InstaPay, GCash to begin charging bank transfer fees from Oct. 1

/ 05:01 PM September 26, 2020

GCash logo (Image: Facebook/GCash)

Mobile wallet GCash will begin charging its users P15 per bank transfer done through the app from Oct. 1.

GCash disclosed the upcoming change through a notice on its help center today, Sept. 26. People can send money from their GCash wallets to over 40 banks via the platform.


Along with GCash, Bangko Sentral ng Pilipinas governor Benjamin Diokno said last July that other banks were to resume charging fees for digital transactions in October as well.

Among the said banks are BDO Unibank Metropolitan Bank and Trust Co., Bank of Philippine Islands, RCBC, China Bank, Philippine National Bank, Bank of Commerce, Robinsons Bank, Philippine Savings Bank, Paymaya, GXI and China Bank Savings.


Meanwhile, Union Bank of the Philippines, Asia United Bank, Land Bank of the Philippines, Development Bank of the Philippines, Security Bank, Sterling Bank, Standard Chartered Bank and HSBC will be waiving fees for their InstaPay and PESONet channels until Dec. 31.  /ra


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TAGS: banks, e-wallets, GCash, InstaPay, PESONet
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