GCash will be changing its system starting October 1 where all direct cash-in will now go through InstaPay. This is in accordance with the order of the Bangko Sentral ng Pilipinas (BSP) to make fund transfers to online banks and e-wallets faster, safer, and more transparent.
GCash said it will not charge any direct cash-in fees with the new system. However, some partner banks may change their service fees depending on their own policies. Users are advised to check their bank's announcement for the schedule and updated fees.
For now, users can still cash-in at over-the-counter outlets, cash-in machines, and some local banks. For those using bank transfer, they still need to go through their respective banking app to transfer money to their GCash account.
According to GCash, starting September 30, the cash-in fee using some banks will be ₱15. Meanwhile, other cash-in methods will remain free unless there is an additional charge from the bank.
InstaPay is an electronic fund transfer service that allows for instant money transfer between accounts under the BSP.
