GCash ATM withdrawals increase from to P18 from P10
GCash recently provided an update on the new prices for the GCash ATM withdrawals which is now P18.
Here’s GCash’s statement over the recent increase plus some other details:
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In line with BancNet Circular No.: BDD-2021-0002, in accordance with BSP Memo 2019-020, all Bancnet Member Institutions shall now shift to an Acquirer-Based Fee Charging model, effective April 7, 2021 .
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This means that all ATM transaction fees for withdrawals and balance inquiries shall now be collected directly by the Acquiring Terminal (i.e., ATM Machine Provider) from the account of the cardholders.
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BSP Supervised Financial Institutions are now able to collect their own acquiring fees for the ATM services, provided these fees are approved by BSP.
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Note that ATM fees may vary per Acquiring Institution/ATM Provider depending on the rates approved for them by BSP.
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Below is the range of BSP-approved Acquirer Fees:
- ATM Withdrawal Fee: P10.00 to P18.00
- ATM Balance Inquiry Fee: P0.00 to P2.50
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Said fees shall likewise be displayed by the ATM Provider to the cardholder during the ATM transaction.
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Make sure we allot sufficient amount to cover the ATM Withdrawal Fee to avoid withdrawal being rejected
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Please note that there will be no change on the GCash platform fee
Hope everybody becomes aware that there would be an increase on the charges for GCash ATM withdrawals
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