GCash Fund Transfer for Free to over 30 Banks Nationwide

Hello there everyone!

Anyone of you here goes to banks to pay for your loans, transfer money to another bank or do bank to bank transaction? I bet the process of traveling, queuing to finish your bank transaction eats your day up and nags you to bits.

Well, I’m a long-time prey to this process too and just glad there is now an easy solution to this setback.

Yours truly had the honor to join the GCash Fund Transfer forum here in Davao City on Friday.

“The key component why we are here as a company is to drive for financial institution addressing the unbank and talking to the underserved that we could offer services. And while we are a financial technology company we are not here to compete with banks but rather consider ourselves as a value-added partner for your banking services.” Said Reyner Villasenor, GCash VP & Group Head for Corporate Communications Group.

GCash Fund Transfer for Free to over 30 Banks Nationwide

GCash Fund Transfer Bank Partners.

Download the Gcash App to see if your bank is included.

The Service

GCash is the country’s leading mobile money service. In the forum, GCash rolled out fully its latest service – GCash Fund Transfer. This service will allow GCash app users to transfer funds in minutes to over 30 banks operating in the country. The service can also do bank to bank transfer and interbank fund transfer. Gcash is also working to include rural banks in the coming days.

The Fee

Joseph Lim, GCash VP for Financial Institutions

Philippine fund transfer services are notorious for having exorbitant fees and antiquated paper processes. The former of which depends on a certain percentage of the money you’re transferring or a fixed fee, with a turnaround time depending on the volume of people per bank or money transfer service branch. Hence, GCash Fund Transfer is FREE.

Eco-Friendly

Thanks to this feature, fund transfer times have been virtually reduced to zero as it will only take less than 3 minutes to complete a transfer transaction digitally. Since it’s all done digitally, paper wastes are eliminated.

How to use GCash Fund Transfer?

With GCash, all a customer needs are smartphone, funds in their GCash account, and the bank details of the account they’re transferring funds to.

Once these are inputted, they can just sit tight and relax as the confirmation message arrives on their device. This service also allows for transfers anywhere in the Philippines where there is data connectivity present. The app also is open to use for all networks, be it Globe, Smart, Sun, Talk n’ Text, or TM.

Reyner Villasenor, GCash VP for Corporate Communications

Fund transfers are an integral part of the Philippine financial ecosystem. It’s widely used for sending money for personal purposes such as for family needs, bills payments, or even paying online sellers for products ordered on social media platforms. The Bangko Sentral ng Pilipinas expects the nation to have at least 20% of its financial transactions to be made electronically by the year 2020. This includes banks and Electronic Money Issuers (EMIs) which GCash is classified under.

“Fund transfers used to be a long, bogging process where customers will just wait for their turn on the cashier just to have the money delivered onto another account. With GCash’s new feature, over 15 million customers can now transfer funds to more than 30 banks for free, and without taking hours,” said Anthony Thomas, President, and CEO of Mynt.

This convenience, combined with all the services available in the GCash App, makes for a perfect all-in-one financial tool for all Filipinos. It also ties back to GCash’s mission of financial inclusion in the Philippines,” he added.

Mynt is the operating company of GCash.

GCash, for its fund transfer service, utilizes the InstaPay platform initiated by the Bangko Sentral ng Pilipinas. It is an Electronic Fund Transfer (EFT) service that allows customers to transfer funds almost instantly between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines.

How to get GCash?

Just download the GCash App for free from the App Store or from Google Play and sign up for an account. Alternatively, you can look for @gcashofficial on Messenger and sign up.

To fund their GCash account, a user can visit over 16,000 GCash partner outlets nationwide, like 7-Eleven, SM Business Centers, Robinsons Business Centers, Puregold branches, and Villarica Pawnshop branches, and tell the cashier to cash-in to their GCash account. Cashing-in to a GCash account is free.