Users of mobile wallet company GCash would need to pay fees for bank transfer transactions starting October 1.
“Starting Oct. 1, 2020, a fee will be charged per transaction,” GCash said in a notice to users.
In partnership with InstaPay, GCash offers services that would allow users to transfer and deposit money to more than 40 banks and financial institutions.
The maximum amount for bank transfers via InstaPay is P50,000 per transaction. Many prefer this kind of online process as the money could be credited to a recipient’s bank account almost immediately.
Bangko Sentral ng Pilipinas in August released a list of banks that would be waiving PESONet and InstaPay fees until September 30, 2020, only. They are the following:
- BDO Unibank, Inc.
- Metropolitan Bank and Trust Company
- Bank of the Philippine Islands
- Rizal Commercial Banking Corporation
- China Banking Corporation
- Bank of Commerce
- Robinsons Bank Corporation
- Philippine Savings Bank
- PayMaya Philippines, Inc.
- G-Xchange, Inc. (GXI)
- China Bank Savings, Inc.
- Philippine Bank of Communications (extending its P1.00 fee due to system constraints)
- Equicom Savings Bank, Inc.
GCash to charge bank transfer fees starting Oct. 1
Meanwhile, the following banks will be waiving e-money transfer fees until December 31, 2020:
- Union Bank of the Philippines
- Asia United Bank Corporation
- Land Bank of the Philippines
- Development Bank of the Philippines
- Security Bank Corporation
- Sterling Bank of Asia, Inc.
- Standard Chartered Bank
- East West Banking Corporation
- United Coconut Planters Bank
- Maybank Philippines, Inc.
- Hongkong and Shanghai Banking Corporation (waived for retail; for corporate – reduced from P150.00 to P50.00 from July 1, 2020)
Until further notice:
- Philippine National bank
- MUFG Bank, Ltd.
- CTBC Bank (Philippines) Corporation
- Bank of China Limited – Manila Branch
Depending on the bank, InstaPay and PESONet transaction fees range between P15 and P50.
In 2004, Globe invested in G-Xchange, Inc. (“GXI”), a wholly-owned subsidiary, to handle the mobile payment and remittance service marketed under the GCash brand using Globe Telecom’s network as a transport channel. GXI started commercial operations on 16 October 2004. In late 2019, the GCash brand was refreshed by global branding and design agency Serious Studio
As of 2019, GCash has 20 million users, with more than 63,000 partner merchants across the country.