GCash recently announced that there will be a convenience fee of 2.58% when you cash-in using linked Visa/MasterCard bank cards starting July 6, 2020. The fee incurred goes directly to the card payment partners and not to GCash. GCash to GCash transactions is still free.
So, if you cashed-in, let’s say, Php 1000, you will be charged P25.80 as a convenience fee which goes directly to the card payment partner. The total transaction will be Php 1,025.80
There are a lot of other alternatives to load up or cash in to avoid Pass-on fees by GCash’s card payment partners. Here are some of them:
- Link your BPI or Unibank account to your GCash account. This is different from linking your bank cards because it’s directly from the bank and not thru Visa/Mastercard. (click on the link for instructions). Not only is it free, but you can also cash in anytime, anywhere.
- Cash-in your GCash account thru the Instapay network as long as it is in partnership with your bank. You can see the list of banks here.
GCash is still considered as one of the most competitive mobile wallets. in the country considering the charges because of its convenience and value-added services:
- Cashing in is still lower than other mobile wallets where a flat rate of P30 is charged for each cash-in transaction (especially for cash-in transactions below P1,000).
- GCash has 70,000 partner merchants.
- Free cash-ins to customers with linked bank accounts or via InstaPay network
- Multiple value-added services such as GCredit, GSave, and GInvest
- Convenient payment of bills through GCash Pay Bills, and bank money transfers through GCash Bank Transfers.
If you’re cashing in regularly for your financial transactions, I suggest linking your bank account to avoid the convenience fee. 2.58% is not be ignored especially if you are cashin-in huge amounts.