Great news for everyone! Giant Mobile wallet services GCash and PayMaya will not be collecting bank transfer fees until October 31, 2020.
In a notice to users via its app, GCash said that starting November 1, 2020, a ₱15 fee will be charged per bank transaction while Paymaya does charge ₱10. PayMaya and GCash utilize InstaPay which allows user to deposit and transfer money to its partner banks and institutions. InstaPay allows users to send money at a maximum of P50,000 per transaction, which will be credited to a recipient’s bank account almost immediately.
Try it for yourselves and thank us later! :)
GCash -> GSave (CIMB) -> transfer to any bank for free.
PayMaya -> GrabPay (via Visa card) -> transfer to any bank for free
If money is coming from traditional banks, you may use GrabPay method above with your 16-digit Mastercard/Visa debit card number
Open the Grab app, tap Cash In, tap Cards, enter your 16-digit debit card number, enter amount, then proceed with the cashin. In the Grab app's home screen, tap the amount/wallet, tap amount/wallet again, tap Transfer, tap Send to bank account.
***Note: The outgoing transfer feature is quite secluded, not sure if the developer did it on purpose but you cannot not sure if sinadya nila to
Additionally, any banks that will cash-in through Grabpay will not be charged with any fees and vice-versa as long as the bank does not consider it as a credit-to-cash transaction and limited to ₱8,000 cash-in amount per 24 hours.
I hope these tips helps!