There’s no denying that GCash, a company owned by Mynt (formerly Globe Fintech Innovations), is the biggest e-wallet service in the Philippines.
In fact, GCash’s user base doubled in the last two years due to the health crisis, which pushed people to do their financial transactions online. From its 20 million active users in 2019, the numbers jumped to 46 million by August 2021.
This isn’t surprising considering the tons of financial services that GCash offers. There’s the easy money transfer, bills payment, reloading, a ‘buy now, pay later‘ feature, and a whole lot more.
But for today, we’ll be discussing one of the primary things you should know about the service, especially if you are transacting and moving large amounts of money. What we’re referring to are the GCash limits for cashing in or receiving money, cashing out or sending money, and the amount you can hold in your wallet.
Table of Contents
- GCash Wallet and Transaction Limits
GCash Wallet and Transaction Limits
|Basic||Fully Verified||GCash Plus||Enterprise|
|Php10,000||No limit||No limit||No limit|
What is GCash wallet limit?
This is the maximum amount of money you can keep in your GCash wallet at any given time. For example, if you’re a fully verified user, you can store up to Php100,000 in your wallet.
But if you’re a business owner or someone who needs more, you can apply for the GCash Plus or Enterprise profiles to get a Php500,000 limit.
What is GCash incoming limit?
This is the total amount of money you can receive or cash-in to your account. To be specific, transferring money from your bank account to your GCash, receiving money from another user to your account, or cashing in from payment centers are counted.
Basic users have a limit of only Php10,000 while fully verified users can receive up to Php100,000 per month. In case you’re a business owner who uses GCash as a mode of payment, it might be best to apply for the Plus and Enterprise tiers, as they come with a much higher Php500,000 limit.
What is the GCash outgoing limit?
This is the total amount of money you can cash out, send, or transfer to another GCash account, bank transfer, or GCash Padala. Some examples include sending money from your GCash wallet to another user, transferring money from your GCash wallet to a bank, or withdrawing to an ATM using your physical GCash card.
Users with Fully Verified to Enterprise accounts have no monthly limit, but they can only transfer or cash out up to Php100,000 per day. Meanwhile, the basic or unverified accounts don’t have a daily limit, but they can only send up to Php10,000 per month.
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Why does GCash have transaction limits?
GCash, just like other similar financial services, had to set transaction limits to comply with the Anti-Money Laundering Act of 2021, which is mandated by Bangko Sentral ng Pilipinas (BSP).
What should I do if I exceeded my GCash Limits?
If you used up all your GCash limits, your account will be restricted and you will only be able to transact in the following month. To continue using your account, you may opt to get fully verified or upgrade to Plus and Enterprise accounts to get better limits.
How can I increase my GCash transaction and wallet limits?
If you only have a basic GCash account, the next step is to have it full verified. All you have to do is submit a government valid ID (not expired) and take a selfie. Once done, your application will be processed, which can take up to 24 hours before it’s confirmed.
Will my limit double if I have multiple GCash accounts?
No, as it will beat the purpose of the reason why GCash is implementing limits on their transactions. This means that even when you create a new account using a different number, but you verify it using the same IDs, your new and old accounts will share the transaction and wallet limits.
For example, both your old and new wallets already have Php50,000 each, and you’re a Fully Verified user, then you can’t add more, as the wallet limit in this type of profile is Php100,000.
That’s it. Those are things you need to remember with regard to GCash wallet and transaction limits. If you have any questions, here’s how you can contact the GCash customer service.