GCash delays implementation of bank transfers charging fees to November 1

GCash earlier shared that the company has decided to delay the implementation of charging fees for bank transfers.

Huge relief to those who use GCash a lot

GCash delays implementation of bank transfers charging fees to November 1

GCash's website revealed that the PHP 15 fee required for bank transfers would be effective starting November 1 instead of October 1.

Starting November 1, 2020, a PHP 15 fee will be charged per transaction.

This means that those who use GCash, whether personal or business, will enjoy an extra month of FREE bank transfers to any bank.

As a quick recap, BSP (Bangko Sentral ng Pilipinas) earlier urged banks to waive online transaction fees to encourage Filipinos to use the safer contactless online banking amid the COVID-19 pandemic.

But, it is supposed to end today October 1. The Bankers Association of the Philippines shared 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.

There is no word from rival PayMaya if they will delay bank transfer fees yet.

We'll keep you guys posted.

Source: GCash