A few days ago, a lot of people using GCash were rattled by the recent update on cash in transactions that the mobile app will be implementing beginning July 6, 2020. Cash In via Bank Card (MasterCard/Visa) service will now incur a convenience fee of 2.58%. and this will be charged on top of the amount GCash users will cash in.
This is due to the direct charges from the brand’s payment partners, and will be paid directly for their services.
A lot of questions arise as days goes by and one of the frequently asked is the computation or calcualtion of the exact fees which will be charged during a cash in transaction via MasterCard and Visa.
To properly explain how it works, the convenience fee which will be charged is 2.58% of the cash in amount. The fees will be computed and stated in the app for each cash in.
Let’s say you have cash in P100. The fee for a P100 cash with a 2.58% convenience fee charge would be P2.58. The total amount charged to your card will be P102.58.
Eceryone using the GCash app are now asking why there is a need to add 2.58% convenience fee everytime we transact cash in?
While GCash has kept the Cash In via Bank Card (MasterCard/Visa) service free to allow users to fund their GCash wallets, their payment partners have recently increased the charges for this service; in which each cash in transaction will now incur a 2.58% convenience fee, representing the direct charges from payment partners.
It is safe to understand that all Bank Card (MasterCard/Visa) transactions are charged fees by connected payment partners.
Many ways to cash in without convenience fee
There’s no need to panic or stop using GCash just because of this recent development. Actually, there are ways to cash in without incurring the convenience fee.
BPI/UnionBank in-app transactions
For BPI and UnionBank, GCash mobile has in-app features for users to link and cash in for free.
Cash in via InstaPay
Users may also cash in with their respective bank’s app/website via InstaPay. Most banks’ InstaPay service remain free until further notice.
Most users are on mobile these days and these options are convenient for those who have their BPI or UnionBank app which they can link to their GCash or cash in through InstaPay which is the most easy and fastest way to transfer or send money via mobile services.
Cash in via PayPal
Cashing in via PayPal is also FREE of charge. Check out GCash PayPal FAQs for more information on how to add funds to your GCash through your PayPal account.
Cash in over-the-counter at partner merchants where GCash signs are available
Cashing in is also FREE in all over-the-counter outlets until you reach a monthly threshold of P8,000. After reaching this limit, a service fee of 2% will apply each time you cash in. The fee will be deducted automatically from the amount you cashed in to your GCash wallet.
This limit refreshes on the first day of each month. So you can cash-in over-the-counter- for up to P8,000 for FREE every month.
Outlets like Savemore, Shell Select, Villarica, Cebuama Lhuillier, 7-Eleven, Palawan, Tambunting, Palawan Express, SM Hypermarket, SM Supermarket, Puregold, Western Union, EC Pay, Bayad Center are just some of the places where you can do your over-the-counter cash ins transactions.
Do take note that you can check your transaction history on the GCash App or you may download your transaction history through your nominated email address to see the total amount charged on your previous cash in transactions.
The amount of your previous cash in transactions might be different from your bank statement. This is normal.
The fee is charged on top of your cash. For example, if you cashed in P1,000, with fees of P25.80, the amount stated in your bank statement for the transaction will be P1,025.80.
GCash is still the most competitive mobile wallet in the market
Now with 20 million users, GCash is still the most competitive lifestyle mobile wallet in the Philippines. The fee 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).
There are 70,000 partner merchants nationwide accepting GCash.
Free cash-ins to customer with linked bank accounts or via InstaPay network.
Multiple value added services such as GCredit, GSave, and GInvest.
And convenient payment of bills through GCash Pay Bills, and bank money transfers through GCash Bank Transfers.