Local Funds Transfer via PESONet FAQs

PESONet is a Banko Sentral ng Pilipinas regulated electronic funds transfer service that enables HSBC account holders to transfer funds in Philippine Peso to another account holder or multiple recipient accounts of other participating Philippine banks and financial institutions.

You can use HSBC Online Banking or Mobile Banking app to transfer funds in PHP from your HSBC account to payee accounts from participating banks and financial institutions in the Philippines. With PESONet, local payment instructions will be processed in bulk and cleared in batch intervals. Payees will receive the full value in their account within the same banking day, as long as it is sent within the cut-off time.

PESONet provides an easy to use, secure, and cashless way to send money to your loved ones, to pay your favorite merchants and suppliers, and even to add funds to your e-Wallet accounts such as GCash or Paymaya.

Yes, it is secure. Transactions completed through PESONet are applied the same security standards as over-the-counter funds transfer transactions. In addition, PESONet is regulated by the Banko Sentral ng Pilipinas and transactions are cleared through Philippine Clearing House Corporation, similar to checks.

You can use any of your PHP or foreign currency Savings or Current accounts in HSBC Philippines to send money via PESONet. The destination account must be a PHP-denominated account. If you send funds from your foreign currency account, the funds will be converted to PHP at the prevailing FX rate.

Local payments through PESONet are absolutely FREE OF CHARGE when you send money through HSBC Online Banking or Mobile Banking. In comparison, HSBC over-the-counter transactions will have a PHP150 fee.

Receiving fund transfers into your HSBC account is also free of charge.

You can transact any time - HSBC Online Banking and Mobile Banking services are available to you 24/7.

*Subject to the receiving institution's processing timelines

No, fund transfers through PESONet can only be done between participating banks and financial institutions.

The maximum amount you can send in a day through HSBC online banking or mobile banking using PESONet is PHP3,000,000.

Once you’ve reached the daily transfer limit set for your account, succeeding transfers will not be allowed. If this happens, please wait for the next day to complete another transaction. Please note that receiving banks may also have a limit on the maximum amount that they may allow per transaction.

To view and amend your online withdrawal and transfer limits, follow these simple steps:

Through Online Banking

1. Log in to your account at www.hsbc.com.ph.
2. From the My banking menu, click on Online withdrawal and transfer limits.
3. You can decrease the limits through Online banking by clicking on edit icon.
4. To increase the limits, you can send a Secure Message, call the Contact Centre or visit the branch.

There is no limit on the number of times you can make transfers in any given day. However, for your account security, there are daily limits to the amount you can send. Please note that receiving banks may have a limit on the number of transactions that a payee can receive in a day.

Yes, HSBC Online Banking & Mobile Banking app allows 3 different types of transaction schedules:

• Now
• Later
• Recurring (only available in HSBC Online Banking).

Once your account has been debited, the transaction is considered final and can no longer be cancelled.

No, this is currently not possible. We strongly encourage you to review the details of the payee (account number, account name) before clicking 'Confirm'.

Reasons for rejection of transfers by the receiving bank include, but not limited to:

• Account number of the payee is incorrect
• Name of the payee does not match the receiving bank’s records
• Account of the payee is not active
• Account of the payee is in a different currency

If the transfer was made to an invalid beneficiary account number, your funds will be returned to your account by the next banking day, net of any fees that the receiving bank may apply.

If the funds were transferred to a valid account number, the transaction is considered valid and final. We strongly advise you to review the beneficiary account details before you complete your transaction. However, if this does happen to you, please contact us and we’ll try our best to help; please note this may be subject to the receiving bank’s policies and/or recipient’s discretion.

You can send us a Secure message or call our hotline to report the error and request for recovery of funds. Be ready to provide these details :

1. Date of transaction
2. Your account number from which the funds were debited from
3. The wrong account number to which funds were transferred to
4. The name of the bank and the branch the funds were transferred to
5. The transferred amount
6. The transaction reference number if available

If during the transfer you saved the Payee with the wrong account details in My Payees, we recommend you delete the Payee: 

1. On your browser, log in to your account at www.hsbc.com.ph using your HSBC Secure Key.
2. From the My Banking menu, click My Payees.
3. Locate the Payee with incorrect details, and click Delete Payee icon.
   
4. Review the details and click Delete.

You can chat with us, call our hotline, or visit the branch. For more detail, visit our Contact us page.