GCash on Saturday urged their users to link their Bank of the Philippine Islands (BPI) and Union Bank of the Philippines accounts to their mobile wallet to avoid paying bank transfer fees.
This, as bank transfers done through GCash will be charged with fees beginning October 1, 2020.
In a statement, the mobile wallet service provider clarified that “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.”
The transaction fee, of up to P50.00 per transaction, varies depending on the bank or EMI.
“To avoid paying a transaction fee, GCash advises its customers to link their BPI or UnionBank accounts to their GCash App,” GCash said.
“These fund transfers will remain free of charge,” it said.
In view of the above, GCash said it will charge a P15.00 fee per fund transfer or cash out transaction to a bank or EMI using the InstaPay network, effective October 1, 2020.
“All GCash-to-GCash Send Money transactions will remain free of charge. Other GCash services including selected Pay Bills merchants and Buy Load also remain free of charge,” it said.
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
- MDM, GMA News