Mobile finance application GCash has announced a reduction in its bank transfer fees, lowering the charge from P15 to P10 for InstaPay transactions effective Saturday, July 4. This adjustment applies to all InstaPay transfers under the "Transfers" section of the app's Terms and Conditions, with a maximum transaction cap set at P50,000 and no minimum amount required. While interbank fees decrease, GCash maintains its existing policies for peer-to-peer transfers, allowing 500 free transactions per month before a P5 fee applies to select users. This move follows similar actions by other financial institutions, such as Rizal Commercial Banking Corporation and Bank of the Philippine Islands, which have also waived or reduced fees. These changes align with Bangko Sentral ng Pilipinas Circular No. 1238, which aims to limit the fee gap between interbank and intrabank transfers.