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No more queueing: Quick bank deposit using GCash Fund Transfer

As its response to Bangko Sentral ng Pilipinas’ (BSP) call for financial inclusion, GCash is now making it easy for its users to transfer funds to over 30 banks nationwide.

The BSP-regulated mobile money service recently introduced GCash Fund Transfer that eliminates the tedious process of queueing in banks to make a deposit and for a certain promo period, the deposit fee is waived.

Along with its other services including paying for online purchases, bills, and even buy load, GCash Fund Transfer aims to promote more cashless transactions. Using the GCash app, users need to just choose the amount, the bank to transfer, and key in the authentication PIN sent to the mobile phone number provided.

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“We want to provide people with methods to make quick bank transfer as part of the company’s mission to drive financial inclusion,” said Joseph Lim, vice president for Financial Institutions at GCash.

“All the users have to do is link their bank accounts to GCash and when they have transferred money they can then transfer to another bank,” explained Zoe Ocampo, senior manager at GCash.

At present, there is no limit as to the amount users can transfer save for the existing wallet caps implemented by BSP.

BSP expects the nation to have at least 20 percent of its financial transactions to be made electronically by the year 2020. This includes banks and Electronic Money Issuers (EMIs) including GCash.

GCash, for its fund transfer service, utilizes the InstaPay platform initiated by the BSP. 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 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.

Image from Pixabay

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