Tonik, the Philippines’ first neobank, continues to find ways to make digital banking easy and convenient for Filipinos.
Just recently, the bank started to implement InstaPay, an electronic service that allows its customers to instantly transfer money from their bank or e-wallet to a different one, making it the first officially BSP-recognized and licensed digital bank in the country to do so.
With the integration of InstaPay on its mobile app, customers can now also send and receive transactions in real-time for up to Php 50,000 to and from participating banks and electronic money issuers.
Tonik adds that there will be no added transfer fees for such transactions.
“It has always been our mission to make digital banking work for the convenience and ease of Filipinos,” said Greg Krasnov, Founder and CEO of Tonik. “With InstaPay now in our service roster, it’s even easier to transact using our proprietary mobile app. Filipinos work hard for their finances and they deserve to have a bank that works just as hard in ensuring they get access to better ways of managing their hard-earned money.”
“This milestone provides more opportunities for us to serve the underserved,” Krasnov adds. “Together with other financial institutions, it also gives us the opportunity to serve a number of unbanked Filipinos who deserve a better banking experience.”
Tonik is supervised by the Bangko Sentral ng Pilipinas and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to Php 500,000 per depositor. Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.
How to top up a Tonik account
- In the app dashboard, go to “Top Up” options.
- Choose InstaPay.
- Copy the 14-digit Tonik account number.
- Once copied, launch the source bank’s mobile app or online banking website.
- Paste the 14-digit Tonik account number and enter the desired amount and other required transaction details.
- Lastly, perform the required authorization to finalize the transaction.
How to transfer funds to another bank
- On the app dashboard, click on the “Send Money Options” and select “To another bank.”
- Change the channel to InstaPay.
- Input the desired cash-out amount, transfer purpose, and beneficiary account details.
- Perform the required authorization.
This transaction is applicable to all financial institutions with InstaPay in their payments rail. All Tonik InstaPay transfers are free of charge. However, other banks may have varied transaction fees for InstaPay top-ups, so make sure to check with the source bank to make the most out of the transfers.