Fund transfers used to be a long, bogging process where customers will just wait for their turn on the cashier just to have money delivered onto another account. With GCash’s new feature, over 15million customers can now transfer funds to more than 30 banks for free and without taking hours. This convenience, combined with all the services available in 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. Mynt is the operating company behind 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.
To fund the GCash account, a user can visit over 16,000 GCash partners 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.