GCash to charge fees for fund transfers starting Oct. 1

September 26, 2020 DITO , GCash , GCash Charge , Globe , Globe Telecom , Smart 2 Comments

Selected commercial banks will begin charging a transaction fee when doing fund transfers into GCash using the InstaPay network.

InstaPay allows users to send money at a maximum of P50,000 per transaction, which will be credited to a recipient’s bank account almost immediately.

In a statement, GCash said the policy will take effect on October 1.

"Effective October 1, 2020, selected commercial banks and Electronic Money Institutions (EMIs) using the InstaPay network will start charging a transaction fee when doing a fund transfer (cash in transaction) into GCash," read the statement.Utilizing InstaPay, GCash allows its users to deposit and transfer money to over 40 banks and financial institutions.

In a list released by the Bangko Sentral ng Pilipinas in August, several banks will be waiving PESONet and InstaPay fees until September 30, 2020 only. These are:

BDO Unibank, Inc.

Metropolitan Bank and Trust Company

Bank of the Philippine Islands

Rizal Commercial Banking Corporation

China Banking Corporation

Bank of Commerce

Robinsons Bank Corporation

Philippine Savings Bank

PayMaya Philippines, Inc.

G-Xchange, Inc. (GXI)

China Bank Savings, Inc.

Philippine Bank of Communications (extending its P1.00 fee due to system constraints)

Equicom Savings Bank, Inc.

Meanwhile, the following banks will be waiving e-money transfer fees until December 31, 2020:

Union Bank of the Philippines

Asia United Bank Corporation

Land Bank of the Philippines

Development Bank of the Philippines

Security Bank Corporation

Sterling Bank of Asia, Inc.

Standard Chartered Bank

East West Banking Corporation

United Coconut Planters Bank

Maybank Philippines, Inc.

Hongkong and Shanghai Banking Corporation (waived for retail; for corporate – reduced from P150.00 to P50.00 from July 1, 2020)

Until further notice:

Philippine National bank

MUFG Bank, Ltd.

CTBC Bank (Philippines) Corporation

Bank of China Limited – Manila Branch

Fees will vary depending on the bank or EMI but could be up to P50 each, GCash said.

To avoid paying a transaction fee, GCash users are advised to link their BPI or UnionBank accounts to their GCash App. These fund transfers will remain free of charge.

GCash will charge a P15.00 fee per fund transfer (cash out transaction) to a bank or EMI using the InstaPay network. This will also take effect on October 1.
Meanwhile, all GCash-to-GCash Send Money transactions, bills payments or loading will remain free of charge.