What is InstaPay?
InstaPay is an electronic fund transfer (EFT) service that allows customers to transfer PHP funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines. The service is available 24x7, all year round.
For more information on InstaPay, you may visit Bangko Sentral ng Pilipinas' Payments and Settlements - National Retail Payment System article.
Who can cash out through InstaPay?
- ID and Selfie verified: Your account must be verified with a valid ID and a selfie.
- Phone verified: If you plan to use QR Ph, InstaPay or PESONet cash-out options, ensure your account has a phone number linked.
How can I cash out through InstaPay?
On the Coins App
1. Open Portfolio: Launch the Coins app, and navigate to the Portfolio tab.
2. Click on Withdraw: Tap Withdraw to initiate the cash-out process.
3. Select Cash Out: Choose the Cash Out option from the menu.
4. Choose Your Cash Out Method:
- Scroll through available options or use the search bar to find your preferred e-wallet, bank, or remittance center.
5. Set InstaPay and Amount:
- Choose InstaPay as cash out method. (Fee of P10/transaction).
- Enter the amount you wish to cash out along with necessary details: Account Holder Name, Account Number, Recipient Number.
On the Coins Website
1. Open Portfolio on Coins Website: Access Coins.ph through a web browser and click on the Portfolio tab from the left side of the screen.
2. Select PHP Wallet: Click on your PHP wallet under your balances.
3. Initiate Cash Out: Press the Cash Out button located at the upper right corner of your screen.
4. Choose Your Cash Out Option:
- Scroll through available options or use the search bar to find your preferred e-wallet, bank, or remittance center.
5. Enter Amount and InstaPay:
- Input the amount you want to withdraw and choose InstaPay
Which banks can I cash out to via Instapay?
Listed below are the banks that may be processed through InstaPay on Coins.ph. Our team will be continuously updating our list to add more banks to be processed through this system.
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*Has a daily limit of 20,000 PHP
What is the processing time for cash outs through Instapay?
All cash outs through InstaPay should settle real-time.
How much are the fees for cash outs through Instapay?
A P10 fee is charged for every successful InstaPay cash out transaction.
The minimum amount that may be processed is P1 while the maximum amount is P50,000. For BDO cash outs in particular, take note that there is a P20,000 daily limit.
What if I entered the wrong account number for my InstaPay cash out?
Please be informed that all funds transferred via InstaPay are considered final. With this, customers must exercise extreme care in providing the recipient information and amount to be transferred. The amount will be credited to the recipient information provided.
In the event that you provided the wrong account number, a request for recovery will be on a best effort basis subject to the account holder's consent as well as the beneficiary institution's internal policies on recovery. These will take into consideration:
(1) availability of credited funds;
(2) beneficiary account holder's consent to be debited; and
(3) turnaround time. Returned funds may be subject to servicing fees for the recovery.
You may refer to their website for more information on InstaPay.
For real-time updates on this outlet, please check our Status Page.