GCash in partnership with the Banko Sentral Ng Pilipinas(BSP) introduced its newest service – Instapay. Here’s our full guide to Bangko Sentral ng Pilipinas’ newest offering and how it may speed up our bank transactions.
Traditionally, transactions between two banks are somewhat not convenient and advisable. If ever feasible, the processing time often takes at least one to two days and may even require you to pay a additional fees.
In our current banking system, these issues related to exchange transactions between banks were indeed apparent and it has been in our system for a long time now. But with Instapay, these issues can be resolved.
What Is Instapay?
InstaPay is an electronic transfer service that enables customers to transfer PHP funds between accounts of participating BSP-supervised banks and non-bank e-money issuers in the Philippines almost immediately. The service is available 24×7 throughout the year. It is a priority automated clearing system designed to deliver safe, efficient, affordable and reliable retail payment in the country specifically for real-time, low-value electronic fund transactions.
GCash as Instapay partner enables its subscribers to access this privilege of receiving money from and sending money to a recipient from another bank using only a smartphone in less than 3 minutes.
Why Use GCash?
GCash app users are now able to enjoy Instapay’s benefits. Bank transfer transactions to more than 30 banks are now available without any fees. No more queues and spending long hours in banks, plus it only takes few seconds to complete the whole process. You can also use the app to pay the online sellers without any hassle on worrying on the security of your payments. In addition to that, by linking and cashing-in with your bank account you can easily transfer money from one bank to another.
How to Cash-in Your GCash Wallet?
There are 3 main options to load a GCash wallet.
1. Over-the-Counter, subscribers can load their GCashwallet with over 10 Over-The-Counter options including major department stores, supermarkets, pawnshop and payment facilities such as BayadCenter, Globe Store, Express Pay and Digipay. For each cash-in payment options, GCash providen an easy to follow instructions on how-to-load for different platforms.
2. Online Banking, just link your preferred bank account or any mastercard to your GCash account to automatically transfer funds from Bank to GCash. Users don’t have to worry about any technical difficulties, a guided tutorial for first time user will pop up to link an account.
3. Remittance, although Instapay only cater easy fund transfer for local currency. Another option to cash-in money to your GCash wallet is through remittance partners. GCash users can cash-in through MoneyGram, Western Union and PayPal. You just have to provide the reference number and country of birth to receive your remittance to your GCashaccount. Also, if you are an online freelancer and receives payment through PayPal, you can withdraw your paypal balance using GCash cash-in option without any fees
How to Use GCash Free Fund Transfer?
To transfer funds from GCash to bank or vice versa, there are 4 ways on how to do it:
1. Express Send, just key-in the mobile number of the person that you wish to transfer funds to send money to another GCash registered app user.
2. SnapMoney, this is a personalized and creative way to send money to another GCash users. Add personalized message and media contents such as photo, video, voice recordings and themes.
3. Ang Pao, Ang Pao made digital. Surprise your godchildren by sending this digital gifts. If not claimed, the amount you sent will return to your wallet after 72 hours.
4. Bank Transfer, with over 30 partnered banks you can now transfer funds to another bank in less than 3 minutes. It doesn’t only cut off the cost, it also allows users to experience the convenience without lining up and spending time in banks just to deposit funds to a bank account.
To learn more on how to Transfer Funds For Free With GCash read HERE.
Level up your banking experience! If you haven’t signed up to GCash, Sign-up HERE!