GCash earlier announced that it would impose bank transfer fees by October 1.
“Starting Oct. 1, 2020, a fee will be charged per transaction,” GCash earlier said in a notice to users.
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.
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
GCash, PayMaya delay collecting bank transfer fees until Nov. 1
GCash and PayMay users accused the two companies of taking advantage of the pandemic COVID-19 pandemic after the central bank said digital transactions spiked during lockdowns.
However, Vicente de Villa III, the managing director of BSP’s financial technology sub-sector, said the GCash and PayMaya have been proposing to collect bank transfer fees even before COVID-19.
“But as time went on, mayroon silang mga operating costs na kailangan ma-maintain. Alam niyo ho, ‘pag pumupunta tayo sa mga loading outlets, ‘di ba ang e-wallet nilo-load sa mga outlets, sa mga iba-ibang tindahan? Whether convenience store or saan man. Sinisingil ‘yun e. Sinisingil sila ng mga outlets na ‘to. Sinisingil ‘yung mga e-wallet providers,” De Villa said told ABS-CBN’s TeleRadyo.