In a statement, GCash said the policy would take effect on October 1. “Effective October 1, 2020, selected commercial banks and Electronic Money Institutions (EMIs) using the InstaPay network will start charging a transaction fee when doing a fund transfer (cash-in-transaction) into GCash.”
Fees will vary depending on the bank or EMI but could be up to P50 each, the mobile wallet provider said.
GCash will charge a P15 fee per fund transfer (cash out transaction) to a bank or EMI using the InstaPay network. All GCash-to-GCash Send Money transactions, bills payments, or loading will remain free of charge, it said.
To avoid paying a transaction fee, GCash users are advised to link their BPI or UnionBank accounts to their GCash App. These fund transfers will remain free of charge.
Digital financial service firm PayMaya also announced that users would be charged P10 for bank transfer via the PayMaya app effective Oct. 1.
Sending money to a bank account via ATM will also cost users P15, it posted on its website.
Recently, banks have announced that it will resume fees for online transactions made through InstaPay, PESONet, and other interbank funds transfer service by October 2020. Instapay lets clients transfer up to PHP 50,000 per transaction while PESONet has no transaction limit per day.