The news is out. Grab, one of the last few online payment services in the country with free fund transfers, will begin charging next month. This announcement was made through a Facebook post earlier today, June 3. It specifically states that GrabPay transactions that involve InstaPay will soon be subject to a PHP 15 transfer fee.
What does this statement cover? The post specifically mentions that “users may still send to other GrabPay wallets free of charge.” It means that the only transactions to be affected here are those coming from GrabPay accounts to other e-wallets and banks. While this may impose a significant financial impact on those who use the application as a means of business, this move only follows the trend that other local financial institutions have started.
Another interesting line here states that this decision is still awaiting Bangko Sentral ng Pilipinas (BSP) approval. There is a high probability that it will, but we’ll be sure to update you if it doesn’t. That would be a surprising move on the central bank’s part, although we don’t see it happening since Grab is by no means the first to implement something like this.
Comments on the post are mixed. Some were considering GrabPay as a well-kept money-saving secret until this announcement was made, while others have shown gratitude to the service for being one of the very last to impose required payments. You have the occasional request here and there; like one person who wants a physical card and another who is asking if the charge can only apply to banks, but generally, the public just wants to be assured of quality service with the app should they begin paying the transaction fees.
This GrabPay InstaPay fee of PHP 15 will begin implementation by July 18. Be sure to make the most of GrabPay before then!
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