Mobile banking is a growing business in the Philippines and it is strange enough that it is not being dominated by a local bank. GCash seems to be leading the total installs on the Google Play Store vs. other big banks like BDO and BPI. GCash is also offering more transactions for free without requiring a minimum maintaining balance compared to the other leading banks and apps.

Editor's Note:
As of June 8, 2019, we received an update from UnionBank representatives and they have 3 savings accounts which have Zero maintaining balance (including the Peso Savings Account which has an annual fee of P350.00). Pesonet transfers also remain free while Instapay transfers will be charged P10.00. They are looking into the issue of info mismatch on their websites and social media. The above image has been updated to reflect these changes.

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