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How to avoid the 1% Convenience Fee When Cashing in your GCash Wallet

The pandemic changes how we do our financial transactions. Online banking and mobile wallets are essentials more than ever, in this time when we need to stay at home to avoid face-to-face interaction.
Because of the online trend, mobile wallets like the Gcash app experience a surge in usage and transactions.
With the increase in Gcash users, over-the-counter cash-in transactions in the kiosk and other cash-in channels have increased in the same magnitude.
Call it a business strategy.  But effective May 17, 2021, Gcash users will have to pay a 1% convenience fee for over-the-counter cash-in made via the 7-Eleven’s CLIQQ kiosk or mobile app nationwide.  The fee is computed based on the total cash-in multiplied by 1% and automatically deducted from the cash-in proceeds of the Gcash account.
Additionally, the existing 2% convenience fee for transactions exceeding P8,000.00 remains in effect.
Convenient and Safe Cash Money Transfer
As an entrepreneur, I paid most of my bills online. GCash makes it convenient and safe for me to settle my outstanding obligations on time.
But there is one limitation. Gcash users are not allowed to put in huge money in the e-wallet. So, a regular Cash-In transaction is the order of the day.
Now, with another burden looming on the horizon, the extra fee would put a dent in our tight budget. The convenience fee may look like a small amount but may become material in the future.
Saving in whatever form and means is essential in this challenging time.
 
How to get away with the 7-Eleven’s Convenience Fee
I found a way to avoid the convenience fee when using 7-Eleven’s CLIQQ kiosk or mobile app for my cash-in transaction.
Cash-in to your CIMB Gsave account and Withdraw the cash-in amount. The proceeds will automatically credit your Gcash wallet.
Note: The convenience fee of cash-in to your CIMB Bank account is still waived at this time.
GSave Account
The partnership of Gcash and CIMB Bank facilitated the creation of the GSave account, which can be opened and maintained straight from the GCash app.
GSave account holders enjoy higher interest rates as compared to commercial banks. Moreover, GSave clients enjoy no initial deposit, no maintaining balance, no lock-in period, and a convenient fund transfer option to and from their GCash wallet.
GCash Mastercard
Do you want to withdraw funds from your Gcash account for personal use? Or you cannot shop online because it only accepts debit or credit cards as a payment option?
Now, Gcash users with fully verified accounts may avail of a GCash Mastercard, which they can use to withdraw cash from BancNet or Mastercard ATMs nationwide. They can also use the GCash Mastercard for in-store purchases or online shopping.
Your Gcash account is more flexible. You have an e-wallet and a physical card at the same time.
You can get the Gcash Mastercard from any of the following channels:
  1. GCash app
  2. Online GCash Mastercard application
  3. Selected partner convenience stores
How to make a cash-in transaction via 7-Eleven’s CLIQQ app without paying the 1% convenience fee
To avoid the service fee, you need to have a GSave account linked to your Gcash wallet.
  1. Download the CIMB Bank App and create a bank account;
  2. Go to the bank’s home page and click “Link my GSave account”;
  3. Follow the succeeding instructions until your Mobile Personal Identification Number (MPIN) is generated*;
  4. In the bank’s Homepage, tap  “Cash-In” > “Over the Counter Cash-In” > 7-Eleven;
  5.  

  6. Select your GSave account number and enter the Cash-In Amount;

     

  7. Tap “Next”; (Note: The app will generate a QR code that summarizes the Cash-In details);
  8. Present the QR Code to the selected 7-Eleven store and pay the Cash-In amount;
  9. Go to your GCash app > Sign-in > Tap “GSave” > “Withdraw”;

     

  10. Key in the amount that you want to Cash-In to your Gcash account. The proceeds is credited in real-time.
 
Additional Notes
  1. The MPIN is used to access your CIMB Bank account. Never give out he MPIN to anybody to prevent unauthorized access to your bank account.
  2. The maximum cash-in amount is P10,000 per barcode. You are only allowed  up to five barcodes per day. So, it would help if you planned out your cash-in transactions accordingly.
 
Final Thoughts
Electronic money transfer channels have been around. It is only now, however, that they have become an integral part of our lives. Companies like GCash allow sending money to anyone and anywhere.
With the increased popularity of the service, most electronic wallet companies impose charges on selected transactions. It is all the more difficult for Filipinos to do what little they have to survive this pandemic.
I have found a way to save a little but believe me, the savings will improve my revenue in the future.

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54 Comments

  1. That's useful information for me. All these little things that I am learning will make a huge difference in my life.

  2. Fees on payments have gone up so much. I am going to give this a try to save that fee !!

  3. These tips are super helpful for those who use Gcash. Thanks for the warnings and alternatives!

  4. This is a great tip. While I don't encash my GCash load, it's still nice to know that other people can still save on convenience fee when cashing-in through 7-11.

