Bank Transfers with GCash (Includes Paymaya, Coins.ph, GrabPay)

Bank transfer is one of the most used features of GCash. There are only a few other fintech apps that allow free transfers (until Nov 1 anyway). A side effect of this is the fact that it has also become the only free way to cash out in GCash — all you need to do is to transfer it to the bank where you already have an ATM, then withdraw from that ATM. All of the other cash out methods involve a fee.

What makes Bank Transfer work?

This is made possible by a BSP initiative called the National Retail Payment System. This system provides a framework for easy retail payments and transfers. Under this framework is where they enable Automated Clearing Houses like PESONet and Instapay.

GCash utilizes Instapay to transfer funds between banks or other fintech apps.

What’s the difference between PESONet and Instapay?

The main difference is the speed and the amount being transferred. Instapay has a Php 50,000 amount limit per transaction, but the speed you can send the amount is instant, hence the name.

PESONet has no set amount limit because it is used for volume transactions. Because of this, the clearing time is longer and can take up to a day to process.

What is the transfer limit for GCash?

There are cash-in and cash out limits of Php100,000 per month for Fully Verified users. This is on top of moving money from and into your wallet.

How does Bank Transfer work in GCash?

You need to click the Bank Transfer button on the main page. On the next page, we can see some partner banks we can send funds into. To see the whole list, we can click on “View All”.

To transfer funds, you just need the account name, account number and the amount. I recommend putting in your email address in the “send receipt to” option so that you will have a record of the transaction.

Is there a fee to use Bank Transfer?

As of November 1, 2020, GCash will be charging Php 15 per transfer. This is due to Instapay charging banks and other institutions using its service. Here is a list of fees of other banks providing the Instapay service.

How can I save bank details for use later?

You can also save bank details so that it’s easier to transfer the next time. There can be a maximum of 20 saved banks at any time.

Here are the steps for saving bank details:

  1. You need to click on the “Add Account” button under My Saved Bank Accounts.
  2. This brings up a bank list. In my example, I chose BDO.
  3. You need to save your account details and set a nickname for use next time.
  4. Once you’ve saved your bank, you will see it in the Saved Bank section.

How do you use your saved bank details?

You need to click your saved bank, then go through the bank transfer as normal. Since the details have been saved, you don’t need to input them — just the amount to transfer is needed.

How do you do a scheduled transfer?

You first need to save your bank details. Once you plan to use your saved details, you can add a scheduled transfer (max of 5) to your saved details.

Here are the steps:

  1. From the specific Bank Transfer page, click on the Add New Schedule under the Create Scheduled Transfers section.
  2. Select your period and amount then click Confirm.
  3. On the next page, check the settings you created and click on the Confirm button.

What do I do if I don’t receive the funds?

You should be able to receive it a little later (at most 24 hours). If after 24 hours you still haven’t received the funds, then it would be best to contact support.

Why does this happen? This is usually a connection issue with Bancnet. Since GCash transactions as a whole take up a lot of bandwidth, sometimes Bancnet servers cannot keep up. But since the user is using the GCash app, the blame naturally goes to it.

In contacting support, I suggest you use the chat function of help.gcash.com (in the app or via browser) as they recently announced that their chat support has a live person now available 24/7.

Can Bank Transfer affect GScore and GCash Forest?

GScore looks into your financial habits as a whole, so how you use Bank Transfer can potentially affect your GScore. Here is a blog post explaining more about raising your GScore.

Bank Transfer is one of the known EP generators for GCash Forest. You can get around 130EP, but there is a minimum of Php100 before it triggers EP creation.

Can I bank transfer then withdraw from my ATM account as a method of cash out?

Yes, and I recommend this option because it is cheaper than the alternatives.

Withdrawal via ATM using your GCash Mastercard has a fee of Php 20. Over the counter withdrawals has a Php 20 fee per Php 1000 withdrawn.

Can we send to GCash from other bank apps?

Yes, as long as it is through Instapay. However there may be a transaction fee, depending on the bank.

Here are the transaction fees for the different banks if you initiate transfer using their individual apps:

Here are the fees for most banks:

  • AUB: Free
  • BDO: Php 25
  • BPI: Php 25
  • Chinabank: Free
  • Coins.ph (DCPay): Php 10
  • Landbank: Free
  • Maybank: Php 40
  • Metrobank: Free
  • Paymaya: Php 10
  • PBCom: Php 20
  • PNB: 50
  • PSBank: Free
  • RCBC: Php 25
  • Union Bank: Free

You can also refer to the BSP Instapay fees list if your preferred bank is not here.

Note: During the current COVID-19 quarantine period, many of these banks have waived their transaction fees.

How do we send to a Paymaya account?

There is a Paymaya selection in the bank list – meaning Paymaya supports receiving Instapay deposits. You need to input account name and the account number, which is your mobile number tied to the Paymaya account.

Can we send the money back to GCash from Paymaya?

Yes, you need to click on Bank Transfers from the main page, then input details like the account name and the account number (again, this is the mobile number tied to the GCash account). There are no fees, similar to GCash.

How about GCash transfer to Coins.ph?

Yes, there is also a Coins.ph selection in the bank list (under DCPay) which means Coins.ph supports Instapay receiving as well. The account name and account number (again, mobile number) is needed.

Can we send funds from Coins.ph back to GCash?

Yes, Coins.ph supports sending via Instapay. However there is a fee included (Php 10).

Coins.ph also supports free PESOPay transfers to other banks but it takes more than a day to process it as they seemingly batch these up to multiple transactions.

How about GCash to GrabPay transfers?

As of a recent update, you can also send via Instapay to GrabPay. The account number to be used is your mobile number linked in the Grab account.

Another way you can top up to Grab with GCash is via GCash Mastercard or AMEX. I used AMEX, since I had that option in my GCash app. You just need to click on “Cash-in” in the GrabPay page.

Can we send from GrabPay to GCash?

For the opposite case (GrabPay to GCash), GrabPay can also do bank transfers but they only support PESOPay in the meantime. GCash does not support PESOPay yet. So there is no way to transfer money directly to GCash in the meantime. You can use an intermediary, like sending to Coins.ph first, and then to GCash.

Summary

We’ve talked about how Bank Transfers work in GCash. GCash leverages Instapay to process these transactions. We also delved on how to transfer to and from other fintech apps like Paymaya, Coins.ph, GrabPay.

If you’d like to learn more about GCash, I created a how-to on the basics of GCash.

Here is a list of links if you’re interested in the main GCash functions:

If you are also interested in knowing what resources I used to make this blog happen, please look at my resources page.

How do you like the tutorial? Did I miss anything? Please add your comments and suggestions below!

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