GCash cuts transfer fee to P10 starting July 4

Mobile finance app GCash has reduced its bank transfer fee from P15 to P10 effective Saturday, July 4.

Under the “Transfers” section of GCash’s Terms and Conditions, users are charged a P10 fee for every InstaPay transaction. While there is no minimum transfer amount, each transaction is capped at P50,000.

GCash’s policies for sending and receiving money between GCash users remain unchanged. Users are still entitled to 500 free send and receive transactions per month, with a P5 fee imposed on select users once the limit is exceeded.

Earlier, Rizal Commercial Banking Corporation announced that it would waive InstaPay transfer fees starting July 4.

The Bangko Sentral ng Pilipinas said on Friday it expects more banks to follow suit after giving financial institutions until Saturday to adjust transfer fees and comply with a circular capping the gap between interbank and intrabank transfer charges.

Under BSP Circular No. 1238, which takes effect July 4, any difference between intrabank and interbank transfer fees should reflect only the actual “switch cost,” or the cost of processing transactions through a payment network.

On July 1, Ayala-led Bank of the Philippine Islands also began permanently waiving interbank transfer fees for transactions made via InstaPay and PESONet.—MCG, GMA News