Saturday, November 30, 2013

How to cash out your GCash using Unionbank eMoney Xchange

As an online freelancer, I receive some of my pay via Globe Telecom’s mobile commerce service—GCash. Getting paid this way has several benefits. For instance, it offers a faster and cheaper way to withdraw. Paypal, on the other hand, takes 2-4 banking days to withdraw to my bank account and deducts a rather hefty fee (considering the smaller exchange rate from USD to PHP it uses). That and there are other remittance fees to pay as well.

GCash Service Fees/Rates

However, cashing out your GCash wallet is still pricey when you do it at a Globe store/service center. It used to be 1% of the amount to withdraw (or Php10 fee per Php1000), but the rate now is Php20 for every Php1000 and any amount in excess. For instance, I had to pay Php120 for cashing out Php5180. The new rate also applies to sending money to other accredited GCash outlets. Cashing in, buying load, paying bills, checking balance, paying the BIR, and donating are still free, though. Finally, there’s Php10 to pay for every Php1000 and any amount in excess when you send money from one GCash account to another.

Globe GCash cash out

Transferring your money to your UnionBank account, on the other hand, is cheap. Each transfer only costs Php7.50. Even with the maximum transfer amount of Php20,000, only Php7.50 will still be deducted from your account.

How to transfer your GCash money to your UnionBank account

First, you need to register to the UnionBank mobile banking, aka eMoney Xchange service. To do so, just call their hotline (84186), get in touch with customer support, and link your Globe number with your bank account number.

The call center agent will then ask you to create a 6-digit PIN, which you will use as reply/confirmation of your registration. This confirmation will arrive as a text message in one to two banking days.

When successfully enrolled, you can now transfer your money from GCash to UnionBank. Simply text the following to 2318:

G2U <amount> <UBP account ID>

GCash to UnionBankYou will receive a text to verify the money transfer. Confirm by replying with your GCash 4-digit MPIN.

You can also make use of your complete bank account number as shown in your card. If you want to top up your GCash funds using your UnionBank account, use the following format instead:

U2G <amount> <UBP account ID>

Note that top ups costs Php10 for each transfer. You can check for more information at the UnionBank FAQ page for eMoney Xchange, although some content there are outdated.