It is still cheaper compared to other banks!
GCash has introduced a new convenience fee of PHP 5 for users who deposit money into their e-wallet accounts through BPI or UnionBank. This fee went into effect on October 2, 2023.
The company had previously announced this policy change due to rising operational costs. It was revealed that GCash had been covering transaction costs with BPI for an extended period.
Despite the introduction of the PHP 5 fee, it remains more cost-effective compared to the usual PHP 15 to 25 fees charged by other banks. GCash users have alternative options, such as utilizing partner banks that support InstaPay, where they won’t encounter the PHP 5 service fee. Another fee-free option is depositing funds via PayPal.
For those who prefer over-the-counter cash deposits, GCash offers this service at no cost until you reach a monthly limit of PHP 8,000. Once this limit is exceeded, a 2% service fee will be deducted automatically from the deposited amount. This monthly limit resets on the first day of each month, allowing users to make free over-the-counter deposits of up to PHP 8,000 each month.
