GCash to start charging fees for bank transfers by October 1

Mobile wallet GCash will begin charging fees for bank transfers beginning October 1, 2020.

“Starting October 1, 2020, a fee will be charged per transaction,” an advisory on the app read.

In a Facebook post, the Philippine Payments Management Inc. said that 10 banks will begin charging InstaPay and PESONet transaction fees after September 30, 2020. These are BDO, Metrobank, Bank of the Philippine Islands, Rizal Commercial Banking Corporation, China Bank, Bank of Commerce, Robinsons Bank, PS Bank, China Bank Savings and PBCOM.

According to a philstar.com report, banking regulators are eyeing to request some lenders to defer their plans to resume charging transaction fees by October 1.

“We can ask them to reconsider their earlier response to already impose said fees by Oct. 1,” Chuchi Fonacier, deputy governor at Bangko Sentral ng Pilipinas said.

“Actually, it’s still up to the banks. But maybe we can persuade some of them through bilateral engagement,” she added.

The Bangko Sentral ng Pilipinas previously urged banks to waive fees on ATM transactions as well as interbank fund transfers in a bid to reduce the burden of Filipinos during the pandemic.