How to Receive Money from Transferwise to Gcash

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Table of Contents

The need for international money transfers is higher than ever. Originally, this was only possible through Western Union, which required the receiver to walk into a remittance center to withdraw the money physically.

Over time digital money transfer providers like PayPal changed the game. However, the fees slapped on international transfers and payments are still too high and sometimes extreme. Fortunately, there is another way.

Wise, formerly TransferWise, is a new entrant in the e-commerce business and has already won the hearts of 7 million consumers globally. It is a viable option for Filipinos working abroad to send their hard-earned cash directly to their family’s Gcash account.

Note: Wise is the brand new name of TransferWise. They recently changed their name but still offer the best service for sending and receiving money abroad. 

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How to Remit money from Wise to Gcash

Step 1: Sign up with Wise for free. You can also sign up using your Google or Facebook account. You also 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.

If you already have an existing account, go to Home on the Wise website, then choose ‘Send money.

Step 2. Set up your first transfer

Go to the DASHBOARD and tap on SEND MONEY.

You can use the calculator to see the fees upfront.

Tip by Wise: “If your recipient must get an exact amount, the type that amounts into the Recipient gets ‘box.’ We’ll automatically tell you how much you need to send.”

Step 3.  Indicate you’re sending money as an ‘Individual’ or a ‘Business.’ If the transfer you’re making is from a personal bank account, then it’s a Personal Transfer.

sending money wise

Step 4: Fill in your details. Wise will ask for your details, such as your full name, date of birth, and address. They might probably ask for a photo of your ID as well for large transfers.

Step 5: Add the recipient’s bank details. If you have the recipient’s bank details, add them in, and Wise will transfer the money to that account. If you don’t have their details, uncheck the box, and Wise will email the recipient asking them for you.

wise to gcash transfer

Step 6: Review all the details. Make sure that every detail you put in is correct before you transfer the money. 

Step 7:  Enter the Amount.  On the next page, you will be asked to enter the amount you wish to transfer. You can send your money either with a bank transfer or a debit or credit card. Or mobile wallets such as GCASH and Paymaya. Wise will inform you of the fees for each option and how long it would take for the money to arrive. 

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 8: That’s it! You will receive a confirmation email from Wise regarding your transfer; they will also let you and your recipient know that the money is on its way. You can track your transfer on your account. 

Ensure that you pick the originating currency and the receiver’s currency to PESO. The exchange rate is based on the rate at the request and guaranteed for the next 34 hours. The processing fee and estimated time of arrival will reflect on the screen.

What are the local banks we can use to transfer money from Wise?

wise transfer

Here is the list of the supported Philippine banks:

  • AMA Bank
  • ANZ Bank
  • Allied Bank
  • Allied Savings Bank
  • Asia United Bank
  • BDO (Banco De Oro) Unibank
  • BDO Network Bank (One Network Bank)
  • BPI Family Savings Bank
  • Bangkok Bank
  • Bank of China
  • Bank One Savings and Trust Corp.
  • Bank of Commerce
  • Bank of Tokyo
  • Bank of the Philippine Islands (BPI)
  • CTBC
  • China Bank Savings
  • China Banking Corporation
  • CitiBank Savings
  • Citibank
  • City Estate Savings Bank
  • City Savings Bank
  • Deutsche Bank
  • Development Bank of the Philippines (DBP)
  • East West Bank
  • Equicom Savings Bank
  • Far Eastern Bank
  • Filipino Savers Bank (A Rural Bank)
  • First Allied Bank
  • First Consolidated Bank
  • First Macro Bank
  • Guagua Savers Bank
  • HSBC Savings
  • Hongkong and Shanghai Bank (HSBC)
  • International Exchange Bank
  • Islamic Bank (Al-Amanah Islamic Investment Bank)
  • Land Bank of the Philippines
  • Luzon Development Bank
  • Malayan Bank
  • MayBank Philippines
  • Metropolitan Bank and Trust Company (Metrobank)
  • Pen Bank
  • Philippine Bank of Communications (PBCOM)
  • Philippine Business Bank
  • Philippine National Bank (PNB)
  • Philippine Savings Bank (PSBank)
  • Philippine Trust Company
  • Philippine Veterans Bank
  • Planters Bank
  • Postal Bank
  • Premiere Bank
  • RCBC Savings
  • Rizal Commercial Banking Corp. (RCBC)
  • Robinsons Savings Bank
  • Security Bank Corporation
  • Security Bank Savings
  • Standard Chartered Bank
  • Sterling Bank
  • Tong Yang Savings Bank
  • UCPB Savings Bank
  • Union Bank of the Philippines
  • United Coconut Planters Bank (UCPB)
  • United Overseas Bank
  • University Savings Bank

Steps on How to Receive Money through Wise

First, you have to remember that receiving money works the same as a regular bank account. Give your bank details of the currency you want to be paid to the sender. 

At the moment, you can receive money directly into your account in US dollars (not available in all countries), euros, British pounds, New Zealand dollars, Australian dollars, Polish złoty, and Singapore dollars. 

Step 1: Open a balance in the currency you want to receive the money in. It’s possible to do this from Home on the website or app. 

Step 2: Click Get bank details. If it’s your first time, you may need to complete some requirements first.

Step 3: Give your bank details to the sender. 

Step 4: You will then receive their payment directly in your currency balance account. 

Frequently Asked Questions

How to receive money from transferwise in the Philippines?

Wise makes transferring money to the Philippines a breeze: Tap in how much and where to. Then make a local payment to Wise, whether it’s with a bank transfer, swift, or your debit or credit card. And that’s it. Wise converts your money at the ‘inter-bank rate – the real rate – so you save big time.

Can international send to GCash?

Through Wise, you can send up to 480,000 PHP per transfer to bank accounts and 50,000 PHP per transfer to mobile wallets like GCASH and Paymaya.

How do I link my GCash to TransferWise?

You cannot link TranferWise directly to your GCASH dashboard. But you can send Money from Wise to GCASH from wherever you are in the world.

How long does it take to receive Money from TransferWise to GCash?

Wise transfers usually take 1–2 working days to arrive in your recipient’s bank account. Conversion can take up to 2 working days. However, you can improve transfer speeds if they receive your funds through a credit or debit card.

Can I use TransferWise in the Philippines?

TransferWise is known to offer dependable, low-cost money transfers. The company is well-regarded for its transparency and openness about the money transfer process. You can use TransferWise to make instant transfers with competitive speeds and rates compared to other companies.

Closing Thoughts

Wise currently supports transfers to 71 countries and covers more than 1000 routes. The transfers from the US to Europe and Canada are delivered within 24 hours. Transferring to other countries like the Philippines can take just 1-2 working days. All the more reasons to consider using Wise.

These are the main benefits you stand to gain from considering Wise. I use it frequently and have nothing but good to say about my experience with it.

Wise offers the lowest fees on the market. It is considerably cheaper than PayPal. Whether you are sending money to an international contractor or receiving money from freelancing, you can pay through bank transfers, mobile wallets, debit, and credit cards. Funds are then directly deposited in the recipient’s bank accounts.

So, skip the long queue and avoid excessive fees through Wise! It will you from tons of headaches. On top of this, you will feel at peace knowing that you will get the most out of the money you earned.

If you’re ready to give Wise a try, sign-up and start receiving payments with higher currency conversions and minimal fees.


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