PayMaya account holders can now send money to more than 40 local banks and financial institutions that can receive money through instaPay.
Since it’s through instaPay, the transfer is instant and secure. instaPay is an electronic fund transfer service that allows customers to transfer money from one participating financial institution to another. The transfer is instant and money is received in real time.
How to transfer money using PayMaya
Remember, you have to have an upgraded PayMaya account before you can use this features.
To transfer money, go to Send Money on your PayMaya app and select To Bank Account. In the next screen, choose the bank or financial institution you’ll be sending money to, put in the amount you want to send, and fill in all the important details of your recipient. Your recipient will receive the money in real time. As of now PayMaya is not charging any transaction fees for the service until further notice.
Also Read: PayMaya can now be used to pay for apps from the App Store and other Apple products
This new feature is in accordance of the Bangko Sentral ng Pilipinas to increase the percentage of digital transactions in the country to 20% by the year 2020, under the National Retail Payment System (NRPS).
This new feature will definitely make it easier for PayMaya account holders to manage their money conveniently. Whether they’re sending money to an online seller or transferring money from one of their bank accounts to another, everything is instant and seamless with PayMaya’s new Send Money to Bank feature.
Shailesh Baidwan, President of PayMaya
The PayMaya app is free to download on Google Play and the Apple App Store.
11 Comments
hi, i add money from my bpi account to my paymaya account but the money did not reflect on my paymaya account
Hi. I suggest you double check the details just in case. If it isn’t credited within 24 hours, call BPI and have them check it.
My friend sent me the money from paymaya (instapay) to my bdo account around 2am but havent receive the money til now what should I do?
The money will eventually revert back to the originating PayMaya account. If not, the sender should coordinate with BDO and PayMaya to determine if either is at fault.
I sent money from my paymaya account (instapay) to my bpi account but i haven’t received the money until now what should i do?
Contact both PayMaya and BPI so you can determine which is at fault, and so they can act on it ASAP. The money is usually credited back for failed transactions, but sometimes not immediately.
I thought bank transfer from paymaya to bank via instapay is real time. Why I haven’t received my money in the bank yet its been 2hours now. Thank you
Its supposed to be in real time. Check with your bank of account and PayMaya to be sure that there are no issues with either of them.
How can i transfer to a bank account of a cooperarive institution via paymaya? The format for tranferring required only a first name and last name…
All the articles just say you can now do bank transfers but have any of you actually tried???? Are you aware of this alphanumeric account number requirement of pay maya?? When account numbers are mostly just numbers
Yes I have. Account numbers are numeric, not alphanumeric. You would need the account number of the recipient to send money via InstaPay.