• GCash will implement a convenience fee for cashing in from Bank of the Philippine Island (BPI) and UnionBank.
• The convenience fee of ₱5 will be applied to Cash In transactions via GCash linked accounts from these two designated banks.
• Cashing out through the GCash app remains free, until October 2.

According to the app’s help center, the mobile e-wallet GCash will soon charge a convenience fee for cashing in from banks, Bank of the Philippine Island (BPI) and UnionBank, effective October 2. In the meantime, cashing out through the app is still free of charge.

Upcoming Convenience fee

The e-wallet cited “increasing costs“ as the reason for the new charge on Cash In via GCash linked accounts for every transaction. The change affects linked accounts from designated banks, with a ₱5 convenience fee for both BPI and UnionBank.

As of writing, the cash in frequently-asked-questions (FAQ) for UnionBank still states that the service is still free of charge for all GCash Users–BPI’s also states the same.

“However, BPI may impose fees for customer-initiated debits on certain types of accounts (such as BPI’s Kaya Savings accounts, which have a P5.00 fee/debit). If you think you were charged a transaction fee after cashing in, check with your BPI branch to verify what type of account you have,” the FAQ page noted. 

As of March 2023, GCash users are around 77 million.

Other GCash News

Last July, GCash expanded benefits to LGBTQIA+ individuals and their domestic partners, advancing gender equality. The Life Partner Benefits Program includes health insurance, disability and accident insurance, bereavement coverage, wellness allowances, and access to tech apps like KonsultaMD and Mind You.

In June,Globe Telecom CEO Ernest Cu, stated that the e-wallet is ready for its Initial Public Offering (IPO) this year, noting the firm is “pretty much ripe”.

This year, the app also launched new offers such as an in-app stock trading platform —GStocks Global and GStocks PH, lending and installment services GCredit, GLoan, and GGives and released GCash Cards and GCash Cards Visa–prepaid cards connected to the user’s account.

The app’s services can now also be accessed internationally through GCash Overseas, a special feature that allows Filipinos living and working abroad to register for a GCash account using an international SIM card.

Gcash in Web3

Also just this year, GCash introduced GCrypto, its  in-app crypto-trading platform powered by local licensed exchange Philippine Digital Asset Exchange (PDAX). It also released a non-fungible token (NFT) collection House of Ohlala and a Filipino NFT platform named GCrypto NFT Hub. 

Recently, GCrypto is one of the Official Connectivity and Official Crypto Offramp Partner of gaming guild Yield Guild Games’ (YGG) Web3 Community Summit.

This article is published on BitPinas: GCash Will Soon Charge Fees for BPI, UnionBank Cash Ins

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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• Source: https://bitpinas.com/fintech/gcash-bpi-unionbank-convenience-fee/