In the fourth quarter, GCash would charge PHP5 for cashing out from its key partners Bank of the Philippine Islands (BPI) and Union Bank of the Philippines.
In an interview with reporters, GCash president and CEO Martha Sazon claimed the convenience price is still one of the lowest compared to regular banks’ P25 transaction fees.
Sazon claimed GCash charges a cashing-in convenience fee to meet escalating costs. Sazon claimed the fee just diminishes GCash’s subsidies for affordable financial services.
Sazon advises GCash consumers to calculate the cost of loading their accounts with BPI and Union Bank.
Sazon said a customer can cash in P10,000 at once rather than top up P500 in tranches to avoid paying P5.
READ: Where to Find Free/Affordable Cash in On GCash?
GCash users can link their bank accounts to add cash. They can cash in at convenience stores, dedicated machines, department stores, gas stations, and sari-sari stores.
Last Monday, GCash stated that retailers would not be charged for QR PH transactions for the rest of the year. The e-wallet pioneer expects micro, small, and medium firms to profit from cashless purchases.
For merchants with P100,000 in gross sales, GCash waives the 1.5% transaction charge for e-wallets up to P500,000 each month.
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