How GCash can be your ultimate budgeting tool

Friday, 21 August 2020

Find out how GCash, an electronic wallet, can be a great tool to help you in budgeting your money.

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GCash has surged in popularity fairly recently because of the community quarantine in some parts of the country because of the global COVID-19 pandemic. It’s a great tool for cashless payments (it turns your mobile phone into a wallet!), a necessity these days when contactless transactions and social distancing are the norm.

How GCash can be your ultimate budgeting tool

How GCash can be your ultimate budgeting tool




    Even before the pandemic, the use of GCash was already gaining traction in the past few years because of the rise in online selling. I personally know a lot of people who use GCash for accepting payments and remittances, and sending money to other users. 

    GCash logo
    GCash logo from its Facebook page

    Admittedly though, it was fairly recently when I discovered how to use GCash but I have long been curious about how it works. And I would admit that I immediately fell in love with it, the simplicity of the app and the overall practicality of having a GCash account. 

    Using GCash to budget your money 


    What I really loved about using GCash is that I realized that it can be a great budgeting tool and an even better alternative to reloadable cash cards. With reloadable cash cards, is that some would require you to physically go to a bank branch to load it and it carries a loading fee of typically P100. 

    Here’s why I think GCash can help you budget your money: 

    1. You have full control about how much you will load 


    Your GCash load will depend on how much money you want to put in your account, which you can do so over-the-counter or online via fund transfer. If you are planning to spend only P2,000, say, for your grocery items, then just load that amount and use it. There is definitely no risk of overspending. 

    GCash gives you full control over the amount that you will load
    Photo by Adrianna Calvo from Pexels

    Over-the-counter cash-ins can be done through banks (BDO, BPI, Metrobank, EastWest, etc.), Cabuana Lhuillier, Villarica pawnshops, Tambunting pawnshops, Bayad Center, ECPay, ExpressPay, Digipay, SM Department Store, Robinsons Department Store, or Puregold Supermarket.

    To cash-in over-the-counter, approach the teller that you will load your GCash account. You will then be asked to fill out a form and the total amount of cash that you are cashing in. 

    An option that I do love is online fund transfer which I could easily do with my bank’s mobile app. I transfer the amount that I need to my GCash account via Instapay and I receive the money in an instant. It’s currently free of charge up to P50,000. Aside from online banking, you can also transfer money from your PayPal account to GCash. 

    I used to wonder how a GCash account is loaded, particularly if there is need for an account or control number. Turns out that the mobile number that you will use for registering to a GCash account will be your account number. So it’s really easy to use because you just need to remember your mobile number, which you most likely do. 

    I recently tried using GCash to pay for my purchases at a convenience store and I was completely amazed with how easy it was plus it reduced physical contact through cash. 

    2. You can only spend the total amount loaded in your GCash account 


    As I had mentioned earlier, you can only spend the total sum loaded in your GCash account. it’s actually great knowing that you only have a limited amount to spend because it cuts your grocery time shorter – you head out only to the sections where you need to get items from and that’s it. It creates discipline. 

    You can only spend the amount loaded in your GCash account
    Photo by Jack Sparrow from Pexels

    You do not have to linger longer thinking about what else you can buy or whether you want to buy an item on sale or not. This is the problem that usually comes with using a credit card. I am a fan of credit cards because it is a great source of emergency money plus it can also help you budget your money as long as you use it mindfully. 

    However, for some people, having a credit card is like having the license to spend knowing that they can just get the things that they want (and not need), pay for it, and then go. GCash eliminates this overspending risk entirely. 

    3. Using it does not come with any transaction fees or charges 


    Using GCash to pay for your purchases does not entail additional charge or fees. So again, you pay only the amount of your purchases, no more, no less. And since its not credit, you have no risk of incurring interest and finance charges if you forget to pay on your due date. That is how practical it is to use GCash for payments. 

    How to sign up for a GCash account 


    It’s easy to sign up for a GCash account. Anybody can use GCash but I highly-recommend it to those who do not have a bank account

    Signing up for a GCash is easy
    Photo by cottonbro from Pexels

    Here’s how you can easily open a GCash account: 

    1. Download and install the GCash app to your smartphone. 

    2. Nominate a mobile PIN (MPIN) before proceeding to sign up. Remember this MPIN and never disclose it to anyone you do not trust because this is what you will use to login to GCash. 

    3. Input the required fields such as name, address, and birthday and save these details at the end of the sign-up process. 

    4. Verify your account to enjoy more GCash features such as sending money. To verify, submit a copy of any valid ID (UMID, Driver’s license, Philhealth card, SSS ID, Passport, and Voter’s ID), scan your face, fill out more information, and submit. Once verified, you will receive a notification from GCash.

    If you have further questions or concerns, you may call GCash customer service hotline at 2882.

    GCash Mastercard


    Using the GCash Mastercard is another way of doing cashless transactions. It is highly-recommended for those who would like to enjoy quick cash withdrawals from any Bancnet or Mastercard ATMs and also for individuals who are more comfortable in paying by swiping their card.

