China Banking Corporation (China Bank) and its thrift bank arm China Bank Savings (CBS) are among the 20 financial institutions participating in InstaPay, the electronic fund transfer service recently launched by the Bangko Sentral ng Pilipinas (BSP).
China Bank and CBS depositors will be able to send and receive funds or make payments in real time of up to P50,000 per transaction, without limit, in a day. (Source)
With InstaPay, you can now transfer funds in real-time between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. It is an electronic fund transfer (EFT) service where you can transfer money electronically and make the funds available to their recipient instantly.
For customers with Chinabank Mobile Banking account, below is the step-by-step guide on how to fund your GCash E-Wallet or send money to a GCash account using your Chinabank Mobile app.
No Chinabank Mobile app yet?
If you do not have the app yet, you can download it using Google Play for Android phones and tablets or download in the Apple Store for iPhone and iPad users. Click the icon below and it will be directed to Chinabank Mobile Banking app. You can also find this mobile app by typing Chinabank Mobile banking in Google Play or Apple store search tab.
Login to your account
1 Open your Chinabank Mobile Banking app in your mobile phone or tablet. Enter your Username and Password. Tap the SIGN IN button to open your account.
Pay or Transfer option
2 On the left side menu, press the Pay or Trasnfer icon to start the process of money transfer.
Add Payee
3 A. Click the (1) TO OTHER tab, then tap the (2) ADD PAYEE to add details of the recipient’s bank account.
B. Enter the following details:
1 - For GCASH, Select the G-EXCHANGE from the drop down menu
2 - Enter the Payee Account Number (GCash Mobile Number)
3 - Enter the Payee Nickname.
Then, tap the NEXT button.
C. Review the details and ensure all information is correct, then press the CONFIRM button to proceed.
D. A One-Time-Password or OTP will be sent to your registered mobile number. Enter the 5-digit OTP in the box provided, then tap the NEXT button.
E. Once you have successfully added a payee, go back to Pay or Transfer page.
Transfer fund to other bank
4 A. Once you add a PAYEE, it will appear in the list under To Other Bank’s Account. Select the PAYEE details (GCash account) where you want to transfer the money.
B. Enter the following details:
1 - Select your Chinabank account number
2 - Recepient GCash Account Number (Mobile Number)
3 - Enter the amount to transfer
4 - Select the date when to transfer the amount
5 - You can add a remark for the transaction
And, press the NEXT button.
C. Review the details and ensure all information is correct, then press the CONFIRM button to proceed.
Service Charge using Instapay has been waived during the ECQ or Lockdown period.
D. A One-Time-Password or OTP will be sent to your registered mobile number. Enter the 5-digit OTP in the box provided, then tap the NEXT button.
E. You just have successfully transferred the funds to a GCash account. A summary of the transaction with the reference number will be posted. Transaction details will also be sent to your registered email address.
Ask the recipient if the amount has been received in the provided account.
SUMMARY
To know more about InstaPay, here is the InstaPay Fact Sheet from Banko Sentral ng Pilipinas (BSP). For the list of participating banks and institutions, click here. And for the corresponding fees by using the InstaPay service, click this link.
*Service Charge using Instapay has been waived during the ECQ or Lockdown period.