GCash’s announcement on September 26 about the transaction fee involving select banks and electronic money institutions (EMIs) sparked questions (and criticisms) from many netizens.

In terms of criticisms, we wouldn’t blame you for that as this could be a big low-blow for those relying on more efficient online financial transactions amid the COVID-19 pandemic.

But it’s not actually as bad as what some news headlines leading you to believe. So as for the questions, allow us to answer some of them.

1. Where does the transaction fee apply?

GCash’s official statement says that there are only two circumstances in which users will be charged: One, when cashing-in from banks to GCash that uses the InstaPay service, and two when cashing-out or sending GCash money to select banks or EMIs.

2. How much is the transaction fee when I cash-in via banks?

That may depend on the banks themselves. Some banks may charge you up to P50 per transaction. Check out this comprehensive list for more details: http://www.bsp.gov.ph/payments/Fees.pdf

3. What about the P15 transaction fee people are upset about when transferring money from GCash to a bank or EMI?

This only applies to those using the InstaPay service that will soon be implemented by October when cashing out or sending money to a bank or EMI.

4. What about the fee when cashing-in to GCash via kiosk like the ones in 7-11?

There would be, that is if— and only if— users went over the cash-in threshold of P8,000 within a month using these channels, which charges 2% of the money you cash-in.

5. Are there any banks ignoring transaction fees?

GCash advised its customers to go for BPI and UnionBank fund transfer that still offers free transactions. GCash users only have to link their bank account to their GCash App to avoid charges.

6. What are GCash transactions that are still free?

GCash to Cash Send Money Transactions, Pay Bills and Buy Load will still be free of charge.

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