    The GCash is easy-to-use because you just swipe it like you would any other debit card. In addition, you can also use it to pay for your orders online.

    How to apply for a GCash Mastercard


    The GCash Mastercard is only available for verified accounts. There are three ways to apply for it: via the GCash app, through the online order form, and over-the-counter from partner convenience stores.

    If you are applying via the GCash app, follow these steps:


    1. Login to your GCash account.
    2. Tap the "Show More" option on your GCash dashboard.
    3. Under "Fund Management," tap "Cash Out."
    4. Select "ATM Withdrawal," then tap "Order Online to proceed.
    5. Fill out the necessary information then pay.

    If you would like to apply for a GCash Mastercard online, follow these procedures:


    1. Open the online order form here.
    2. Fill out the required fields.
    3. Pay the P150 fee via the GCash app (Click "Pay Bills," the "Payment Solutions," then select "GCash Mastercard.").

    Take note that if you apply for a GCash Mastercard via the online order form, you can expect delivery of your card within 10 days.

    If you prefer over-the-counter GCash Mastercard application, here is what you have to do:


    1. Go to Ministop, Lawson, All Day, Robinsons Business Centers, and select 7-Eleven outlets and check for availability of GCash Mastercard.
    2. If it is available, you can proceed to buy a GCash Mastercard for only P150.

    Linking PayPal to GCash


    If you have a PayPal account, you can link it to your GCash. If you have done so, you can easily move money from PayPal to GCash.

    To do this, here is what you have to remember:

    1. Your first and last names must match in both your PayPal and GCash accounts.
    2. Your PayPal account must be set-up locally i.e. in the Philippines.
    3. Your PayPal account must be personal (non-business).
    4. Your GCash account must be fully-verified.

    Once all these conditions are met, you can now link your PayPal to your GCash by doing the following:

    1. In your GCash account, click the menu on the upper left corner of your dashboard.
    2. Your profile will then appear. Choose "My Linked Accounts."
    3. Select "PayPal" then key-in the PayPal email address that you are linking to your GCash account.
    4. The app will redirect you to the PayPal login page. Input your credential and proceed to login to PayPal.
    5. You will be notified via the GCash app and an email message if you have successfully linked your PayPal to your GCash. Once linked, you can now transfer money from PayPal to GCash.

    To cash-in via PayPal, select "Cash-In" from your dashboard, then choose "PayPal" from the "Remittance" tab. Enter the amount (minimum of P500) that you wish to add to your wallet.

    Transferring money from GCash to a bank account


    Aside from being able to load your GCash account via bank transfer, you can also send money from GCash to a bank account.

    To do this, you just have to select "Bank Transfer" from your GCash dashboard and then proceed to transfer money to any of these banks and financial services companies:

    • Allbank (A Thrift Bank), Inc.
    • Asia United Bank Corporation
    • Bangko Mabuhay (A Rural Bank), Inc.
    • Bank of the Philippine Islands
    • BDO Network Bank
    • BDO Unibank, Inc.
    • BPI Direct BanKO, Inc., A Savings Bank
    • Bank of Commerce
    • CTBC Bank (Philippines) Corporation
    • Cebuana Lhuillier Rural Bank, Inc.
    • China Bank Savings, Inc.
    • China Banking Corporation
    • DCPay Philippines Inc.
    • Dungganon Bank (A Microfinance Rural Bank), Inc.
    • Development Bank of the Philippines
    • East West Rural Bank, Inc.
    • East West Banking Corporation
    • Equicom Savings Bank, Inc.
    • G-Xchange, Inc.
    • ING Bank N.V.
    • ISLA Bank (A Thrift Bank), Inc.
    • Land Bank of the Philippines
    • Malayan Bank Savings and Mortgage Bank, Inc.
    • Maybank Philippines, Inc.
    • Metropolitan Bank and Trust Company
    • OmniPay, Inc.
    • PayMaya Philippines, Inc.
    • Philippine Business Bank, Inc., A Savings Bank (PBB)
    • Philippine Veterans Bank
    • Partner Rural Bank (Cotabato), Inc.
    • Philippine Bank of Communications
    • Philippine National Bank (PNB)
    • PNB Savings Bank
    • Philippine Savings Bank (PSBank)
    • Philippine Trust Company
    • Quezon Capital Rural Bank, Inc.
    • Rizal Commercial Banking Corporation
    • Robinsons Bank Corporation
    • Sterling Bank of Asia, Inc. (A Savings Bank)
    • Security Bank Corporation
    • Sun Savings Bank, Inc.
    • UCPB Savings Bank
    • Union Bank of the Philippines
    • United Coconut Planters Bank
    • Wealth Development Bank Corporation  

    GCash Promos


    Yes, GCash also offers exciting promos to encourage users to sing-up and use the app. For ongoing deals and promotions, you may check out GCash's promo page.
      

    Epilogue 


    So those are the three reasons why I think GCash is a good budgeting tool. I am glad that I have discovered it and that I tried it for myself. I hope you get to see and try the beauty of financial technology, too, such as GCash. It provides so much convenience and security to users.

    Do you use GCash? How is your experience? Share them in the comments section below.

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