GCash, PayMaya delay collecting bank transfer fees until Nov. 1

Mobile wallet services PayMaya and GCash moved its collection of bank transfer charges to November 1.

GCash earlier announced that it would impose bank transfer fees by October 1.


“Starting Oct. 1, 2020, a fee will be charged per transaction,” GCash earlier said in a notice to users.

Bangko Sentral ng Pilipinas in August released a list of banks that would be waiving PESONet and InstaPay fees until September 30, 2020, only. They are the following:

  • Unibank, Inc.
  • Metropolitan Bank and Trust Company
  • Bank of the Philippine Islands
  • Rizal Commercial Banking Corporation
  • China Banking Corporation
  • Bank of Commerce
  • Robinsons Bank Corporation
  • Philippine Savings Bank
  • PayMaya Philippines, Inc.
  • G-Xchange, Inc. (GXI)
  • China Bank Savings, Inc.
  • Philippine Bank of Communications (extending its P1.00 fee due to system constraints)
  • Equicom Savings Bank, Inc.

Meanwhile, the following banks will be waiving e-money transfer fees until December 31, 2020:

  • Union Bank of the Philippines
  • Asia United Bank Corporation
  • Land Bank of the Philippines
  • Development Bank of the Philippines
  • Security Bank Corporation
  • Sterling Bank of Asia, Inc.
  • Standard Chartered Bank
  • East West Banking Corporation
  • United Coconut Planters Bank
  • Maybank Philippines, Inc.
  • Hongkong and Banking Corporation (waived for retail; for corporate – reduced from P150.00 to P50.00 from July 1, 2020)

Until further notice:

  • Philippine National bank
  • MUFG Bank, Ltd.
  • CTBC Bank (Philippines) Corporation
  • Bank of China Limited – Manila Branch

Also read: DOTr-LTFRB partners with GCash digital payments for taxis, TNVS

GCash, PayMaya delay collecting bank transfer fees until Nov. 1

GCash and PayMay users accused the two companies of taking advantage of the pandemic COVID-19 pandemic after the central bank said digital transactions spiked during lockdowns.


However, Vicente de Villa III, the managing director of BSP’s financial technology sub-sector, said the GCash and PayMaya have been proposing to collect bank transfer fees even before COVID-19.

“But as time went on, mayroon silang mga operating costs na kailangan ma-maintain. Alam niyo ho, ‘pag pumupunta tayo sa mga loading outlets, ‘di ba ang e-wallet nilo-load sa mga outlets, sa mga iba-ibang tindahan? Whether convenience store or saan man. Sinisingil ‘yun e. Sinisingil sila ng mga outlets na ‘to. Sinisingil ‘yung mga e-wallet providers,” De Villa said told ABS-CBN’s TeleRadyo.