MOBILE financial service provider GCash has lowered its fee for bank transfers from ₱15 to just ₱10, starting Saturday, July 4.
The adjustment applies specifically to transactions made through the InstaPay network, as stated in the updated terms and conditions under the app’s “Transfers” section. The platform noted that there is no minimum amount required to send money, though each individual transaction is capped at ₱50,000 for security and regulatory purposes.
GCash clarified that its policies for transfers between GCash users remain unchanged. Account holders still enjoy up to 500 free send and receive transactions every month. Only when this monthly limit is exceeded will a small fee of ₱5 be charged to eligible users, ensuring that frequent users can continue to transact without extra costs for most of their activity.
This fee reduction comes as the country’s financial sector transitions to new regulations aimed at making digital payments more affordable. Earlier this week, Rizal Commercial Banking Corporation announced it would fully waive InstaPay transfer fees starting the same day, July 4. The Bangko Sentral ng Pilipinas also confirmed it expects more banks and financial apps to follow suit, having given institutions until Saturday to adjust their rates and comply with updated guidelines.
The new rules, outlined in BSP Circular No. 1238, take effect on July 4 and require that any difference between intrabank and interbank transfer fees only reflect the actual processing or “switch costs” incurred by the provider. This policy follows the lead of major banks such as the Bank of the Philippine Islands, which already began permanently waiving fees for InstaPay and PESONet transactions earlier this month. The measures are part of the central bank’s broader push to encourage more Filipinos to adopt safe, convenient, and low‑cost digital financial services.
metrosundaily
