GCash to charge bank transfer fees
Mobile wallet provider GCash will start charging fees for bank transfers on its platform, it said based on notifications users received on the app, according to a report by GMA News.
"Starting Oct. 1, 2020, a fee will be charged per transaction," the notice said.
GCash allows users to send money to its partner banks and financial institutions.
Bankers Association of the Philippines head and president of BPI Cezar Consing earlier said many banks would resume charging for online transactions using InstaPay, among others by October.
InstaPay lets banking clients transfer up to P50,000 per transaction, which is credited instantly to the recipient’s account in any local bank.
The Bangko Sentral ng Pilipinas earlier urged banks to waive online transaction fees to encourage Filipinos to use online banking during the COVID-19 pandemic.
Several banks would waive fees for InstaPay and PesoNet until the end of the year, the BSP said in an update in August.
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