#gcash bank transfer fees

GCash recently announced that it will start charging fees for its online bank transfers starting October 1, 2020. So far, only three GCash services charge fees, so better keep these in mind before you make a transaction. According to the BSP, the decision follows the implementation of zero fees for small merchant payments and the establishment of a pricing framework for person-to-person electronic fund transfers. The central bank also emphasized that digital payment fees are expected to be lower than charges for manual or over-the-counter transactions because electronic channels are generally more efficient and cost-effective to operate. Finance Secretary Frederick Go also expressed support for lower digital transaction costs, noting that some transfer fees can still reach as high as PHP 50. GCash has announced a temporary waiver of transaction fees for overseas Filipino workers (OFWs) in several Middle East countries. Under the initiative, users can receive a full refund of service fees for selected GCash app services, including bank transfers to Philippine banks, mobile load purchases, and bill payments for Philippine-based billers. Read more in our articles including "GCash Services With and Without Fees" and "Banks, e-wallets face new BSP rules on digital payment fees".