GCash issues statement on bank transfer fees
GCash has recently released its statement regarding the resumption of fees on bank transfer transactions.
Starting October 1, 2020, select 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) to GCash. The transaction fee varies depending on the bank or EMI up to PHP 50.00 per transaction.
However, linked BPI or UnionBank accounts to the GCash app are exempted from bank transfer transaction fees, making fund transfers free of charge.
GCash, meanwhile, will charge PHP 15.00 per fund transfer (cash out transaction) to a bank or EMI using the InstaPay network from October 1, 2020.
All GCash-to-GCash Send Money transactions will remain free of charge. Other GCash services, including Pay Bills and Buy Load, also remain free from fees.
Previously, we reported that GCash and PayMaya will resume its fees for bank transfer transactions.
For a complete list of InstaPay fees of all participating BSP Supervised Financial Institutions (BSFIs), you may visit this link.