GCash, a subsidiary of Mynt (formerly Globe Fintech Innovations), has undoubtedly been the Philippines’ leading electronic wallet provider.
The health crisis has caused GCash’s user base to double over the last two years since people do their financial transactions online. By August 2021, active users had risen to 46 million from 20 million in 2019.
GCash offers its customers many financial services, so it shouldn’t be surprising that this happens. An array of features come with the app, including an easy money transfer, bill payment, reloading your account, and a ‘buy now, pay later feature.
Among the determining factors you should know about is the maximum amount you can cash in or receive money, the maximum amount you can cash out or send money, and a limit on how much money you can keep in your wallet.
For Basic GCash Accounts:
Wallet Limit – ₱50,000
Monthly Incoming Limit – ₱10,000
Daily Outgoing Limit – No Limit
Monthly Outgoing Limit – ₱10,000
For Fully Verified GCash Accounts:
Wallet Limit – ₱100,000
Monthly Incoming Limit – ₱100,000
Daily Outgoing Limit – ₱100,000
Monthly Outgoing Limit – No Limit
For GCash Plus Accounts:
Wallet Limit – ₱500,000
Monthly Incoming Limit – ₱500,000
Daily Outgoing Limit – ₱100,000
Monthly Outgoing Limit – No Limit
For Enterprise Accounts:
Wallet Limit – ₱500,000
Monthly Incoming Limit – ₱500,000
Daily Outgoing Limit – ₱100,000
Monthly Outgoing Limit – No Limit
GCash Limit defines the maximum amount of money you can keep in your GCash wallet at any time. It is possible to store up to a hundred thousand Pesos in your wallet if you are a fully verified user.
You can opt for the GCash Plus or Enterprise profile if you want a larger credit limit. Particularly if you are a business owner or you need more credit.
In your account, this represents the total amount of money that you can deposit or cash in. More precisely, money transfers from your bank account to your G Cash account, money received from another person to your account, and cashing in at a payment center are all counted as incoming limits.
It has been mentioned that basic users will only have a limit of Php10,000 per month, whereas fully verified users can receive up to Php100,000 per month. The most suitable option for business owners who use GCash as a payment option is to apply for the Plus or Enterprise service tiers. These tiers come with much higher limits of Php500,000 each.
GCash Padala has a feature that allows users to cash out, send, or deposit one GCash account balance to another GCash account via a bank transfer or GCash Padala. A number of examples of sending money include transferring money from GCash wallets to other users, transferring money from GCash wallets to a bank, or withdrawing money from an ATM using your physical GCash card.
For accounts with Full Verification, enterprises can receive up to ₱100,000 per day. However, customers with Fully Verified accounts can only receive up to ₱100,000 per day. Meanwhile, the basic or unverified accounts don’t have a daily limit, but they can only make payments up to ₱10,000 per month.
To comply with the Anti-Money Laundering Act of 2021, which is mandated by the Bangko Sentral ng Pilipinas (BSP), GCash, along with other similar financial services, had to set transaction limits.
Once you have used up all your GCash limits for the month, your account will be restricted. This means that you will only be able to carry out transactions the following month. You can continue using your account by getting fully verified or upgrading to Plus or Enterprise accounts if you want a better limit for your account.
You will need to get your GCash account fully verified if you have only a basic GCash account. As soon as you have submitted your application, it will be processed and can take up to 24 hours before it is confirmed. There is no cost for this service; you only need to provide a government photo ID (not expired) and take a photo of yourself.
It is not feasible, as it will beat the purpose of why GCash is implementing transaction limits on their platform. The result is that even if you create a new account with a different phone number, but verify it using the same IDs, your new and old accounts will share the same limits on wallet and transactions.
It is important to understand that in most cases the wallet limit in this type of profile is ₱100,000. If you have ₱50,000 in both your old and new wallets, and you are a Fully Verified user, then you cannot add more, since the wallet limit in this type of profile is ₱500,000.
If you are interested in upgrading your wallet to ₱500,000. You can apply for a GCash Plus Account. Here is an easy step to do so.
Step 1: You have to ensure that you are already fully verified.
Step 2: Link one of your bank accounts and cash in any amount
These are the following accepted bank accounts:
Or you can also open a GSave or GInvest account and deposit or invest atleast ₱100.
Related: Guide: Transfer Money from PayPal to GCash in 2022
That’s all there is to it. You should keep several things in mind regarding the transactions and wallet limits of GCash.
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