Post-World War II, the U.S. dollar (USD) has been the most powerful currency in the world. It has dominated the financial market and has become the de-facto currency for international trade and transactions. More than 60% of global foreign reserves are in USD, making it the most commonly held reserve currency in the world. Till today, countries peg their currencies against the USD to determine their value in the global market.
The strength of India's currency, the Rupee (INR) is also weighted against the USD. The value of 1 USD to INR keeps fluctuating and it is called the exchange rate.
The exchange rate constantly changes in the global foreign exchange market and is an important determinant of a nation's economic power. The whole global trade is possible because of its existence. If the value of foreign currency increases, imports get expensive and exports get cheaper. The contrary is also true.
If it takes more Indian currency to buy 1 USD, it means that the Indian currency has depreciated and if it takes less, the currency has appreciated. Since independence, the Indian currency has been on a roller-coaster journey. Geopolitical issues, economic reforms, and international issues have affected its value over the years. Judging from the value of 72.55 rupees per dollar in the current time, the Indian rupee has been depreciating against the USD in the past 71 years.
Let's look at the history of the dollar vs rupee since 1947 to understand its journey of depreciation against the dollar.
As a free country in 1947, India had no foreign debt or credit on its balance sheet. This could mean that 1USD = 1INR. However, as India was a British ruled state before its independence, the value of INR was derived from the British pound. The exchange rate was 1 pound = 13 INR. There was no standard system of comparing the world currencies before 1944, so this valuation remained constant. Since, 1 pound was equal to $2.73 at that time, the value of USD vs INR in 1947 can be calculated as 1 USD = 4.76 Rupee.
As per the Bretton Woods Agreement of 1944, each country was required to peg the value of its currency to the dollar, which itself was convertible to gold at the rate of $35 per ounce. India was also part of this agreement, and hence at the time of independence, India followed the par value system of exchange rates. This was a relative exchange rate and not a fixed exchange rate.
Following is the breakdown of how the Rupee performed against the Dollar post-1947.
When India became independent in 1947, the Indian economy was in a poor state. To finance welfare and development activities, especially with the adoption of the five-year plan in 1951, the Indian government under the Prime Minister of Pandit Jawaharlal Nehru, continuously borrowed money from foreign or private sector savings starting from the 1950s onwards. Foreign borrowings increased in high magnitude in the 1960s.
In April 1957, the Indian rupee was decimalized and was divided into 100 naya paisa ('new' paisa). Before the decimalization, one rupee was divided into 16 annas or 64 pice. Each anna being equal to 4 pice. For a short time, both decimal and non-decimal coins were in circulation. Pre-decimal coins, half and quarter rupees were in circulation after decimalization. The rupee remained unchanged in value and nomenclature. The prefix "Naya Paisa" was removed in 1964. The decimalization of India's currency was a major step toward modernization and revolutionary change.
The Indian government was facing a budget deficit and was not in a state to borrow additional money due to a negative rate of savings. The situation was aggravated by the Indo-China war in 1962, the Indo-Pakistan war in 1965, and the major drought in 1965-1966. The defense spending at the time was 24.06% of the total government expenditure which was very high.
The value of 1 pound = 13 Rupee continued till 1966. After 1966, the INR was compared to the USD on a one-to-one basis and the rupee started witnessing devaluation.
As a consequence of economic upheaval, the then Prime Minister had to devalue the rupee to 1 USD = 7.50 INR by 1967. The devaluation made exports cheaper and imports expensive which resulted in a sharp increase in prices leading to inflation.
The par value system continued till 1971 until the collapse of the Bretton Woods System which suspended the gold standard/ convertibility of the dollar by the U.S.A.
1971-Collapse of the Bretton Woods Agreement
Hulton Archive (Photo: www.static.guim.co.uk)
India adopted a fixed rate system and was linked to the U.K. pound sterling after the breakdown of the Bretton Woods Agreement. However, by 1975, the rupee was pegged to a basket of currencies to ensure the stability of the rupee and to combat the increasing imbalances and disadvantages associated with a single currency peg.
Rupee value went down to 8.10 in 1974 as a consequence of the oil shock in 1973 because of the decision to reduce production by the Organization of Arab Petroleum Exporting Countries (OAPEC).
The Soviet Union had been a crucial trade partner of India since the 1960s. However, due to the collapse of the Soviet Union in the 1980s, India's export fell by a significant proportion. Coupled with the doubling of the crude oil prices by the Persian Gulf nations in 1990, India faced a serious Balance of Payment crisis in 1991.
The interest payment made up 39% of the government's revenue and the fiscal deficit decreased to 7.8% of GDP.
