GCash users have just the remainder of October to make free bank transfers as the mobile wallet will restore transaction fees starting Nov. 1.
Bank transfers to all partner institutions will be charged P15, according to an in-app prompt.
Cashing in P8,000 or more over the counter will carry a 2% transaction fee. Mastercard cash-outs and withdrawals will be charged an extra P20, while over-the-counter cash-outs can be charged anywhere from P20 up to to P1,000.
What about cash-ins?
Adding money to Gcash via BPI, UnionBank, Paypal, and Payoneer will still be free. Users can also cash in over the counter for free, but have an P8,000 limit per month. Anything beyond that amount will be charged a transaction fee.
Cashing in via BDO, Metrobank, and RCBC was only free until Sep. 30.
Eastwest Bank cash-ins will be free until the end of the year, while AUB, Landbank, Maybank, UCPB, Security Bank, PSBank, PNB cash-in fees are suspended until further notice. PBCOM will continue to charge a one-peso cash-in fee until further notice.
GCash to GCash transactions will still be free. In-app services such as buying load, splitting the bill, paying via QR code, paying for your online shopping, requesting and saving money, and booking movies will also be free of charge.
Why the returning fees?
The Bangko Sentral ng Pilipinas waived InstaPay and PesoNet fees for fund transfers between banks last August to relieve users of extra costs during the pandemic. These platforms make inter-bank transactions convenient and come with a corresponding fee.
It's the service that allows you to transfer to a BDO account from your BPI account, even if you don't have an account with BDO. Costs per transaction vary, which can range from P15 up to P50.