Metro Manila (CNN Philippines, August 29) — Mobile wallet GCash will begin charging a ₱5 convenience fee for every cash-in transaction through the BPI and UnionBank accounts in the fourth quarter of 2023.
In a statement on Tuesday, Globe President and CEO Martha Sazon said that even with this fee, the company will continue to subsidize part of the operating cost for cash-ins. She added the ₱5 convenience fee is still much lower than the ₱25 that banks and other financial institutions typically charge for cash transfers.
“The ₱5 convenience fee is only 1/5 of what is normally charged by other financial institutions. As GCash continues to scale, we still subsidize most of the charges as well as heavily invest on upgrading our infrastructure and reinforcing security services,” Sazon said.
Cash-ins via linked bank accounts is one way to add funds to a GCash account. Users can also cash-in through cash-in machines, partner convenience stores, pawnshops, supermarkets, department stores, drug stores, gas stations, sari-sari stores and retail stores, among others.
GCash urged its users to consider their expected spendings to avoid cashing in smaller amounts, where the convenience fee will pile up.
