Up until now, GCash customers didn’t have to worry about that question; GCash, the rapidly growing e-wallet solution offered by Globe, has finally laid its cards on the table and announced that it would be charging its customers for cash-in transactions, effective July 6, 2020.
This, of course, drew flak from users. Even if GCash’s cash-in fees aren’t that high compared to offline solutions like Cebuana Lhuillier, it’s still a big jump from free.
So, how much does GCash charge its customers to cash-in?
Well, if you’re cashing in using a MasterCard or a VISA bank card, you will be charged 2.58% of your transaction. Meaning, when you cash in PHP 1,000.00, GCash will charge a convenience fee of PHP 25.80.
There are exemptions: users who cash in from linked UnionBank and BPI accounts do not need to pay said fee, as well as those that cash in from apps or websites that use InstaPay.
GCash notes that this is – unsurprisingly – a result of direct charges from payment partners. “We would like to assure that GCash does not earn a single centavo from the direct charges implemented by our payment partners,” said Martha Sazon, CEO and President of GCash. “We will continue to be more innovative and proactive in developing safe, secure, and affordable financial services and tools so that more Filipinos can maximize the benefits of digital finance.”
As mentioned, the rate isn’t high enough to warrant a cancel party. But if you’re looking for alternatives, let us point you to some GCash alternatives: