Send money for free from any bank or e-wallets to another: A Work Around

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Money transfer is now as easy as sending a text message. With a few clicks, you can send money from your bank account to any other bank account or e-wallet through InstaPay. This method is very convenient because you can do it anytime, anywhere. And you don’t have to go to the branch just to do this. However, for using this service, most of these banks and e-wallets is charging a convenience fee or service fee ranging from P8 to P25.

To avoid this additional charge for fund transfer, a workaround is available to send money for FREE from one bank or e-wallets to another.

Tap the name of the bank or e-wallet below to know how you can send money for free.

 

Banks/E-Wallets with Free Fund Transfer

As of February 2023, here is the list of banks and e-wallets which offer free fund transfer to other banks and e-wallets via InstaPay. No maximum limit stated on how many times you can transfer for free except for ShopeePay which only offer a free transfer for the first transaction of every month.

However, for SeaBank, they have already notified their customers that starting April 3, 2023, can still transfer for free up to 15 times a week and succeeding transfer will have a fee of P15 per transaction, once BSP approved their request.

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Send Money from BDO

There is one way to send money from BDO to other banks and e-wallet with no additional charge. That is, by linking your BDO Debit Card to your ShopeePay account. Once successfully linked, you can cash-in to your ShopeePay account using the linked debit card account for free. Then, transfer the amount to the destination bank o e-wallet.

Here are the steps to do this option:

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Send Money from BPI account

If you have a BPI account, using your online login credentials, you will be able to link your BPI account to 5 e-wallets: Bayad app, GCash, Grab, Lazada and ShopeePay. 

And see the table below to know the steps on how to transfer fund to other banks and e-wallets.

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Send Money from ChinaBank account

For ChinaBank customers, you can link your online account to your Maya wallet account. You can then cash-in to Maya for free using the linked ChinaBank account.

From Maya, you can link your Maya Virtual Card to ShopeePay for free cash-in also and transfer the amount to other banks and e-wallets using ShopeePay or SeaBank.

Here are the steps you can follow to do this option:

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Send Money from East West Bank and KOMO account

For those who have East West Bank and KOMO account, using a debit card, you can link your account to your ShopeePay account. And from ShopeePay, send the amount to other banks and e-wallet for free for the 1st transaction every month. And for succeeding transaction, you can link your ShopeePay account to SeaBank for free transfers.

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Send Money from LandBank

Same with BDO and East West Bank, using your LandBank Debit Card, you can link your account to your ShopeePay account. Then, cash-in to ShopeePay account using the linked debit card. 

And follow the steps below to send money for free to other e-wallets and local banks via InstaPay.

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Send Money from RCBC account

With your RCBC online login credentials, you will be able to link your account to Bayad app and Maya. Once the RCBC account is successfully linked, you will be able to cash-in to your Bayad app and Maya wallet account for free.

Then, from Bayad app or Maya, follow the steps below to transfer money for free to other local banks and e-wallets:

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Send Money from UnionBank account

There are 5 e-wallets where you can link your UnionBank account. Using your UnionBank online login username and password, you can link your account to Bayad app, GCash, Grab, ShopeePay and Lazada.

Once it is link, you can now cash-in for free to those e-wallets account mentioned above. 

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Free Money Transfer from other Banks with Debit Card

For those banks that are not mentioned above, you can try to use your bank’s debit card and link it to your ShopeePay account. Then, cash-in to ShopeePay for free using the linked debit card.

Send Money from GCash

For GCash users, you need to activate the GSave feature in the app and enrol either a GSave by CIMB, My Save Up by BPI or EzySave by MayBank account. 

Once you have one of the above accounts in your GCash app, you can now deposit any amount from your GCash wallet. 

For GSave, you need to link it to your CIMB account. And from CIMB, fund transfer to other banks and e-wallets is for free.

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Send Money from Maya wallet

And for those with Maya account, you will be able to cash-in for free by linking your BPI, UnionBank, ChinaBank or RCBC account.

Then, using your Maya Virtual Card, you can link your account to ShopeePay account. And from there, send money to other banks and e-wallets for free.

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Keypoints and Takeaway

  • You can save up to P25 per transaction if you use this workaround to send money to one bank/e-wallet to another
  • Mostly, e-wallets and digital banks are offering this free money transfer
  • It is good to have e-wallets and digital bank accounts. If you open an account, they normally offer no initial deposit and no maintaining balance required
  • Free fund transfer from the banks stated above is always subject to change. Just check announcements and notifications on each bank/e-wallet app and website for any changes.
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