Mobile application and digital wallets GCash and PayMaya will be charging fees per bank transfer starting October 01. GCash is said to charge Php 15 while PayMaya will charge Php 10.
“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,” in a statement by GCash. Read more: GCash, PayMaya to charge fees for fund transfers starting October 01, an article by ABS CBN News.
GCash will charge a P15 fee per fund transfer (cash out transaction) to a bank or EMI using the InstaPay network. This will also take effect on Oct. 1. All GCash-to-GCash Send Money transactions, bills payments or loading will remain free of charge. Moreover, 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 01 meanwhile sending money to a bank account via ATM will also cost users P15. Moreover, PayMaya to PayMaya transactions remain free of charge while sending money to Smart Money would incur a 1.5 percent fee. Read more: GCash, PayMaya to charge fees for fund transfers starting October 01, an article by ABS CBN News.