We’re no stranger to transferring money online, whether it’s via bank transfer or mobile wallets. And with the pandemic underway, we’ve been transacting online more often — all in the name of safety and convenience.
While some businesses have begun adding fees to these transactions since last year, they’ve temporarily waived those during the early stages of the pandemic. However, these fees have made a return appearance for mobile wallet platforms like GCash.
GCash is the mobile wallet platform under major telecommunications company Globe.
A local app that can be installed in smartphone and tablet devices, GCash lets you pay bills, purchase goods and services, and even send or receive money regardless of location.
Initially, GCash started charging “convenience fees” of 2.58% for cash-in via MasterCard and Visa bank card services starting July 6, 2020. But users didn’t need to worry, since other cash-in methods remained free. These include cash-in via linked BPI or UnionBank accounts, or through a bank app or website powered by InstaPay.
However, the website of GCash now includes a provision that “starting October 1, 2020, a fee will be charged per transaction.” According to a statement from GCash, you will be charged PHP 15 per transaction if you transfer money from your GCash wallet to banks and electronic money institutions via Instapay. As for bank transfers to GCash, the fees will vary depending on which bank you use, but these can go as high as PHP 50.
For more details on GCash fees, you can consult their website.
[Also Read: Online Banking Scams: How to Avoid Being Scammed Online]
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