What Are The New GCash Fees? (November 2020)

There have been some posts circulating on Facebook recently about the allegedly new fees that will be charged by GCash by October or November 2020. While it is true that GCash will be charging new fees for some of their services by November 1, many of the claims on the circulating Facebook posts are fake and have already been denied by GCash.

As smart consumers, it pays to know about the different fees that you may encounter when using your online wallets. Let’s look at what the new GCash fees are by November 2020, and what services will remain free to use.

You may also want to read:
How Much is the Transaction Fee for GCash?

Bank transfers will incur a P15 fee starting November 1

Sending money from GCash to a bank via InstaPay will now have a P15 transfer fee included starting November 1. These transfer fees were previously waived by GCash and the Bangko Sentral ng Pilipinas at the start of the COVID-19 quarantine in March but they will now be reinstated.

Thus, GCash users can transfer funds to a bank for free until October 31. GCash is compatible with over 40 of the major banks in the Philippines. Go to the GCash app or visit this link for a full list of GCash’s partnered banks.

Cash-in via most banks will remain FREE until December 31

Cashing in to your GCash wallet via banks will mostly remain free until December 31 or until further notice. Most of GCash’s partner banks have further waived their InstaPay transfer fees extended until the end of the year or further notice.

Here are the compatible online banks that you can use to cash-in to your GCash for free:

  • AUB
  • Landbank
  • Maybank
  • Metrobank
  • PBCOM (P1.00 fee per transaction due to system constraints)
  • PNB
  • PSBank
  • RCBC
  • UnionBank

Here are the online banks that will start charging a transfer fee for a cash-in to GCash:

  • BDO  – P50.00 fee per transaction
  • BPI (via BPI mobile app)   – P50.00 fee per transaction

BPI bank accounts can avoid the transfer fee and cash in to GCash for FREE by linking the account to GCash and transacting through the GCash app. Here’s how you can link your BPI bank account to GCash. 

Fees for other GCash services will remain the same

Other services from GCash like cash-in via over-the-counter outlets and cash-out will not change their respective service fees. Many services like GCash-GCash transfers will still remain FREE to use.

Here’s a list of some service fees that you may encounter on GCash:

Cash-in

Visit this article to learn how to cash-in to your GCash wallet.

DescriptionFee
Via over-the-counter outlets below the P8,000 monthly cash-in limitFREE
Via over-the-counter outlets exceeding the P8,000 monthly cash-in limit2% of the cash-in amount
Via linked bank account on the GCash app (BPI, UnionBank)FREE
Via other partner banks through the bank’s mobile appP0 to P50
Via remittance on the GCash app (Western Union, MoneyGram)FREE

Cash-Out

Visit this article to learn how to cash-out to your GCash wallet.

DescriptionFee
Via over-the-counter outlets2% of the cash-out amount
Via GCash MastercardP20

Send Money

DescriptionFee
Via Express SendFREE
Via Send With A ClipFREE
Via Ang PaoFREE
Via Bank TransferP15 (starting November 1, 2020)

Pay Bills

Refer to the GCash app for a complete list of the different fees per biller.

DescriptionFee
Billers with fixed feesP0 to P60
Biller with percentage-based fees2%

GCash Mastercard Account

DescriptionFee
Card purchaseP150
Balance inquiry via ATMP3
Dormancy feeP50

Conclusion

Only the GCash-to-bank transfer services will incur a new fee of P15 by November 1. Other services like the Send Money (GCash-GCash) feature will remain free to use, while the Cash In and Cash Out features will still have the same services fees as before.

Be fully informed about the different services offered by GCash and their respective fees, so you can make the most out of the cashless experience. 

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Digital Juan

Digital Juan

Digital Juan is the author of DigitalPinas.com - a blog that aims to answer the frequently asked questions of Pinoys about technology, financial, computer, trending news, social media, and digital lifestyle. Most of his writings here are in the form of a how to guide, list, or tips and tricks.