  5. Great tips, I'm sure it will help people to avoid the fee and save money. thank you for sharing!

  6. Some cool information! I bet saving that 1% soon adds up, especially when we know how popular 7/11 is!

  7. It's always useful to know how to avoid paying unnecessary fees.

  8. I am not os familiar with Gcash, but thanks for this guideline. We can now cash in without paying fees in convinient stores

  9. This is such a great work around!

  10. I don't have any 7-11s near me, but this is super helpful for anyone that uses the app!

  11. Lots of financial transactions start off as free, but then when people get used to them they start to charge you

  12. I am paying so much in fees and they keep on increasing!!! I don't know Gcash but i will definitely check it out.

  13. This is a useful tips it would help me a lot I'm using Gcash for my patients and gladly to read your tips awesome

  14. What an informative post especially to those who uses Gcash and thanks for sharing this with us.

  15. Anonymous says:

    Oh wow, thank you so much for sharing these tips! I never used Gcash app but my husband does. I'll share this info with him and friends ��

    Thanks,
    Everything Enchanting

  16. Wonderful tips.The statement, " GSave account holders enjoy higher interest rates as compared to commercial banks" sold me.

  17. Wonderful tips.The statement, " GSave account holders enjoy higher interest rates as compared to commercial banks" sold me. – Elle

  18. Excellent tips, anything that saves people some money is worth sharing! Thanks.

  19. Thanks for sharing! I love avoiding a fee when I can.

  20. Interesting and good information to know. I do not like paying extra in fees that I don't know about. Thank you!

  21. Great saving tips! Thanks! I also use GCash because it's so convenient to be honest.

  22. These are such great tips to use to save money. Thanks for sharing

  23. This is helpful for those who didn't know! I'm sharing this to my family and friends back home since they're using Gcash.

  24. Great money saving tips! This will definitely come in handy.

  25. I just shared this with my family who uses this! So helpful, thank you!

  26. These are great tips. We don't have 7-11 in Germany, but I'm shopping there when I travel.

  27. This is really great information! I learned a lot reading your post today. Thank you for sharing. 🙂

  28. This is a great tip! I will do this the next time I use gcash.

  29. That is so great! I'm always eager to find new ways to avoid fees, and since I use Gcash, this is a perfect one for me.

  30. This is such a helpful guide especially to those who use Gcash. Money transactions have slowly been raising their fees.

  31. What an informative post and will keep this in mind for future use.

  32. I am not familiar with many of these procedures but this is a very detailed post. Those financial transaction fees do start adding up. This is a great workaround.

  33. Great tip for how to avoid the fees at 7/11! I’ve never used Gcash but am going to check it out. Thanks for sharing!

  34. i know the fees looks like it aint that much but it adds up. thank you for this tip Ramil!

  35. Great moneysaving tip. I had no idea that this change was coming.

  36. This is a great tip! I always get irked when extra fees are added on…feels like a punishment!

  37. hmmm.. This is a great tip! Just too bad there's no 7-11 branch here in Palawan (yet!).. Thanks for sharing! 😉

  38. As with most other things during this pandemic, apartment hunting is best done online. Then the process begins. You have to make sure to thoroughly check everything from paper works to the unit itself. This article makes it a lot easier. Such great tips!

  39. I hate fees! This is very helpful information.

  40. Nice tips, any way that can save people money is worth sharing! Thanks

  41. It looks like that 1% convenience fee is coming from 7-Eleven themselves and not from GCash. Thanks to your article for this workarounds to avoid extra expenses. I'm Sharing this with my friends and family to make sure they benefit from these hacks!

  42. Ooohhhh…alright then! If you say so. I'm glad to hear of the Gcash money option!

  43. Leanne Wong says:

    I will be taking full advantage of this! I absolutely hate paying fees. I try to avoid them at all costs.

  44. This is a great resource for anyone using this service. Fees are the worst. If you can avoid them, you're all good.

  45. This is a great way to save up from the convenience fees. Better to take advantage of this now.

  46. Little fees do add up. It’s good to know how and when you can skip fees.

  47. Amazing tips and great information! Gcash sounds like a cool company to transfer money!

  48. Definitely adds up – nice to have the savings!

  49. I agree! It helps us save more. I just hope that they won't have any fees in the future. 🙂

  50. It’s really cool and convenient! I just hope that they won’t have other charges in the future. It’s really nice to use this service.

  51. Is this available in all countries?

  52. Is there a waiting time like 24hrs before the amount reflects in my cimb account?

  53. When you cash in to your CIMB account, it will automatically credit the account, then you can transfer it to your Gcash right away. Am doing it everytime I need to cash in on my Gcash wallet.

  54. […] Related Post:  How to Avoid the Convenience Fee When Cashing-in your Gcash Wallet […]

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