Gone are the days when they have limited options in sending remittances that can cost a fortune. With Gcash, they can send remittances through Gcash remittance partners. Let’s examine some of the remittance partners of Gcash.
Gcash remittance partners
One of the biggest groups that benefit from this transaction is the Overseas Filipino Workers or OFWs. If you want to send money abroad but don’t have a GCash account and want to create one, follow these steps.
Western Union
Overseas Filipino Workers had Western Union as a popular transfer method for remittances for a few years. It is not a wonder due to its availability worldwide, especially from the US and Mexico corridor. Western Union’s pros and cons are listed below.
Pros
- Availability servicing up to 200 plus countries worldwide.
- Perfect for pickups and bank deposits.
- Multiple transfer options are available such as through an agent, website, or app.
- A 24/7 customer service to help you with all your remittance concerns.
Cons
- Costly. To avail of lower charges, you have to use the online service and funds must be converted into pesos to transfer to a mobile wallet.
- Lack of transparency as it does provide elaborate trends for exchange rates.
- Some countries can only transfer cash through Western Union agents.
Moneygram
Next to Western Union, Moneygram is another to-go transfer method for OFWs.
Pros
- Availability servicing up to 200 plus countries worldwide.
- They have up to 400,000 Moneygram agents globally
- Multiple transfer options are available such as through an agent, website, or app.
- Sending money to a mobile account is convenient as the receiver only needs to wait for the payment to be transferred.
Cons
- High costs and fees vary from one destination to the transfer method used. It includes transfer fees, exchange rate markup, and third-party charges.
- Relatively more expensive than other transfer payment options.
- Some countries can only transfer cash through Moneygram agents.
Remitly
Remitly is a US-based website that offers money transfers to over 90 countries all around the globe. It has a global reach that makes regular transfers faster and easier for families and friends from the US and 21 other countries.
Pros
- A 24/7 customer service to help you with all your remittance concerns. Multi-lingual customer service that caters to English, Spanish, and French-speaking customers.
- A cheap alternative to sending remittances abroad to as low as $3.99 for remittances up to $1000 to selected countries.
- Transfers take minutes especially if you are using a debit card.
- Promotional rates are available for first-time users.
- Robust mobile app with a rating of 4.8 to 4.9 stars.
Cons
- The low sending limit can ward customers away capped at $2,999 to $30,000 per day.
- Credit card charges can apply which is up to 3% additional to the amount being transferred.
- Takes 3 to 5 business for funds to be transferred.
Skrill
Created in the UK, Skrill changed its market focus from the only gambling sector to an alternative method to PayPal. The company is considered to be one of the biggest web and mobile wallet providers in the world.
Pros
- Perfect for business owners who make regular payments or transactions.
- Ability to transfer to various people in different currencies.
- Safe and secured. They adapt to strict rules and regulations under the Financial Conduct Authority. Makes use of two-factor authentication.
- Like Gcash, it comes with a prepaid card.
- Works on multiple devices both Android and iOS.
Cons
- The Verification process in setting up the account may take time, especially if you encounter an issue.
- Customer service is limited to the chatbot Sofia.
These are only four of the commonly used in sending remittances around the world. However, Gcash has multiple partners that you can choose from depending on the country where the sender is from.
Check this link for details. Comparing the speed, availability, and fees is a must. It is best to check all the options available to narrow down the site that works best for you.
Read also:
Last modified: October 12, 2022
