GCash to Charge 2.58% Convenience Fee for Some Fund Transfers

Starting July 6, mobile cash wallet GCash will begin charging a 2.58 percent convenience fee for fund transfer transactions.

Globe Telecom, the operator of the e-wallet service, said that GCash users transferring funds from bank cards through Visa and Mastercard platforms would be charged with an additional cost on top of the amount they will transfer to their GCash wallet.

The convenience fee, which will be deducted from the source account, is a direct charge from GCash’s payment partners and will be charged on all transactions, notwithstanding the amount.

GCash convenience fee

Image: Facebook/GCash

In addition, over-the-counter transactions worth more than P8,000 will also entail a service fee equivalent to 2 percent of the amount above the monthly limit. This is true for all transactions via pawnshops, payment facilities, 7-eleven kiosks, or through TouchPay and eTap machines.

On the other hand, transferring funds from Bank of the Philippine Islands (BPI) and Union Bank of the Philippines (UBP) will still be free of charge.

Bigger wallet size

Amidst these developments, GCash users will have the chance to increase their wallet limits to up to P500,000 per month.

The move aims to help users maximize the use of digital finance, especially now that strict health and physical distancing protocols are in place, GCash president Martha Sazon said.

GCash users can boost their wallet limit by linking their bank accounts with BPI, UnionBank, and other locally-issued debit cards enabled by either MasterCard or Visa. They can do this by opening their GCash app, go to Settings, and tap on My Linked accounts.

From there, they can choose their banks and provide the required information.

GCash convenience fee

Image: Facebook/GCash

For GCash accounts which are fully-verified but have no linked bank accounts or debit cards has a monthly hold up limit of up to P100,000.

GCash saw a surge in transactions last month with more people choosing to do their financial transactions by digital means.

In 2019, it has more than 20 million users and more than 63,000 partner merchants.