittances within the past 12-month period.

How much naman ang insurance coverage?

Ang amount is equal to your total remittances within the past 12 months, up to 300,000 pesos or US$6,000. Total remittances will be divided by 12, then the resulting amount will be given to your beneficiaries every month for 12 months.

What insurance company will handle the insurance?
BPI-Philam Life Assurance Corp, a subsidiary of Philam Life and an affliate of BPI.

Related posts:

Open a BPI Europe bank account in London UK

Enroll in BPI online banking while overseas

INSTAPAY vs PESONET funds transfer — whichever you use, you can now easily transfer money from your bank to any other bank online. Just use your online banking and any of your Philippine peso accounts.

Contents:
. When to use Instapay or PesoNet
. Instapay Fees as of June 30, 2021
. PesoNet Fees as of June 30, 2021
. FAQ about Instapay and PesoNet
. Summary of Instapay vs PesoNet comparison
. Cash-In for FREE Transfer between partners

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Choose INSTAPAY,  if you need instant transfer. Any day, any time. You can transfer up to 50k pesos per transfer. Transfer fee ranges from 5 to 40 pesos. You can transfer many times per day, but check if your bank has a maximum aggregate amount that you can transfer per day.

Note: Most banks have been offering Instapay transfers for FREE due to the covid-19 crisis until further notice.

Choose PesoNet,  if you’re not rushing, especially if your bank does not charge anything for PesoNet. Eastwest, Union Bank and ING Bank offer this transfer for FREE. Transfer is done within the day if you transfer before cut-off time, or the next business day. Only on business days.

Use PesoNet also if you’re transferring more than 50,000 pesos…to save on fees.

You can find Instapay or PesoNet within your online banking system, under Send Money, Transfer Money or Funds Transfer.

Some banks offer Instapay only; other banks offer PesoNet only, like CIMB. There are banks that offer both, like Eastwest.

Here are banks offering Instapay money transfer, including transfer fees:

 INSTAPAY FEES as of June 30, 2021

INSTAPAYRECEIVER onlyas of June 30, 2021

These 4 banks are INSTAPAY RECEIVER only as of June 30, 2021:

• BDO Network Bank
• DBP (Development Bank of the Philippines) — with partners only
• Philippine Business Bank
• Philippine Veterans

PESONET Fees as of June 30, 2021

FAQ about Instapay and PesoNet

Who Pays the Transfer Fee?Sender

Does the Receiver Pays a Fee?No

Does the Receiver Receive the Full Amount? Yes

Can I Use Instapay or PesoNet to Transfer Money to an Account Abroad?No

Can I Transfer Money from my US Dollar account via Instapay or PesoNet? No

Can I Transfer to Any Institution?No. Only to Instapay or PesoNet member banks, e-money or e-wallet . Your Online Banking will let you choose from a List of Participating Institutions

What are needed to make a transfer?
1. Your online banking account
2. Money in your peso account
3. Your mobile phone with phone number registered in your online banking account
(Your one-time-password (OTP) will be sent to your phone)
4. Information on your receiving account (Name of bank, account name and account number)

Can I Cancel a Transfer? Sorry, no. Once the transfer is completed, you can no longer cancel. So be careful.

What happens if money was debited from my account but not credited by the receiving bank?This happens because of mismatch in account name or account number, or the receiving account has been closed, frozen or dormant. The amount will be returned by the receiving bank and will be credited back to your account. This process might take a few days and there might be a charge for the return process.

What happens if I transferred to a wrong account? If you know the account owner, talk with them about what happened and about returning the money. If they deny your request, then treat your mistake as an expensive lesson. If it’s a big amount of money, ask legal professionals if there’s a legal way you can get the money back.
If you don’t know the account owner, sorry, you can no longer do anything about it. Accept you made a costly mistake, be determined not to commit this mistake again, and find ways to increase your earnings.
Remember, you can’t blame your bank, e-wallet or e-money for this type of mistake. So again, BE CAREFUL.

My account was debited, but was not transferred to the receiving account, and has not been returned after a week. First, contact your bank, e-wallet/e-money. Provide the details of your transaction, and ask for the return of your money. Document your requests and follow-ups, in case you need to ask help from the BSP.
If your request is ignored, contact the BSP via one of the following:
. BSP Webchat – http://www.bsp.gov.ph/
. BSP Facebook – https://www.facebook.com/BangkoSentralngPilipinas/
. Text – 21582277 (for Globe subscribers only); Other networks will join soon.

Who supervises Instapay or PesoNet? It’s Philippine Payments Management Inc. (PPMI), which is composed of BSP-supervised banks and non-bank financial institutions, and which is also overseen by the BSP. As of August 12, 2021, there are 141 member institutions: 21 universal banks, 22 commercial banks, 28 thrift banks, 43 rural banks, 2 cooperative banks, and 25 non-bank electronic money issuers.

INSTAPAY vs PESONET Funds Transfer — What’s the difference?

If you need instant transfer, choose Instapay.
If you need to transfer much more in one transaction, choose PesoNet.

Instapay

• Instant transfer
• Maximum of 50,000 pesos per transaction
• Daily limit depends on your bank
• Transfer anytime 24/7, any day, including weekends and holidays

PesoNet

• Not instant transfer, but within the day, or next business day for transactions done after cut-off time
• No maximum limit per transaction
• Business days only (and business hours only for some banks)
• Good for companies transferring large amounts.
• PesoNet is the one used by SSS to send member benefits.

Cash-in for FREE Transfer

If your bank, e-money or e-wallet charges much for money transfer, check your mobile app if it has a FREE Cash-in service for the sending bank. Paymaya, GCash or CIMB offer FREE Cash-in services from their preferred partners:
Paymaya: Free Cash-in from Linked BPI account
GCash: Free Cash-in from Linked accounts of BPI and UnionBank
CIMB: Free Cash-in from BDO, Metrobank, Landbank, Chinabank, Bank of Commerce, PSBank. UCPB and Robinsons Bank

Money Transfer Using Your BDO Online Banking

Source of Instapay and PesoNet Fees Data: BSP-Supervised Financial Institutions’ Transfer Fees