Cashing out through PESONet can be a convenient way to transfer funds between banks in the Philippines. However, understanding how weekend transactions work is essential for ensuring timely access to your money.
Understanding PESONet
PESONet (Philippine Electronic Settlement and Online Payment System) is an electronic fund transfer service that allows users to send money between participating banks. Unlike instant transfer services, PESONet operates on a batch processing system, meaning transactions are processed at specific times during banking hours.
PESONet Processing Times
PESONet transactions are only processed on banking days (Monday to Friday), excluding public holidays. Here’s a breakdown of how transactions work if you cash out on a weekend:
- Transactions Initiated on Saturday or Sunday: If you initiate a PESONet transaction over the weekend, it will not be processed until the next banking day (if applicable, Monday). The funds will typically be credited to the recipient's account by 2:00 PM of that day.
Processing Schedule Overview
Time of Transaction |
Estimated Delivery Time |
| Before 9:00 AM on a banking day | Credited by 2:00 PM on the same day |
| 9:00 AM to 12:00 PM on a banking day | Credited by 6:00 PM on the same day |
| 12:00 PM to 3:00 PM on a banking day | Credited by 11:59 PM on the same day |
| Weekend/Holiday Transactions | Credited by 2:00 PM on next banking day |
Important Considerations
- Bulk Transactions: PESONet is particularly beneficial for businesses handling bulk payments or payroll, allowing for large sums to be transferred efficiently without high fees.
- No Maximum Transfer Limit: Unlike some other services, PESONet does not impose a maximum transfer limit; however, individual banks may have their own restrictions.
Tips for Cashing Out via PESONet
- Plan Ahead: If you need to cash out, ensure you initiate your transaction during banking hours from Monday to Friday.
- Verify Details: Always double-check the recipient's account details before submitting your transaction to avoid errors.
- Use Alternative Services for Urgent Needs: For immediate cash needs outside of banking hours, consider using InstaPay, which processes transactions in real-time, available 24/7.
- Stay Updated: Keep track of your bank’s cut-off times for PESONet transactions to ensure your funds are transferred promptly.