PSA: Expect a New PHP 5 Cash-in Fee From This Mobile E-wallet
This PHP 5 cash-in fee applies to users cashing in from two of its major bank partners and will take effect during the fourth quarter of 2023.
With over 80 million registered users, GCash is the most widely used mobile wallet here in the Philippines. In order to use the app to pay for purchases, bills, and more, many of these 80 million users cash in from bank accounts.
However, this service will no longer be free soon for users who cash in from the Bank of the Philippine Islands (BPI) and UnionBank of the Philippines. This is because GCash will start charging a PHP 5 convenience fee for cash-ins from these banks beginning the fourth quarter of this year.
How to Minimize Charges for Transactions
Sazon likewise explained that the reason behind the fee is rising costs. “This also ensures that our operations will remain seamless for all customers. Even with this fee, we will continue to subsidize part of the operating cost for our cash-ins as we remain committed to keeping our services affordable to many Filipinos,” she explained.
The GCash President and CEO also said that in order to minimize the number of times a user gets charged PHP 5, he or she can cash in a certain amount in one go. Doing it in tranches will result in the user being charged PHP 5 multiple times.
Effect on GCash Users
PHP 5 may not seem like a huge amount on its own, but when it accumulates, it can be a heavy expense for users. Because of this, users should be mindful of the number of times they cash in from BPI and UnionBank in order to minimize charges.
Users should likewise remember that there are other ways to add cash to their GCash accounts aside from linked bank accounts. GCash cash-in can be done via convenience stores, dedicated cash-in machines typically found in shopping malls, department stores, and even pharmacies, among others.