Bank transfers via InstaPay thru GCash to charge fees starting next month

Bank transfers done through Globe-backed mobile wallet GCash will be charged with fees, starting next month. In a notice to users, GCash said that starting Oct. 1, 2020, a fee will be charged per transaction.

Photo credit: business.inquirer.net

GCash allows users to send money to its partner banks and financial institutions.

Bankers Association of the Philippines head and president of BPI Cezar Consing earlier said many banks would resume charging for online transactions using InstaPay, among others by October.

InstaPay allows users to send money at a maximum of P50,000 per transaction, which will be credited to a recipient’s bank account almost immediately.

The Bangko Sentral ng Pilipinas earlier urged banks to waive online transaction fees to encourage Filipinos to use online banking during the COVID-19 pandemic.

In a list released by the Bangko Sentral ng Pilipinas in August, several banks will be waiving PESONet and InstaPay fees until September 30, 2020 only. These are:

• BDO Unibank, Inc.
• Metropolitan Bank and Trust Company
• Bank of the Philippine Islands
• Rizal Commercial Banking Corporation
• China Banking Corporation
• Bank of Commerce
• Robinsons Bank Corporation
• Philippine Savings Bank
• PayMaya Philippines, Inc.
• G-Xchange, Inc. (GXI)
• China Bank Savings, Inc.
• Philippine Bank of Communications (extending its P1.00 fee due to system constraints)
• Equicom Savings Bank, Inc.

Meanwhile, these are the banks that will be waiving e-money transfer fees until December 31, 2020:

• Union Bank of the Philippines
• Asia United Bank Corporation
• Land Bank of the Philippines
• Development Bank of the Philippines
• Security Bank Corporation
• Sterling Bank of Asia, Inc.
• Standard Chartered Bank
• East West Banking Corporation
• United Coconut Planters Bank
• Maybank Philippines, Inc.
• Hongkong and Shanghai Banking Corporation (waived for retail; for corporate – reduced from P150.00 to P50.00 from July 1, 2020)

Until further notice:

• Philippine National Bank
• MUFG Bank, Ltd.
• CTBC Bank (Philippines) Corporation
• Bank of China Limited – Manila Branch

InstaPay and PESONet fees range between P15 and P50, depending on the bank.