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.
If you want to know more about Tonik, check out Tonik Digital Bank: What you need to know. You may also visit the official Tonik website for more information.
This is what usually happens, they will not charge fees initially, will then get a lot of people using their app, and then boom! will start charging fees. Users will then leave for the next app that will provide bank transfers without fees.