GrabPay users won’t have to suffer yet.
Last June, Grab Philippines expressed its plans to apply fees to InstaPay transactions. The ride-hailing app posted the announcement on its Facebook page. It states that GrabPay transactions will be subject to a PHP15 fee starting July 18.
Their press release stated transfers within GrabPay Wallets will remain free of charge. This allows users to transfer money from their GrabPay wallet to another for free.
The company said that they were awaiting Bangko Sentral ng Pilipinas (BSP) approval. But there always has been a high chance that the BSP will approve it, so people didn’t expect otherwise.
But you’ve probably noticed that you can still transfer money without a fee. That’s because Grab moved the transfer fee date to August 8! They announced this on their Facebook page. They also sent out a blanket email to select users.
“Transfers between GrabPay e-wallets continue to be free of charge. Starting August 8, there will be a P15.00 fee. It will apply to InstaPay transactions made from GrabPay to other banks and e-wallets.” Grab wrote.
The delay can help users save a lot. PHP15 off transfer fees could mean so much for certain people. This is why some are happy Grab decided not to implement the fee right away. They have more time to prepare for it now.
Other e-wallets and banks have also started implementing transfer fees. This follows their decision to waive such fees at the height of the pandemic back in summer 2020.
The internet had mixed comments on the implementation of transfer fees. But some are thankful to Grab Philippines for being one of the last to provide free transactions. They held out as long as they could, which was helpful to users.