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GCash to Charge Convenience Fee for Cash-in Transactions, Starts July 6

Starting on Monday, July 6, 2020, onwards, cashing in using MasterCard or Visa bank cards will be charged with a 2.58% convenience fee. This upcoming update has been announced by the mobile wallet platform GCash. According to GCash, the convenience fee will be paid directly to their payment partners for their services.

How to Keep Track of Your Fees

The convenience fee which will be charged is 2.58% of your cash in amount. For example, the fee for a PHP 100 cash with a 2.58% convenience fee charged would be PHP 2.58. Thus, making the total amount charged to your card PHP 102.58.

As stated by GCash, the fee is to be charged on top of the amount you cash in.  For each of your cash in, the fees will be computed for you and then will be stated in your GCash app.

 

Why GCash Added a Fee

Wondering why GCash has added a convenience fee to their service? As mentioned earlier, the transactions are charged fees by connected payment partners.

Recently, GCash payment partners have increased the charges for their service.  Thus, each cash-in transaction will soon incur a 2.58% convenience fee, representing the direct charges from the mobile wallet app’s payment partners.

Alternative Ways to Cash in to Your GCash Account

Moreover, if you’re looking for alternative ways to fund your GCash wallet without being charged with the convenience fee, there are indeed some other ways suggested by GCash.

According to them, for BPI and UnionBank, they have in-app features for users to link and cash in for free. Another option is cashing in with your respective bank’s app/website via InstaPay, since most banks’ InstaPay service remain free, that is, until further notice.

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SOURCE

GCash

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