GCash cuts InstaPay bank transfer fee from PHP 15 to PHP 10

TL;DR: GCash has reduced its InstaPay bank transfer fee from PHP 15 to PHP 10, effective July 4, making digital fund transfers more affordable for its users. The updated fee now applies to every InstaPay transaction made through the GCash app.

GCash has reduced its InstaPay bank transfer fee from PHP 15 to PHP 10, effective July 4, making digital fund transfers more affordable for its users.
The updated fee now applies to every InstaPay transaction made through the GCash app.
While there is no minimum transfer amount, each transaction is still subject to a maximum limit of PHP 50,000, based on the app's updated Terms and Conditions.
Prior to GCash's announcement, Rizal Commercial Banking Corporation (RCBC) also confirmed that it would waive InstaPay transfer fees beginning July 4.
The latest adjustment adds GCash to the growing list of financial service providers lowering digital transfer costs following the BSP's updated policy.

GCash has reduced its InstaPay bank transfer fee from PHP 15 to PHP 10, effective July 4, making digital fund transfers more affordable for its users.

The updated fee now applies to every InstaPay transaction made through the GCash app. While there is no minimum transfer amount, each transaction is still subject to a maximum limit of PHP 50,000, based on the app’s updated Terms and Conditions.

The change comes as several financial institutions adjust their transfer charges following the implementation of Bangko Sentral ng Pilipinas (BSP) Circular No. 1238, which took effect on July 4. The circular requires banks and financial service providers to ensure that the difference between interbank and intrabank transfer fees reflects only the actual cost of processing transactions through payment networks.

GCash’s policies for transfers between GCash users remain unchanged. Users can continue to enjoy up to 500 free send and receive transactions every month, while a PHP 5 fee will apply to select users who exceed the monthly limit.

The BSP earlier said it expects more banks and financial institutions to adjust their transfer fees to align with the new guidelines. Prior to GCash’s announcement, Rizal Commercial Banking Corporation (RCBC) also confirmed that it would waive InstaPay transfer fees beginning July 4.

The latest adjustment adds GCash to the growing list of financial service providers lowering digital transfer costs following the BSP’s updated policy.

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