Philippines’ first neobank, Tonik, is now the first officially BSP-recognized and licensed digital bank in the country to fully implement InstaPay services on its mobile app. With the integration of InstaPay, customers can now send and receive real-time transactions for up to Php 50,000 to and from participating banks and electronic money issuers with no added transfer fees from Tonik.
“It has always been our mission to make digital banking work for the convenience and ease of Filipinos—and 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 as hard in ensuring they get access to better ways in managing their hard-earned money,” says Tonik Founder and CEO Greg Krasnov.
To top up a Tonic 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.
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, beneficiary account details.
- Perform the required authorization.
This 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.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) 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.