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GoTyme Bank to implement 2 free deposits via linked accounts starting Nov. 15

GoTyme Bank users’ FREE deposits via linked bank accounts are down to two per month starting November 15.

Gotyme Bank 2 Free Deposits Per Month Fi

In an email advisory, dated November 4, the Gokongwei-backed digital bank says once all free deposits are used up, further deposits via linked bank accounts are charged with a ‘small’ transaction fee:

  • 1% charge for BPI users
  • PHP 8 flat fee on other local banks

Hence, for example, if a user deposits from BPI for an amount of PHP 10,000, the transaction charge of 1% will be PHP 100.

Gotyme Bank 2 Free Deposits Per Month Kv

Gotyme Bank 2 Free Deposits Per Month Kv (1)

As of writing until the said date, there is no cap on free deposits on any linked bank accounts.

A turnaround for BPI users is to send directly in-app via InstaPay or PESOnet to get around the 1% fee with as low as PHP 25 charge.

Last month, GCash implemented a PHP 5 cash-in fee for BPI and UnionBank linked accounts. One of the most popular e-wallet says that this is “due to increasing costs”.

Only time would tell if the other popular digital bank/ e-wallet, Maya, will follow suit of these deposit fees.

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Avatar for JM Chavaria

JM's highest stat is probably his curious ardor to anything tech—electronics and gaming in particular. He certainly heeds utmost regard to specsheet, visuals, and rule of thirds. If creativity and wit sometimes leave JM's system, watching films, anime and a good stroll for memes are his approved therapeutic claims.

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