Bank transfer fees thru PayMaya, GCash waived until Oct. 31

Bank transfers done through mobile wallet giants PayMaya and GCash will be free of charge until October 31, 2020.

“To enable all Filipinos to continue availing of safe and convenient financial transactions, sending money from PayMaya to other banks and e-Wallets via InstaPay will continue to remain free until October 31, 2020,” PayMaya said in a statement.

“Sending money from PayMaya to PayMaya also remains free of charge,” it said.

In a notice to users via its app, GCash said that starting November 1, 2020, a P15 fee will be charged per bank transaction.

PayMaya and GCash utilize InstaPay which allows user to deposit and transfer money to its partner banks and institutions.

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.

InstaPay as well as PESONet fees range range between P15 and P50, depending on the bank.

“Account holders may also add money for FREE by linking their BPI account in the app, over the counter via BDO and Ministop stores, and in Pera Hub branches nationwide,” PayMaya said.

GCash earlier advised its 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. 

As of September 30, the following are the establishments that waived fees for the transactions until October 31:

• Asia United Bank Corporation
• Bank of Commerce
• Cebuana Lhuillier Rural Bank
• China Bank Savings, Inc.
• China Banking Corporation
• CIMB Bank Philippines Ink.?Citibank (Free for individual clients)
• CTBC Bank (Philippines) Corporation
• DCPay (for retail clients)
• Development Bank of the Philippines
• East West Banking Corporation
• Equicom Savings Bank, Inc.
• Hongkong and Shanghai Banking Corporation (for retail, corporate clients)
• HSBC Savings Bank (for retail, corporate clients)
• ING Bank, N.V.
• Land Bank of the Philippines
• Maybank Philippines Inc. (for retail clients)
• Metropolitan Bank and Trust Company
• Philippine Bank of Communications
• Philippine Business Bank
• Philippine National Bank
• Philippine Savings Bank
• Philippine Veterans Bank
• Rizal Commercial Banking Corporation
• Robinsons Bank Corporation
• Rural Bank of Guinobatan
• Sterling Bank of Asia, Inc.
• Union Bank of the Philippines
• United Coconut Planters Bank

Apart from GCash and PayMaya, MUFG Bank Ltd is also waiving bank transfer fees until October 31, 2020. —Ted Cordero/KBK, GMA News