GCash, PayMaya, and others to add bank transfer fees starting October 1

GCash and PayMaya, two of the country's top mobile wallet provider will start charging fees for bank transfers starting October 1.

PayMaya, GCash logo

GCash, PayMaya, and others to add bank transfer fees starting October 1

GCash notified its users on the app stating that a fee will be charged per transaction starting October 1. Meanwhile, PayMaya updated its Terms and Conditions page with a similar notice.

Image from ABS-CBN

PayMaya noted that PayMaya to PayMaya "Send Money" is still FREE of charge, but sending money to Smart Money will cost the sender a 1.5 percent charge. Bank transfer via the PayMaya app will cost PHP 10.00 while sending money to a bank account via ATM (IBFT via ATM) cost PHP 15.00.

Screenshot from PayMaya's website

GCash hasn't indicated the exact cost yet per transaction yet, but we suspect that it is similar to PayMaya.

Apart from GCash and PayMaya here's the list of banks will be waiving PESONet and InstaPay fees until September 30, 2020, only:

• 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, the banks below 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

To recall, the Bankers Association of the Philippines earlier noted that many banks would resume charging for online transactions using InstaPay by October. InstaPay is a platform that lets banking clients transfer up to PHP 50K per transaction. 

BSP (Bangko Sentral ng Pilipinas) earlier urged banks to waive online transaction fees to encourage Filipinos to use online banking amid the COVID-19 pandemic.

Sources: GCash, PayMaya, Via: ABS-CBN, GMA