The foreign reserve had dried up to a point that India hardly had the money for three week's worth of imports. The country nearly went bankrupt. India had to borrow money from the International Monetary Fund (IMF) against its gold reserves.
The exchange rate plummeted throughout the 1980s and by late 1990, the rate was 1 USD = 17.32 INR.
The economic crisis called for a devaluation of the rupee. Devaluation is the process of reducing a country's exchange rate in the international market while keeping the internal value unchanged. This was done to encourage an increase in exports and an increase in the inflow of foreign currency.
In 1991, the Reserve Bank of India (RBI) decreased the exchange rate by 11% in total as part of a well-planned move to deal with the crisis with the project named "hop, skip, and jump". With this, India ended the fixed-rate currency regime and moved towards a market-determined exchange rate system or the floating exchange rate system.
The effect of devaluation made the exchange rate 1 USD to 25.92 INR in 1992. The Indian rupee kept falling since then. By 2002, the rupee had fallen to Rs 48.99 against the US dollar.
In 2007, the rupee appreciated and reached a high of Rs 39.27 to the dollar because of the sustained foreign direct investment (FDI) inflows into the country in terms of investment to the booming stock market, increasing remittances, and growth in exporters led by the IT and BPO firms in the country.
Read more on the best remittance options for exchange rate fluctuations.
However, the global financial crisis of 2008 put an end to the trend and the rupee hit a low of Rs 51.75 by 2009. By early 2013, owing to global factors and domestic factors, the rupee fell further to Rs 56.57 per 1 USD.
The 2016 demonetization which was the discontinuation of Rs 500 and Rs 1,000 notes led to nearly 86 percent of the currency in circulation being invalid overnight. This had an adverse impact on consumption patterns, investment, and income among others. Also, the unavailability of newly printed notes meant a reduced amount of currency in circulation.
Eventually, the currency in circulation were-a new Rs 500 note and a first for the Indian currency -Rs 2,000 note- and later new notes of old denominations such as Rs 10, Rs 20, Rs 50, Rs 100, and another first Rs 200 note were introduced.
Demonetization was a way to combat corruption and black money in the economy and to push forward digital India with an increase in the use of cashless transactions as a result of demonetization.
In 2016, the USD to INR hit a record with 1 USD = 68.77 INR, the highest rate at that time.
The global economic crisis following the coronavirus pandemic in 2020 contributed to the depreciation of the exchange rate to hit a record low which was 1 USD = 76.67 INR (March).
The current exchange rate now stands at 1 USD = 72.55 INR at the time of writing.
According to the new budget, Non-Resident Indians (NRIs) can incorporate One Person Company (OPC) in India with no restriction on paid-up capital (the previously prescribed limit was Rs 50 lakh) and turnover (capped at Rs 2 crore earlier) and can convert into any other type of company at any time.
One basic requirement for OPC was that the member and nominee have to be a resident of India. With the residency limit reduced from 182 days to 120 days, NRIs now have an easier entry into the Indian market.
This move by the Indian government will encourage NRIs with entrepreneurial potential to come to India and set up a business in India. This will be a big boost for startups in India which means more investment opportunities for NRIs.
The potential increase in the inflow of foreign investments is better for the Indian rupee against the US dollars.
The value of a nation's currency fluctuates primarily because it is based on supply and demand.
The money supply is the total amount of a currency in circulation. An increase in demand for a currency or insufficient supply of it appreciates its exchange rate value. In the foreign exchange market, most of the world's currencies are bought and sold based on exchange rates. The value of the exchange rates fluctuates depending on the supply and demand of the currencies in the foreign exchange market.
Monetary policy is a powerful tool used by the central banks to control the supply and demand of the currency and thus influencing the exchange rate.
One of the ways the RBI controls the movement of the rupee is by changing the interest rates. For example, When RBI allowed the banks to increase interest rates on Non-Resident Indians (NRI) rupee accounts and brought them on par with the domestic term deposit rates, the inflow of funds from NRIs went up, which raised the demand for rupees and ultimately led to the appreciation of the currency. Similarly, depreciation of the rupee is caused by the decrease in interest rates.
RBI also buys and sells US dollars in the open market to control the value of the currency. Some other ways through which RBI control the availability of money in circulation, thus impacting the value of the currency is by regulating the following:
Inflation also impacts the value of a currency. When there is too much supply of money but no economic growth, prices of goods and services inflate. The central bank can counteract the situation by increasing the interest rate of borrowing money. High-interest rates discourage people to spend money. Instead, it encourages them to save money.
Inflation essentially is a measure of the degree of economic stability. A low and stable inflation rate is desirable for attracting foreign investment.
