GCash, PayMaya to start charging Bank Transfer fees on October 1

GCash and PayMaya will start charging fees for online bank transfers starting October 1, 2020.

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GCash 10 has recently updated the Send Money page to its Help Center website, adding that it will resume the charging of fees for bank transfers per transaction starting October 1, 2020.

PayMaya also confirmed the lifting of waived fees for bank transfer on the Terms and Conditions page of its website on the same date.

Recently, banks have announced that it will resume fees for online transactions made through InstaPay, PESONet, and other interbank funds transfer service by October 2020. Instapay lets clients transfer up to PHP 50,000USD 852INR 72,230EUR 812CNY 6,205 per transaction while PESONet has no transaction limit per day.

In an update last June, Bangko Sentral ng Pilipinas released the list of banks that waived the fees for InstaPay and PESONet until December 31, 2020.

Source: GCash Help Center, PayMaya  via ABS-CBN News