Tonik to charge PHP 25 fee for select cash-in transactions starting July 5
Tonik Digital Bank has recently released an advisory that it will be charging a PHP 25 fee for top-up or cash-in transactions via debit card, GCash, and 7/11 channels starting July 5.
According to Tonik, the said transactions cost them a lot of money, which is about 2.2-3.5%. The bank also mentioned that between high-interest rates and free of charge on some top-up channels, Tonik is confident that its customers prefer high-interest rates.
Currently, Tonik offers free top-up on the following channels:
• Direct account top-ups via BPI and UnionBank
• PESONet ACH partners – including 14 of the major local banks. Take note that transfers done before the cut-off time on a banking day will have same-day processing. However, transfers after the cut-off or on holidays are processed from the next banking day. Check out the list of banks and their cut-off time below.
• Over-the-counter (OTC) through SM Bills Payment, Cebuana Lhuillier, M Lhuillier, and CLIQQ.
Other than these, the bank also revealed that integration with InstaPay remains its top priority, and it will open more transactional opportunities for its customers in the future.