Inter-Bank Funds Transfer (IBFT)

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Transferring funds from one bank to another in the Philippines can be done using an Inter-Bank Funds Transfer (IBFT) option.

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One of the ways to do this is using participating banks in the “BancNet” system, and this allows real-time transfers 24 hours a day, Monday to Sunday! (Real-time = The amount will be deducted instantly from the sending account and added instantly to the receiving account.)

This can be done online, (PC or mobile phone), or at an any BancNet-affiliated ATM.

A service charge of P25.00 will be debited to the senders account, for every IBFT transaction.

There is no limit on the amount that can be transferred between accounts.

The participating banks (at August 2013) for this particular service are:

  • Allied Bank
  • Allied Savings Bank
  • Asia United Bank
  • Banco Filipino
  • CARD Bank
  • China Bank Savings
  • China Banking Corp.
  • China Trust
  • Citibank
  • City Savings Bank
  • Citystate Savings Bank
  • DBP. Development Bank of the Philippines
  • East West Bank
  • Enterprise Bank
  • Equicom Savings Bank
  • Green Bank of Caraga
  • HSBC
  • HSBC Savings Bank
  • Isla Bank
  • Malayan Bank
  • Maybank Philippines
  • Metrobank
  • Opportunity Microfinance
  • PBCom. Philippine Bank Of Communications
  • PSBank. Philippine Savings Bank
  • PVB Card Corp. Philippine Veterans Bank
  • Philippine Business Bank
  • Philippine National Bank
  • Philippine Veterans Bank
  • Philtrust Bank
  • Plan Bank
  • Postal Bank
  • Producers Bank
  • QCRB. Quezon Capital Rural Bank

HSBC Banking has an excellent page to show how ATM transfers are done using the BancNet ATM system:

This is the method to Transfer Funds using an ATM:

  • Insert your ATM card.
  • Enter your Personal Identification Number (PIN).
  • Select Fund Transfer.
  • Select the Bank account of the receiver.
  • Enter the account number of the account you wish to transfer funds to. (Double check the number)
  • Select type of bank account to be used (Savings or Current)
  • Enter the amount you want to pay.
  • Take your transaction receipt, after it has been confirmed.
5 : 7,403 : 3,459,775

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So why did HSBC suggest I send a Remittance to VGT Korean Auto Parts MetroBank Account and charging PHP140 as the Fee (and Motrobank deducting another PHP125) some 6 days later.

Presumably they sent (or certainly ‘çharged’ as if sent) via ‘Wire Transfer’ instead of IBTF.

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