GoTyme Now Offers 20 Free InstaPay Transfers Monthly

GoTyme Bank announced on Wednesday that it will now provide its customers with a set number of free InstaPay transfers each month.

The digital bank has introduced this feature to enhance its service offerings for its growing user base in the Philippines.

In a statement, the company confirmed the new policy:

“GoTyme Bank now offers 20 free InstaPay transfers per month to all customers.” This allocation of free transfers will reset at the beginning of each calendar month and is already available for users to utilise.

This initiative provides a notable alternative to the standard transaction fees of PHP 15.00 to PHP 25.00 typically charged by traditional banks and other e-wallets for InstaPay services.

For any transaction beyond 20 free transfers, GoTyme charges a reduced fee of PHP 9.00. The bank has also given customers the option to pay for this fee using their GoRewards points. The bank confirmed that its existing policy of offering free transfers via PesoNet will remain unchanged.

Launched in 2022, GoTyme has quickly expanded its operations, now serving approximately 5.5 million customers across the country.

GoTyme introduced this feature with a clear strategic goal in mind. The bank aims to remain competitive in the Philippines’ rapidly evolving digital banking sector.

By reducing the costs associated with frequent, small-value transactions, the bank aims to better cater to the everyday financial activities of its clients.

Featured image: Edited by Fintech News Philippines based on an image by faiz ch via Freepik.