Local Funds Transfer via InstaPay and PESONet FAQs

• InstaPay is an electronic funds transfer service under the Bangko Sentral ng Pilipinas (BSP) National Retail Payment System (NRPS). It lets HSBC customers send Philippine Peso (PHP) instantly to participating accounts with other Philippine banks and supported e-wallets.

• InstaPay transfers are available through the HSBC Philippines app.

• You can transfer up to PHP 50,000 per InstaPay transaction and make multiple transfers in a day, up to a total daily limit that you have set, with a maximum of PHP 3,000,000.

 To check your limits on the HSBC Philippines app:

1. Tap the person icon (top right).
2. Select Transfer limit.
3. Refer to Other payees limit.

If you need a limit increase, chat with us via HSBC Online Banking or visit a branch.

• For the latest fees, please check the tariff guide.

• If you enter an invalid beneficiary account number, the transfer will usually fail. The receiving bank will return the funds to your account; minus any fees it charges.
• If the account number is valid but it isn’t your intended recipient’s, we treat the transaction as valid and final. Contact us as soon as possible and we’ll do our best to help. Any recovery depends on the receiving bank’s policies and whether the recipient agrees to return the funds.

If you saved the payee with incorrect details, we recommend deleting it:

1. Log on to HSBC Online Banking.
2. From Quick links, select Manage payees.
3. Find the payee with incorrect details and select the Delete payee icon.

Tip: Always double-check the account number and beneficiary details before you confirm a transfer.

An InstaPay transfer may fail if:

• You’ve exceeded the transaction limit or your daily limit
• Your recipient’s account details are incorrect
• There’s temporary service downtime

Yes. We’ll notify you about both successful and failed InstaPay transactions. We may send notifications by:

• Mobile push notification (if you’ve enabled it)
• Email
• SMS (if we can’t deliver a push notification or email)

You’ll need an active internet connection to receive mobile push notifications.

PESONet is a Banko Sentral ng Pilipinas regulated electronic funds transfer service that enables HSBC account holders to transfer funds in Philippine Peso to another account holder or multiple recipient accounts of other participating Philippine banks and financial institutions.

You can use HSBC Online Banking or Mobile Banking app to transfer funds in PHP from your HSBC account to payee accounts from participating banks and financial institutions in the Philippines. With PESONet, local payment instructions will be processed in bulk and cleared in batch intervals. Payees will receive the full value in their account within the same banking day, as long as it is sent within the cut-off time.

PESONet provides an easy to use, secure, and cashless way to send money to your loved ones, to pay your favorite merchants and suppliers, and even to add funds to your e-Wallet accounts such as GCash or Paymaya.

Yes, it is secure. Transactions completed through PESONet are applied the same security standards as over-the-counter funds transfer transactions. In addition, PESONet is regulated by the Banko Sentral ng Pilipinas and transactions are cleared through Philippine Clearing House Corporation, similar to checks.

You can use any of your PHP or foreign currency Savings or Current accounts in HSBC Philippines to send money via PESONet. The destination account must be a PHP-denominated account. If you send funds from your foreign currency account, the funds will be converted to PHP at the prevailing FX rate.

Local payments through PESONet are absolutely FREE OF CHARGE when you send money through HSBC Online Banking or Mobile Banking. In comparison, HSBC over-the-counter transactions will have a PHP150 fee.

Receiving fund transfers into your HSBC account is also free of charge.

You can transact any time - HSBC Online Banking and Mobile Banking services are available to you 24/7.

*Subject to the receiving institution's processing timelines

No, fund transfers through PESONet can only be done between participating banks and financial institutions.

The maximum amount you can send in a day through HSBC online banking or mobile banking using PESONet is PHP3,000,000.

Once you’ve reached the daily transfer limit set for your account, succeeding transfers will not be allowed. If this happens, please wait for the next day to complete another transaction. Please note that receiving banks may also have a limit on the maximum amount that they may allow per transaction.

To view and amend your online withdrawal and transfer limits, follow these simple steps:

Through mobile banking

1. On the homepage, tap the profile icon
2. Tap on 'Transfer limit' and select the transfer limit type you’d like to decrease
3. Enter a lower daily limit amount and select 'Change limit'
4. Your new daily limit is set

There is no limit on the number of times you can make transfers in any given day. However, for your account security, there are daily limits to the amount you can send. Please note that receiving banks may have a limit on the number of transactions that a payee can receive in a day.

Yes, HSBC Online Banking & Mobile Banking app allows 3 different types of transaction schedules:

• Now
• Later
• Recurring

Once your account has been debited, the transaction is considered final and can no longer be cancelled.

No, this is currently not possible. We strongly encourage you to review the details of the payee (account number, account name) before clicking 'Confirm'.

Reasons for rejection of transfers by the receiving bank include, but not limited to:

• Account number of the payee is incorrect
• Name of the payee does not match the receiving bank’s records
• Account of the payee is not active
• Account of the payee is in a different currency

If the transfer was made to an invalid beneficiary account number, your funds will be returned to your account by the next banking day, net of any fees that the receiving bank may apply.

If the funds were transferred to a valid account number, the transaction is considered valid and final. We strongly advise you to review the beneficiary account details before you complete your transaction. However, if this does happen to you, please contact us and we’ll try our best to help; please note this may be subject to the receiving bank’s policies and/or recipient’s discretion.

You can chat with us or call our hotline to report the error and request for recovery of funds. Be ready to provide these details :

1. Date of transaction
2. Your account number from which the funds were debited from
3. The wrong account number to which funds were transferred to
4. The name of the bank and the branch the funds were transferred to
5. The transferred amount
6. The transaction reference number if available

If during the transfer you saved the Payee with the wrong account details in My Payees, we recommend you delete the Payee: 

1. Log on to our website.
2. From the quick links menu, select 'Manage payees'.
3. Locate the payee with incorrect details, and select the 'Delete payee' icon.
4. Review the details and select 'Delete'.

You can chat with us, call our hotline, or visit the branch. For more detail, visit our Contact us page.