Your PayMongo Wallet is designed to give you seamless control over your funds. This article will guide you through the process of sending money from your PayMongo Wallet to bank accounts or other e-wallets, including how to make single or batch transfers, and important details about the InstaPay and PESONet transfer networks.
Prerequisites for Sending Funds
Before initiating a fund transfer from your PayMongo Wallet, ensure you have:
An activated PayMongo Wallet.
Sufficient balance in your PayMongo Wallet to cover the transfer amount and the associated fee (PHP 10.00 per transaction).
The correct recipient bank account or e-wallet details (bank name, account name, account number).
Access to your registered email address for One-Time PIN (OTP) verification.
Step-by-Step Guide: Sending Funds from Your PayMongo Wallet
You can send funds from your PayMongo Wallet to individual bank accounts or multiple accounts in a batch.
Single Bank Account Transfer
Log in to your PayMongo Dashboard.
Navigate to your Wallet section.
On the upper right side of the Wallet Dashboard, click the 'Send funds' button.
Fill out the necessary details for the transfer, including the recipient's bank/e-wallet, account name, and account number.
After inputting details, click 'Continue'.
Review and confirm all transaction details, then click 'Submit'.
Enter the One-Time PIN (OTP) sent to your registered email address to authorize the transfer.
Once the transaction is successful, it will appear in your transaction history on the Wallet Dashboard.
Batch Transfers to Multiple Bank Accounts
PayMongo Wallet allows you to send funds to multiple bank accounts in a single batch transaction. You can add up to 2500 transactions in one batch.
Click the 'Send Funds' button on your Wallet landing page.
Input the details for your first transaction (recipient bank, account name, account number, amount), then click 'Add'.
Repeat Step 2 for each subsequent transaction you wish to include in the batch.
The details of all added transactions will be displayed in the 'Transactions' table. Review them carefully.
Click 'Continue' to proceed with the batch transfer, or 'Cancel' to clear the entire batch.
Finally, confirm your transaction by clicking 'Submit' and entering the One-Time Password (OTP) sent to your registered email.
Note: PayMongo Wallet currently allows batch transactions only via InstaPay or PESONet. You cannot send via PESONet and InstaPay in the same batch. All transactions within a single batch must use the same transfer network.
Understanding PESONet and InstaPay Transfers
PayMongo Wallet facilitates transfers through two interbank fund transfer networks in the Philippines: InstaPay and PESONet. Both incur a PHP 10.00 fee per transaction, however, you are allowed one free transfer per week.
InstaPay: Instant Transfers
What it is: InstaPay is an electronic fund transfer service that allows customers to send and receive real-time payments of up to PHP 50,000 per transaction, 24/7, including holidays.
Speed: InstaPay transactions are typically instant.
Status Update: While generally instant, please allow up to 20 minutes for the final status to reflect in your dashboard in case a transfer gets momentarily stuck in a pending state.
PESONet: Scheduled Transfers with Cutoffs
What it is: PESONet is an electronic fund transfer service primarily for bulk payments or transactions without urgency, allowing larger transfer limits than InstaPay.
Processing Times & Cutoffs: PESONet transactions are processed in batches on banking days. Funds are generally credited on the same banking day if initiated before specific cut-off times.
Transactions made before 10:00 AM will be processed by 1:00 PM on the same banking day.
Transactions made before 1:00 PM will be processed by 4:00 PM on the same banking day.
Transactions made before 4:00 PM will be processed by 7:00 PM on the same banking day.
Non-Banking Days: Transactions initiated on a non-banking day (e.g., weekends or holidays) will be processed on the next banking day according to the above schedule.
Receiving Bank Processing: While PayMongo processes transactions by these times, the receiving bank or e-wallet may have its own processing schedule, which could affect when the funds are finally credited to the recipient's account.