A new national rule is changing how Filipinos move money from their banks to e-wallets. Starting October 1, loading your GCash account using a Bank of the Philippine Islands (BPI) account will be processed through the InstaPay network.
This change is not optional. The Bangko Sentral ng Pilipinas (BSP) has ordered all digital banks and e-wallets to use InstaPay for these transactions. The central bank believes this will make all fund transfers quicker, more secure, and consistent for everyone.
Using InstaPay to cash-in will still cost Php15 per transaction. A spokesperson for GCash clarified that the e-wallet itself will not profit from this charge. However, the financial institutions that initiate the transfer might pass on the cost to customers. GCash recommends users contact their banks directly for specific details on any new fees.
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BPI has stated it is following the BSP’s mandate. The bank began applying the same InstaPay model for transfers to other e-wallets like ShopeePay and SeaBank back in August. BPI explained that the Php15 fee helps cover operational expenses, including payments to the company that manages the InstaPay system.
For cost-conscious users, BPI pointed out a way to save money. Customers can opt to send funds directly from the BPI mobile application to their GCash wallet for a reduced fee of only Php10. The bank also mentioned that certain client groups and payments to merchants will remain exempt from fees.
A completely free option is also available. Users can transfer money from their BPI account to a GSave account without any charge. Once the money is in GSave, it can be instantly withdrawn into the main GCash wallet for use.