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| Learn about the transfer fees for Paymaya transactions when sending money to GCash and other banks in the Philippines. LOGOS: Paymaya and GCash |
If you're a Paymaya user with a GCash account, you may occasionally need to transfer funds back and forth. If you're unfamiliar with the fees and charges associated with sending money from Paymaya to GCash or other banks, you've come to the right place.
Paymaya, along with GCash, is a well-known e-wallet or mobile banking app in the Philippines. Most merchants in the Philippines are using Gcash and Paymaya for their QR payment system since said apps are simple to use, and anyone can automatically access the "Pay QR" features of both apps.
It's simple to transfer funds from Paymaya to GCash or other banks. You simply need to navigate to Paymaya's "Send to Bank" feature. While it is simple to send money, an individual may wish to check the transfer fee first before proceeding with the transaction.
When transferring money from Paymaya to GCash, you can view the list of transfer fees and charges here.
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What is the fee for transferring funds from Paymaya to GCash?
Transferring money from Paymaya to GCash is subject to a ₱15.00 transaction fee. Similarly, the cost of transferring funds between Paymaya Negosyo (PMN) and GCash accounts may vary depending on the amount being transferred.
How much is the transfer fee of PayMaya to other banks?
Paymaya utilizes the electronic fund transfer (EFT) service of Instapay, which allows customers to instantly transfer peso funds between accounts of participating banks and e-banks supervised by the Bangko Sentral ng Pilipinas (BSP).
Transfer fees to banks may vary. Here is the list of participating banks and their fees as of October 31, 2021:
| Bank | Transfer Fee |
|---|---|
| AllBank, Inc. | ₱15.00 |
| Asia United Bank Corporation | FREE |
| Bank of Commerce | ₱10.00 - ₱25.00 |
| Bank of the Philippine Islands | ₱0.00 - ₱25.00 |
| BDO Unibank, Inc. | ₱25.00 |
| BPI Direct Banko, Inc. | ₱0.00 – ₱25.00 |
| Camalig Bank, Inc. | FREE |
| Card Bank, Inc. | ₱12.00 |
| Cebuana Lhuillier Rural Bank, Inc. | ₱15.00 |
| China Bank Savings, Inc. | FREE |
| China Banking Corporation | FREE |
| CIMB Bank Philippines, Inc. | FREE |
| CTBC Bank (Philippines) Corporation | ₱15.00 |
| DCPay Philippines, Inc. | ₱10.00 |
| Dungganon Bank, Inc. | ₱10.00 |
| East West Banking Corporation | ₱5.00 |
| East West Rural Bank, Inc. | FREE |
| Equicom Savings Bank, Inc. | FREE – ₱15.00 |
| G-Xchange Inc. (GCash) | ₱15.00 |
| Gpay Network PH, Inc. | FREE |
| ING Bank N.V. Manila Branch | FREE |
| Land Bank of the Philippines | ₱25.00 |
Meanwhile, here's the list of banks that waived transfer fees until December 31, 2021:
- Asia United Bank
- China Banking Corporation
- China Bank Savings
- Equicom Savings Bank (retail clients)
- ING Bank, N.V.
- Malayan Savings Bank
- RCBC via DiskarTech mobile app
- Robinsons Bank
- Rural Bank of Guinobatan
How to transfer funds from Paymaya to Banks including GCash?
Transferring funds from Paymaya to other banks is simple; simply launch the app and log in to your account. Click the "Bank Transfer" button on the home screen, and then select your preferred banks. You must enter the recipient's information. When you're finished, click the "Send" button to finish the transaction.
You may also follow the outline steps below:
- Access your PayMaya account by logging in.
- On the Home screen, tap "Bank Transfer."
- Choose a partner bank from the list and enter the required amount.
- Enter the recipient's information.
- Tap the "Continue" button.
- Review the details of your Send Money transaction.
- Tap the "Send" button.
- Await confirmation from PayMaya via text message.
Does PayMaya charge for bank transfers?
While Paymaya does charge for bank transfers, the mobile banking app currently offers no-fee transfers to banks. From November 4 to December 31, 2021, PayMaya will charge you nothing to transfer funds to other banks.
Individuals must transfer money from their PayMaya wallet to other bank accounts FOR FREE when using the InstaPay feature on the app. After completing a valid transaction, users will receive a ₱15.00 cashback voucher.
Where can I cash in PayMaya without charge?
If you want to transfer money from another banking app to your Paymaya account, you can use the Bank of the Philippine Islands (BPI) app. Because it offers a FREE transfer fee when sending money to your Paymaya wallet, you must send a minimum of P500.00.
You can also look through the list below of partner stores that offer free transfer fees:
- MiniStop (via Pay & Go)
- Palawan Pawnshop
- UnionBank (via Linked Account)
- Robinsons Supermarket
- Robinsons EasyMart
- SouthStar Drug
Note: Money can be added to your PayMaya account for free at select Cash in partners as long as the transaction does not exceed the Php 10,000 monthly threshold. When your credited balance reaches the monthly threshold, a convenience fee of 2% will be deducted from it.
Why use Paymaya to Transfer Money to Banks?
Using e-wallets like PayMaya has a slew of benefits. To begin with, there is no need to wait in line at banks or payment centers to transfer money or pay bills. Account-holders are also not required to conduct these common transactions during business hours. You can use all of PayMaya's features at any time as long as your connection is stable.
PayMaya also has a large network of merchant partners across the country. There are also ongoing promotions, such as cash-backs, that help people make the most of their money. With all of these advantages, it's no surprise that an increasing number of Filipinos have chosen PayMaya as their primary mobile wallet app.
To use these simple features, you must first fund your PayMaya account. This is possible via the app's Cash in feature, which can be accessed from the PayMaya home screen.
Conclusion
The transfer fee for using the Paymaya app to send money to GCash and other banks is reasonable, just like it is for other banking apps. It sends money to another bank account using Instapay as a third-party electronic fund transfer.
Paymaya is simple to use for money transfers with GCash and other banks. You don't even need to leave your house or commute to transfer money because you can do so with a single click and at a low transfer fee. —iTacloban