If you hear money remittance, the first thing that will pop in your mind is long queues and exorbitant fees. Often, you end up receiving the cash delayed and almost half gone because of transfer fees. But, the advent of online banking has changed the facet of international money remittance.
Before, there were limited options for money remittances. Western Union is one of those options which require the receiver to physically walk in a remittance center to withdraw the money. Other options end up giving you more headache than anything else. These are the same reasons why two friends from Estoria came up with TransferWise. The aim is to provide lower fees and real-time exchange rate.
Wise, formerly TransferWise, is a viable option for Filipinos working abroad to send their hard earned cash directly to their family’s Gcash account.
Remit money from TransferWise to Gcash
Step 1. The first step is to register or create a free TransferWise account online. You have to provide the following information when signing up:
- Email address
- Password
- Country
Once done. check your inbox for the verification email. Click on the link to proceed with the money transfer.
Step 2. Go to the DASHBOARD and tap on SEND MONEY.
Step 3. On the next page, you will be asked to enter the amount you wish to transfer. Ensure that you pick the originating currency and the receiver’s currency to PESO. The exchange rate is based on the rate at the time of request and guaranteed for the next 34 hours. Processing fee and estimated time of arrival will reflect on the screen.
After verifying all the information, tap on CONTINUE.
Step 4. Select if the fund being transferred is for PERSONAL or BUSINESS use. Tap on your NAME for personal use.
Step 5. Fill in all the information asked:
- Full Name
- Date of Birth
- Phone Number
- Registered Mailing Address
Step 6. Select who you are sending the money to:
- Myself
- Someone else
- Business or charity
Step 7. Enter the details of the receiver including their Full Name, E-mail Address and Mailing address. For E-wallet, hover your mouse on the next tab. Choose GCASH and key in the number registered under Gcash.
Once done, tap on CONTINUE.
Step 8. From the dropdown, choose the appropriate reason for transfer.
Step 9. On the next page, review the details you entered. If you see any mistake, tap on EDIT to make the necessary changes. Otherwise, tick on the box next to I accept the Terms of Use.
Once done, select CONFIRM and CONTINUE.
Step 10. Choose the payment method you are using to get the funds from:
- Bank Debit (ACH)
- Wire Transfer
- International Wire
- Debit or Credit Card
For international money transfer (sending to the Philippines), you have to transfer first to Wire’s bank in the UK. Bank details such as International Bank Account (BAN) and Bank code (SWIFT/BIC) will be provided. Take note that additional charges may apply.
Step 11. Enter your Wire Password to continue the transfer. The sender and receiver will both receive an email address confirming that the transfer is successful.
Transferwise Pros and Cons
Pros:
- Competitive exchange rates and low fees
- Fast transfer times
- User-friendly and easy-to-use website and app
- Secure and trusted by millions of users worldwide
- Offers a variety of payment methods
Cons:
- Some currencies may not be supported or have longer processing times
- Maximum transfer limits may apply
- May not be available in all countries or regions
It’s important to note that these pros and cons may vary depending on your specific location and the details of your transfer. Always make sure to read the terms and conditions carefully and compare different options before sending money to GCash.
Skip the long queue and avoid exorbitant fees through TransferWise. It will save both recipient and sender from tons of headache. On top of this, our OFW will feel at peace knowing that their family will get the most out of the money they earned. Sharing is caring.
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Last modified: February 18, 2023
