InstaPay is an electronic fund transfer service that allows customers to transfer funds almost instantly between accounts of participating BSP supervised banks and non-bank e-money issuers in the Philippines. The service is available 24/7, all year round.
Initially QCRB is a “Receiver” participant only. Through InstaPay existing QCRB account of individuals, businesses, and government institutions will be able to receive funds and payments in real time from another local bank.
| Accessibility | Only existing ATM accounts are capable to receive funds thru InstaPay. |
|---|---|
| Transaction Limit | Maximum of Php50, 000.00 per transaction as many times during the day. |
| Withdrawal/s | Up to Php 40, 000.00 thru ATM machine per day. (Php10,000.00 per transaction) Above the maximum limit withdrawal will be accommodated over-the-counter (OTC) with the following service charge: Php100.00 per OTC transaction up to Php40, 000.00 plus 1/8 of 1% of the excess; maximum of Php5,000.00. |
| Withdrawal/s | OTC is available at any QCRB branch with corresponding service charge mentioned above. |
Determine whether the originating bank where the money will come from is an InstaPay “sending” institution. As of December 31, 2018, below are the qualified senders:
1. Asia United Bank Corporation
2. Bank of Commerce
3. BDO Unibank, Inc.
4. China Bank Savings, Inc.
5. China Banking Corporation
6. Dungganon Bank (A Microfinance Rural Bank), Inc.
7. East West Banking Corporation
8. Equicom Savings Bank, Inc.
9. G-Xchange, Inc.
10. Land Bank of the Philippines
11. Malayan Bank Savings
and Mortgage Bank, Inc.
12. Maybank Philippines, Inc.
13. Metropolitan Bank and Trust Company
14. Philippine Bank of Communications
15. Philippine National Bank
16. Philippine Savings Bank
17. PNB Savings Bank
18. RCBC Savings Bank, Inc.
19. Rizal Commercial Banking Corporation
20. Robinsons Bank Corporation
21. Security Bank Corporation
22. Sun Savings Bank, Inc.
23. Union Bank of the Philippines
24. United Coconut Planters Bank
Advice the “sending parties” to access their bank’s mobile app or internet banking facility. They can now choose to send to your QCRB ATM account via InstaPay
after providing the required information.
Important: Don’t forget to give your ATM account number to the sending parties.
As a “receiver” you can access/claim the funds through withdrawal using your QCRB ATM card or through OTC withdrawal.