GCash lowers transfer fee to P10

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MANILA, Philippines — Fintech company GCash has lowered its transfer fee to P10 as of July 4.

This came from the P15 transfer fee for InstaPay transactions previously implemented by GCash.

According to GCash's "Transfers" guidelines, a P10 fee is applied to all InstaPay transactions.

There is no minimum required amount per transfer, but individual transactions are limited to a maximum of P50,000.

Meanwhile, the regulations governing funds transferred between GCash accounts have not been changed.

Users can still perform up to 500 free send and receive transactions each month, after which a P5 fee is charged to certain accounts that exceed this allowance.

The Bangko Sentral ng Pilipinas expects that additional banks will implement similar reductions.

This follows a memorandum circular, which sets a July 4 deadline for financial institutions to update their transfer fees in line with a central bank directive that limits the price difference between interbank and intrabank transaction costs.

On July 4, digital bank app Maya also announced a reduction of its InstaPay transfer fees to P10.