GCash's PHP 5 BPI-UnionBank cash-in fee is still lower than the PHP 25 service fee by most banks
While GCash and BPI are both operated by conglomerate company Ayala Corporation, it doesn't mean that availing of services from each other is free of charge.
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| BPI, UnionBank, GCash |
The PHP 5 convenience fee explained...
To recap, GCash recently confirmed that cash-in to BPI will now include a convenience fee of PHP 5 for every transaction.
GCash stated that,
Due to increasing costs, linked accounts will include a convenience fee for every Cash In transaction starting October 2, 2023.
During our visit to the GCash office, a company PR representative told us that they have been subsidizing the transaction or transfer cost to BPI for the longest time. The PHP 5 is still cheaper than the usual PHP 15 to 25 of other banks.
October 2 is not happening anytime soon. GCash users can still take advantage of the service for free until October 1. We are just in the middle of August as of writing.
GCash users may also opt for GCash partner banks that use InstaPay so they won't feel the PHP 5 service fee.
Users may also cash in via PayPal,
Cashing in via PayPal is also free of charge.
GCash users may also do Over-the-Counter Cash Ins,
Cashing in is free in all over-the-counter outlets until you reach a monthly limit of PHP 8,000. 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.
This limit refreshes on the first day of each month, so you can cash in over the counter for up to PHP 8,000 for free every month.
Apart from BPI, GCash also announced that there is a same PHP 5 fee for cash-ins with UnionBank.
See this link for more info.
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