GCash reduces transfer fees to P10
Sending money through GCash is now a little cheaper.
Starting July 4, the e-wallet platform reduced its bank transfer fee from P15 to P10, giving users a lower-cost option for moving funds to other banks and e-wallets.
The minimum transfer amount is still capped at P50,000, and the number of times you are allowed to send and receive money also remain at 500 each.
Earlier last month, digital bank Maya also announced that it will reduce its InstaPay fund transfer fee to other banks from P15 to P10, beginning July 6. They highlighted that the move aims to make digital banking "simple, accessible, and affordable for more Filipinos."
Sending money to any bank or e-wallet through BPI's app has also been made free since July 1. This will be for both InstaPay and PESONet transfers, with the fee waiver set to remain in place permanently.
Meanwhile, the Rizal Commercial Banking Corporation is also saying goodbye to its transfer fees.
Since July 4, customers can enjoy free InstaPay fees whenever they send money to other local banks through RCBC Pulz.
However, they noted that this is only applicable to the first 30 InstaPay transfers per month with a minimum transfer amount of P100.
These developments follow remarks from Bangko Sentral ng Pilipinas Governor Eli Remolona Jr., who expressed optimism that more financial institutions will soon lower or waive interbank transfer fees.
"Natutuwa lang ako na nababa na ang transfer fees," Remolona stated on Friday, encouraging wider industry adoption. "Kung marami kasama, mas maganda, 'di ba? So dapat ang entry fee mababa, kung pwedeng zero, mabuti."