GCash notified users on Wednesday that transfer fees from mobile wallet to bank will be charged from Nov. 1, instead of Oct. 1 as previously announced.
Bank transfers will be charged P15 per transaction according to an in-app prompt. GCash users have one more month, or until Oct. 31 to transfer cash for free.
Financial institutions have begun to notify customers on the reimposition of transfer fees that were waived at the start of the COVID-19 quarantines in March. These fees are meant to cover the use of the central bank's InstaPay facility that ensures instant credit.
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In an earlier advisory, GCash said cashing in amounts of P8,000 or higher over the counter will be charged with a 2% transaction fee. Bank transfers will be charged P15 per transaction. Cash outs and withdrawals will face a P20 transaction fee for Mastercard, and P20 or up to P1,000 for over-the-counter cash outs.
Cashing in via BPI, Unionbank, Paypal, and Payoneer will remain free. Cash in done over the counter will still be free, but take note that users are only allowed P8,000 per month. Anything beyond that amount will be charged a fee.
GCash to GCash transactions will still be free, along with in-app services such as buying load, splitting the bill with friends, paying via QR code, shopping online, requesting and saving money, and booking movies.
However, GCash advised customers that Wednesday, Sept. 30 is the last day to avail of free cash-in for select banks. The cash-in fee again covers InstaPay use.
InstaPay, as the name implies, allows instant fund transfers between banks and financial institutions for amounts no bigger than P50,000. This is ideal for online shopping. Fees run up to P50.
PesoNet on the other hand is for amounts higher than P50,000 and the transfer is cleared the next day. Here's a video explainer from the Bangko Sentral.
