It’s finally now possible to transfer funds via InstaPay to banks on PayMaya!
Powered by Bangko Sentral ng Pilipinas’ InstaPay, this long sought-after feature is now available to PayMaya users. Up to a maximum of ₱ 50,000 per transaction can be transferred real-time to other InstaPay-participating banks.
It’s been a while since I last blogged about InstaPay being made available for GCash users. Good for PayMaya to also follow suit, since not everyone is using GCash as their preferred e-money app. I have both, because sometimes I come across some merchants who are only using either GCash or PayMaya, but not both! When these two e-money apps started operations, I worried that my e-money might get stuck later on within that app; now that both have InstaPay (and FREE at that!), at least I can still transfer those odd-values remaining in either app as I need them. 🙂
Quick guide to FT on PayMaya
Here’s a quick guide how to do fund transfer (FT) in the PayMaya app. It’s really great that they’re offering this service for FREE, until further notice!
In this walkthrough, I am going to send some fund from my PayMaya account to an Asia United Bank (AUB) account. It’s recommended to get your PayMaya account upgraded so that you get to take advantage of these advanced features.
- Open your PayMaya app. Right after logging in, tap on the Bank Transfer.
- Fill out the details required
Here, it will require you to provide the following information to proceed with the InstaPay FT:
a. Bank name
c. Recipient’s account number
d. Recipient’s account name
- Press Send only after making sure everything, including the account number, is correct!
- PayMaya will show that the transaction has completed.
At this point, be aware that your PayMaya will have been debited the amount you indicated in previous steps. It’s highly recommended to contact your recipient to notify that the fund has been sent, and verify with them that the fund indeed has been credited on their end.
Pro-tip: Screenshot this page to serve as proof of payment or fund transfer to send to your contact. 🙂
- Bonus step: Your PayMaya (and possibly your recipient) will notify you via SMS about the InstaPay transaction!
Immediately upon completion of the InstaPay transaction, PayMaya will send an SMS to your registered mobile number about the transaction.
If your recipient’s bank also supports this kind of notification, it will likewise send an SMS to the recipient. In my case, I also got an SMS from AUB.
Take note of the time the two SMS were sent! This demonstrates the INSTA in InstaPay! 😀
So there you have it. It’s quite seamless transferring funds from PayMaya to other banks. In addition, I must say that PayMaya’s app is quite snappy and responsive, such that there’s no feeling of “lag” any time you tap on their menu.
Try PayMaya’s Bank Transfer now! It’s a very convenient way to transfer funds, without having to involve lots of cash.