Transfer Funds in Minutes for Free to Over 30 Banks with GCash Fund Transfer
Your GCash app now lets you transfer funds in minutes for FREE to 37 banks in the Philippines with GCash Fund Transfer feature!
A presscon was held last Friday February 22, 2019 at Cafe Tavera function room with Mr. Joseph, Vice President for Financial Institutions of Globe Fintech Innovations, Inc. (Mynt) and Mr. Ney Villasenor, Vice President & Group Head of Corporate Communications Group of Globe Fintech Innovations, Inc. (Mynt). Mr. TJ Panganiban Head of Public Relations, Corporate Communications Group of Globe Fintech Innovations, Inc. (Mynt) was also present to address our other questions and certain matters regarding GCash since we are after all among the 20 million GCash users too nationwide.
Mr. Joseph, Vice President for Financial Institutions of Globe Fintech Innovations, Inc.
I personally tried sending money from my GCash which I funded by cashing in at a GCash machine in Abreeza Mall. I conveniently sent the money from my GCash to my sister’s bank account and did it in less than a minute only way past midnight before going to sleep. They say it usually takes around 3 minutes to send. I did it in less than that time.
Read on below to know more about this new feature of the GCash app by Mynt or Globe Fintech Innovations, Inc.
Just until recently, it was still true to say that doing fund transfers were simple in idea but relatively time-consuming to do and fulfill. Customers used to – and in most cases still are – falling in line in banks to do bank to bank or even interbank fund transfers, spending precious hours to do so. Now, this could all be history thanks to a new GCash feature: free fund transfers.
The nation’s leading mobile money service GCash have fully rolled out its fund transfers service, allowing customers to transfer funds from their GCash App to any of the over 30 banks supported nationwide. Thanks to this feature, fund transfer times have been virtually reduced to zero and paper wastes eliminated, as it will only take less than 3 minutes to complete a transfer transaction digitally.
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.
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.
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 money delivered onto another account. With GCash’s new feature, over 15 million customers can now transfers 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.”
Getting a GCash account is easy. 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.
Mynt is a partnership between Globe Telecom, the Ayala Corporation and Ant Financial, that provides innovative and first-in-world fintech solutions to consumers, merchants, and organizations. Its vision is to enable financial access for consumers and merchants by disrupting traditional channels through digital financial technology services. It operates two fintech companies: GCash, a micropayment service that transforms the mobile phone into a virtual wallet for secure, fast and convenient money transfer; and Fuse, a tech-based lending company that enables Filipinos to get microloans to business loans without the traditional requirements set by banks and other lending instructions. For more information, visit mynt.xyz.