You may hear about PESONet Philippines if you’re looking for a transfer system that effectively and legitimately transfers money and financial transactions. Among the number of electronic fund systems, PESONet Philippines gains its recognition and partly contributes to developing electronic financial services.
PESONet Philippines was first launched in 2017, allowing its customers to transfer money and transact with other banks and non-bank institutions. According to a national bank report, the value of transactions through PESONet Philippines is increasing annually, reaching around 3.46 trillion pesos.
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What Is PESONet Philippines?
As introduced in the opening event, PESONet Philippines is an EFT (electronic fund transfer) credit payment system that can effectively change how people pay bills, transfer funds, and make transactions. This system is assessed to partly replace the paper check system, which is outdated in today’s fast-paced world.
PESONet financial transactions are handled in batches at regular intervals. Unfortunately, it does not provide real-time services, so you have to wait for the processing stages. If you want to receive the amount the next banking day, your sender will need to transfer it before the cut-off time of the PESONet financial institutions.
What Is The Purpose of PESONet Philippines?
PESONet Philippines helps governments, businesses, and individuals beneficially pay and transfer money from their bank accounts to single or several beneficiary accounts.
PESONet is also popularly utilized and a great substitute for the paper-based check system.
What Features Does PESONet Philippines Provide?
PESONet provides customers with four main features. Domestic Transaction is available for transferring money from a Philippine bank account to other accounts in participating financial institutions. A wide variety of domestic banks allow PESONet transfer transactions.
Batch Transfer accepts transactions with volume or batch from participating financial institutions for credit to several accounts at other institutions.
Flexible Transaction Amount allows you to transfer any amount you want for a transaction.
With Same-day Full Value Transfer, full values of the funds are available to beneficiaries on the next banking day as long as you make transactions before the cut-off time of the financial institutions.
How Does PESONet Philippines Work?
If you use PESONet, you can log in to your bank or non-bank website or mobile app to make financial transactions, such as transferring funds from your account to other participating banks or institutions.
You only have to show your banking institution, the money amount for transferring, and your bank account number to the PCHC (Philippine Clearing House Corporation).
The respective banking institutions will subsequently hold this amount in the DDA (demand deposit account). You will need to wait until the next compensation when your funds are deposited to your account the next banking day.
Benefits of PESONet Philippines Transfer
PESONet Philippines brings a lot of financial advantages to its customers, which keep them staying and continuing to use its services. This gateway provides you with cross-selling of monetary goods, including savings, insurance, loans, and investments.
You will have a chance to experience banking transaction delivery with innovative technology, making the process more secure and guaranteeing customers’ confidential information.
PESONet is also a safe way to transfer a large amount of money, such as payroll, thanks to its digital operation and regular checks and maintenance. Therefore, the system’s efficiency increases in money transfer and other financial services.
It does not require fees from the recipient and provides customers with lower check payment expenses. These reduced amounts first seem insignificant but are considerable in the long term. That’s why using PESONet is highly recommended.
In several cases, you can use this EFT system to replace check payments, which conveniently improves your experience and time.
Drawbacks of PESONet Philippines Transfer
Unlike other EFT systems that take no waiting time for transferring funds, PESONet often requires 24 hours or more for a successful transfer. It’s inconvenient if you need to transfer your money immediately for business or emergencies.
Not only for fund transfers, other financial services made through PESONet should not be time-sensitive, as the system tends to increase the processing time. Urgent transactions are unsuitable with PESONet.
This system also only works on banking days. It means that it’s closed on Saturdays, Sundays, and other national holidays. Therefore, when you suddenly need to make transactions, PESONet will not process your requirements immediately. Instead, it will delay them a few days until it opens as usual.
What Are The Differences Between PESONet And InstaPay?
About service availability, PESONet only receives and handles transaction issues on banking days, while InstaPay is available 24/7 to support customers anytime with errors happening during transferring.
If customers use PESONet, they have to transfer money before the cut-off time to receive it on the same banking day. With InstaPay, the fund transfer speed is real-time and much faster.
Thus, InstaPay is most suitable for sudden situations that require urgent payments with an insignificant amount. Conversely, the fund value transferred through PESONet is frequently valuable, so it needs time to process in order. PESONet is also not time-critical due to its batch payments.
PESONet does not limit the total amount per transaction, whereas you can only make transactions of up to ₱50,000 at once through InstaPay. The limited money depends on the InstaPay participating financial institutions.
The transfer fee of PESONet often varies between ₱0 and ₱500, while InstaPay is from ₱0 to ₱25. These two systems can be selected based on the institutions and how much you want to pay this fee.
Conclusion
PESONet Philippines is a legal and reliable EFT credit payment solution. It provides four main features: Domestic Transaction, Batch Transfer, Flexible Transaction Amount, and Same-day Full Value Transaction. This system is secure and legal to transfer large amounts and effectively reduce additional check payments and fund transfer fees.
You will find many banks in the Philippines that allow making financial transactions by PESONet. It’s convenient and flexible wherever you are. With PESONet Philippines, you will efficiently manage your transactions by experiencing the innovative digital EFT system.
