If you transfer money from your GCash wallet to banks and electronic money institutions via the InstaPay network, you will be charged P15 per transaction starting October 1, GCash said Saturday.
Banks, on the other hand, will also begin charging customers for tranferring money to GCash. The amount varies, and can be as high as P50, said GCash in a statement sent to reportr.
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Two banks, BPI and Unionbank, will continue to offer free transfers from their respective platforms to GCash, the e-wallet platform said. BPI and GCash are both under the Ayala Group.
These transactions will remain free of charge: GCash-to-GCash transfers, bills payment, and load purchases.
InstaPay is an inter-bank facility overseen by the Bangko Sentral ng Pilipinas that allows nearly instantenous transfers electronically.
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