Users of a digital wallet service will soon be charged a convenience fee for cashing in their money from two private banks.
In its help center, GCash advised users that cashing in from Bank of the Philippine Island and UnionBank will cost convenience fees starting on October 2.
This means that each time users will withdraw their money from GCash using their linked bank accounts, they will be paying additional costs for it.
Until then, cashing in from the app remains free.
“Due to increasing costs, linked accounts will include a convenience fee for every Cash In transaction starting October 2, 2023,” the advisory reads.
This change applies to the linked accounts of two selected banks. The rates of convenience fees are:
- BPI– P5
- UnionBank – P5
This advisory can be found on the page titled “General Cash In Inquiries” of the digital wallet firm’s Help Center.
Marketing Surveillance Analyst John Paul Tanyag also shared this information on social media on August 7.
Starting October 2, BPI and UnionBank linked accounts will be having P5 convenience fee for every Cash In transaction thru GCash.https://t.co/4yVKuovOu8 pic.twitter.com/TBXe9OAdCQ
— jp(x) (@dumidyeypee) August 7, 2023
Some Filipinos suggested cash-in transactions from the banks’ mobile applications as a workaround.
Other users aired frustrations against the additional fees for merely acquiring their money on their own online accounts.
On its website, GCash also informed its users that they can withdraw their funds for free via InstaPay.
“You can also cash in from your preferred bank’s website or app using InstaPay. GCash today is partnered with 40 plus banks,” the firm said.
Cashing in via PayPal, an international fund transfer application, is also free of charge.
“Cashing in via PayPal is also free of charge. Check out our PayPal FAQs for more information on how to add funds to your GCash through your PayPal account,” GCash said.
