Banks and e-wallets will no longer waive InstaPay and PesoNet Charging Fees on Nov. 1

GCash will start charging fees on Nov 1, according to their in-app advisory. Initially Oct. 1, the app has moved the charges to Nov 1st.

Get to know the Gcash fees to expect in your transactions.

Gcash, along with Paymaya and other wallets, will no longer be waiving fees for their inter-bank transfers. This is because the Bangko Sentral ng Pilipinas (BSP) duration to waive InstaPay and PesoNet fees have ended.

The inter-bank transfer fees were waived earlier at the start of the coronavirus quarantine to help relieve consumers’ financial burdens.

Cost per transaction vary, from P15 to P50. You can check with your bank institution for their terms.

GCash, Paymaya, BPI, Move Charging Fees on Nov. 1

Gcash

According to their FAQ, PHP15 fee will be charged per transaction for bank transfers.

Two banks, BPI and Unionbank, will continue offering free transfers to and fro GCash. Both banking institutions are under the Ayala Group.

The following transactions will remain free of charge: load purchases, bills payment, and Gcash-to-Gcash transactions.

Also Read: Gcash Invest vs. Gsave

Paymaya, BPI

Like Gcash, Paymaya will also impose P10 per transaction starting October 1. For cash-ins, it will impose a 1% charge for P10,000 and up.

BPI has served notice on its reimposition of P50 fee for inter-bank transfers. Transfers remain free for BPI-to-BPI.

Banks and digital wallets on duration to waive InstaPay and PesoNet fees:

Until Sept. 30, 2020Until Dec. 31, 2020
– BDO
– Metrobank
– BPI
– Chinabank
– RCBC
– Chinabank
– Bank of Commerce
– Robinsons Bank
– PS Bank
– Paymaya
– Gcash
– Philippine Bank of Communications
– Equicom Savings Bank
– Union Bank
– Asia United Bank
– Land Bank
– DBP
– Security Bank
– Sterling Bank
– Standard Chartered Bank
– East West Bank
– Maybank
– HSBC

*waived for retail, corporate reduced from P150 to P50

Until Further Notice:

  • PNB
  • Bank of China
  • CTC Bank
  • MUFG Bank

How to Have Bypass Bank Transfer Fees?

There are some hacks on how to bypass fees, here are some tips and tricks we have found:

  • Gcash bank transfers to BPI and Unionbank remain free (both are also from the Ayala Group)
  • Gcash transfer to GSave (CIMB). CIMB to any bank transfer is free.
  • Paymaya or any traditional bank to GrabPay. GrabPay to any bank transfer is free.
What is InstaPay and PESONet?

InstaPay and PESONet are two payment schemes launched by the Bangko Sentral ng Pilipinas to establish a safe, efficient, affordable, and reliable retail payment system.

What are the similarities and differences of InstaPay and PesoNet?

PESONet is an account to account fund transfer service that supports bulk, recurring, non-time-sensitive transactions. InstaPay is an electronic fund transfer service that enables real-time, low-value payment transactions.

Also Read: COVID Leads to Filipino Interested in Healthcare and Digital Services


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