PayMaya bank transfers via InstaPay still free until October 31!

PayMaya users still have a month before the PHP 10 fee on InstaPay transactions. It moved the date to November 1 instead of today.

PayMaya: No InstaPay fees till October 31

PayMaya moves start of InstaPay fee on November 1

The transaction fee will start on November 1 instead

In the meantime, PayMaya users can transfer money to bank accounts without worrying about the fees yet. However, come November 1, PayMaya will start charging a PHP 10 fee on InstaPay transactions. But, PayMaya to PayMaya money transfers will remain free.

According to Bangko Sentral ng Pilipinas, PayMaya, along with GCash, has been thinking about the InstaPay transaction fee way before the pandemic. When COVID-19 hit, PayMaya decided to hold off on the fee. The BSP said that both PayMaya and GCash could've decided to start collecting transfer fees as early as January but thought against it.

Additionally, BSP explained that for the last months PayMaya amassed operating costs that need to be maintained. Each time you load up your PayMaya accounts different loading outlets charge PayMaya for it while the customers don't feel it.

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

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Source: PayMaya via ABS-CBN