When sending Philippine Pesos (PHP) to the Philippines from the UK, you can use PESONet (Philippine Electronic Fund Transfer System and Operations Network), a payment method designed for electronic fund transfers within the Philippines. Managed by the Bangko Sentral ng Pilipinas (BSP) as part of the National Retail Payment System (NRPS) initiative, PESONet aims to create a safe, efficient, and reliable payment ecosystem.
While PESONet is used for domestic payments within the Philippines, it can also be used for international transactions. This is possible when a Payment Service Provider (PSP) in the UK partners with a local bank or a third party provider in the Philippines to facilitate the domestic leg of the transfer.
PESONet ensures secure and efficient transfers between banks in the Philippines, providing timely settlements and adhering to regulatory standards. Here’s a detailed guide on making international payments to the Philippines with Rutland FX via PESONet.
Sending Money to The Philippines?
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A Brief History of PESONet
PESONet was introduced in November 2017. It is the first automated clearing house (ACH) under the NRPS framework, which seeks to modernise the Philippine payment landscape and reduce dependence on cash and cheques. The launch of PESONet marked a significant step towards digitising financial transactions and promoting financial inclusion in the country.
How PESONet Works
PESONet allows for the electronic transfer of funds between bank accounts within the Philippines. It supports bulk payments, making it ideal for purposes such as payroll and supplier payments. Transfers are processed in batches and are usually completed on the same banking day, PESONet can also used as a local payment route for international payments in PHP.
Key features of PESONet include:
- Bulk Transactions: Suitable for large-scale payments like salaries and supplier payments.
- Same-Day Processing: Transactions are processed within the same banking day domestically, ensuring timely transfers however international payments may take longer.
- Wide Coverage: Available across many banks and financial institutions in the Philippines.
Sending Money to the Philippines with Rutland FX
Rutland FX offers a straightforward way to send money to the Philippines, supporting the conversion of the following currencies into Philippine Peso (PHP):
- US Dollar (USD)
- Pound Sterling (GBP)
- Euro (EUR)
- Australian Dollar (AUD)
- Canadian Dollar (CAD)
Rutland FX provides same-day payments, but due to the time zone difference, it is easy to miss the same-day cut-off. Most payments will therefore be processed the next day. For urgent same-day processing, contact your account executive.
Payment Routes with Rutland FX
Rutland FX generally uses PESONet for domestic transfers within the Philippines. However, the payment route may vary:
- InstaPay: For payments below PHP 50,000 where the beneficiary bank is connected to the instant scheme, Rutland FX uses InstaPay.
- PESONet: For payments above PHP 50,000 or where the beneficiary bank is not connected to the instant scheme, PESONet is used.
The maximum transaction size with Rutland FX is PHP 1,300,000. If you need to send more than this amount, you can settle the transaction and then book another or prefund your account.
Important Considerations
- Currency Conversion: Rutland FX cannot convert these currencies back into the original currency unless the payment fails.
- No Balance Holding: You cannot hold balances in these currencies with Rutland FX. All conversions into PHP must have an outbound payment instruction.
- Required Bank Details: To make a transfer, you need the following bank details: BIC/SWIFT code, account number, first name, last name, and address of the beneficiary.
PESONet is a key component of the Philippine payment system, offering a modern solution for domestic fund transfers. UK individuals and businesses can benefit from using PESONet through services like Rutland FX, ensuring efficient and cost-effective transactions.
Still not sure?
If you are still unsure or have any further questions, please call us on 0203 026 0112 or request a callback below to discuss your requirements.