Starting October 2, 2023, GCash users will be required to pay a nominal fee of PHP 5.00 for cash-in transactions conducted through Bank of the Philippine Islands (BPI) and UnionBank.
According to the recently updated support document of GCash, this change has been attributed to the escalating costs. Customers are reminded that they have a limited window of less than two months remaining to avail themselves of the complimentary cash-in services offered by the aforementioned financial institutions.
One can avoid incurring this additional fee by employing alternative methods such as utilizing InstaPay or leveraging the proprietary platforms of other financial institutions. For those seeking a more sophisticated option, consider utilizing the PayPal cash-in feature, which continues to be offered at no cost.
Nevertheless, it is important to note that these alternative methods may incur additional charges, which can vary between P10 to P25, contingent upon the specific payment platform or banking institution employed.
Given the potential for higher fees imposed by other banks, it is a prudent decision to choose the P5 GCash cash-in fee.
At present, Maya, a prominent e-wallet and banking entity, offers its users the advantageous capability to transfer funds from BPI, a well-established financial institution, without incurring any charges. In contrast to GCash, which allows for BPI transfers with no minimum transfer amount, Maya imposes a minimum transfer requirement of PHP 500.
Although it is our fervent desire that GCash refrains from imposing any additional cash-in fees on banks, only the passage of time will reveal whether more will be included in the roster.