GoTyme Bank users’ FREE deposits via linked bank accounts are down to two per month starting November 15.
In an email advisory, dated November 4, the Gokongwei-backed digital bank says once all free deposits are used up, further deposits via linked bank accounts are charged with a ‘small’ transaction fee:
Hence, for example, if a user deposits from BPI for an amount of PHP 10,000USD 170INR 14,446EUR 162CNY 1,241, the transaction charge of 1% will be PHP 100USD 2INR 144EUR 2CNY 12.
As of writing until the said date, there is no cap on free deposits on any linked bank accounts.
A turnaround for BPI users is to send directly in-app via InstaPay or PESOnet to get around the 1% fee with as low as PHP 25USD 0.43INR 36EUR 0.41CNY 3 charge.
Last month, GCash implemented a PHP 5USD 0.09INR 7EUR 0.08CNY 0.62 cash-in fee for BPI and UnionBank linked accounts. One of the most popular e-wallet says that this is “due to increasing costs”.
Only time would tell if the other popular digital bank/ e-wallet, Maya, will follow suit of these deposit fees.
YugaTech.com is the largest and longest-running technology site in the Philippines. Originally established in October 2002, the site was transformed into a full-fledged technology platform in 2005.
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