GCash Announces Fees for Cash-In Transactions from Certain Banks, Citing Cost Increases

Mobile wallet app GCash has recently announced in an advisory that it will implement convenience fees for cashing in from certain banks, citing operational costs as the main reason for implementing added fees to its service.

Starting from October 2, 2023, GCash users who cash in from certain linked accounts will be subject to a convenience fee.

“Due to increasing costs, linked accounts will include a convenience fee for every Cash In transaction,” the advisory said.

The banks to have a cash-in fee are accounts linked with the Bank of the Philippine Islands (BPI) and UnionBank, both of which will have a PHP5 transaction fee for cash-ins.

GCash also informed users to take advantage of its over 40 partners for cashing-in, however, the mobile wallet app noted that service fees associated with InstaPay transactions may vary depending on the partner bank used.

Meanwhile, for freelancers using PayPal to fund their GCash account, there is some good news as cashing in via PayPal remains free of charge.

This means that users can continue to add funds to their GCash wallet using their PayPal account without incurring any additional fees.

GCash also reminded its users that over-the-counter cash-ins are free until the limit of PHP8,000.00, with service fees only kicking in after surpassing the limit.

“Cashing in is free in all over-the-counter outlets until you reach a monthly limit of PHP 8,000.00. After reaching this limit, a service fee of 2% will apply each time you cash in. The fee will be deducted automatically from the amount you cashed into your GCash wallet,” the advisory said.

They added that the PHP8,000.00 limit refreshes on the first day of each month. (GFB)