Rupee depreciated against the USD from 55.48 INR to 57.07 per 1 USD within 15 days in 2013 as a consequence of increased demand in the dollar from imports and due to foreign institutional investors pulling out capital from the debt market.
This happened despite RBI's effort to stabilize the value of the rupee by selling US dollars from its foreign exchange reserves.
A country with stable economic conditions and political situations generally has a higher exchange rate because it is in high demand in the currency market as investors are confident with their investments. Key economic indicators like the gross domestic product (GDP), unemployment rate, trade balance, inflation rates, interest rates determine the value of the currency exchange rates.
Political tensions can also negatively impact the value of the currency. As the demand decreases, the rupee will depreciate.
Various factors cause the volatile nature of the Indian currency. The value of INR is significantly affected by crude oil prices as India imports a large quantity of it. An increase in oil prices causes the value of the Indian currency to drop. As we discussed earlier, a fall in foreign investments in the Indian market, interest rates, inflation in the country also contribute to the depreciation of the INR. Devaluation of the currency makes imported goods expensive, foreign travel and fees for studying abroad become costly.
It is important to note that a strong currency is not necessarily good. The depreciation of the rupee has helped the Indian economy during an economic crisis. Lowering the exchange rate has improved the balance of trade. With a floating exchange rate system, the USD/INR are determined by market forces and several internal and external forces.
For a developing economy like India, depreciation can be a natural consequence and it is likely to continue in the future.
Whether you're sending funds to a family member in a different city, paying bills, or even assisting a friend in an emergency, the ability to send money efficiently is crucial.One popular and convenient option is the Walmart2Walmart money transfer service, which offers a low-cost, fast, and reliable way to send money across the U.S., including Puerto Rico and Mexico.In this guide, we'll explore how to use Walmart2Walmart money transfer powered by Ria money transfer, Western Union, and MoneyGram, all available through Walmart.We'll also cover how it works, the fees involved, and tips on getting the best deal possible and making a smooth transfer when using Walmart's money transfer services.What is Walmart2Walmart Money Transfer Service?Walmart2Walmart powered by Ria, is a person-to-person payment transfer service available through Walmart, one of the world's largest retail chains.Ria Financial Services which is a global money transfer company has partnered with the world's largest retailer to facilitate all Walmart2Walmart money transfers.It allows customers to send money from any Walmart store in the United States to any Walmart locations across the U.S., Puerto Rico, and Mexico.The money transfer service was launched in 2014 to serve the unbanked population in the US. As of 2021, an estimated 4.5% of the U.S. population which is approximately 5.9 million were 'unbanked'.How Does Walmart2Walmart Money Transfer Work?The way Walmart to Walmart money transfer works is you have to visit any local Walmart store near you and initiate your transaction with the help of a store associate.You fund your transfer money using your debit or credit card. Once Walmart receives your money, it will take just a few minutes for the money to be available for the recipient to receive.Then to collect the funds, your friend or family member can visit one of any 4,500 Walmart stores in the U.S. and Puerto Rico or any of the 2,500 Bodega Aurrera or Walmart locations in the U.S. and Mexico to pick up the cash you sent.Alternatively, you can skip the line at the local Walmart store and use Ria's website or the Walmart2Walmart app to make money transfers even more convenient.And if you already have a digital Ria account, you don't need to create a new account to use the app. You can use your Ria credentials to start using the Walmart2Walmart app.What are Walmart2Walmart Fees?The Walmart2Walmart fees are straightforward and affordable. However, fees may vary depending on the transfer amount and receiving location. Check the exact fees before you make the transfer.Fees start at $4 for up to $50 transfer, $8 for transfers of $51-1,000, and range up to $16 for $1,000 to $2,500 transfers.Walmart to Walmart Transfer Limit and Transfer HoursThe Walmart2Walmart money transfers have a daily limit of $2,500 per person.The Walmart2Walmart money transfer hours are open from 8 a.m. to 8 p.m. Monday through Saturday, and 10 a.m. to 6 p.m. on Sunday.Do note that MoneyCenters open and close much earlier than Walmart store standard hours.How To Transfer Money Using Walmart2Walmart Using at a Walmart Store?Sending money using Walmart2Walmart in person at a store is quick and easy. Follow the following step-by-step guide to send money in Walmart stores:Step 1: Visit a Walmart StoreTo initiate a Walmart-to-Walmart money transfer, you'll need to visit a store near you. Be sure to bring a valid photo ID, such as a driver's license or passport, with you.The following IDs are accepted at Walmart:U.S. Driver's License, including Puerto RicoState ID, including Puerto RicoUnited States PassportInternational PassportMilitary IDU.S. Permanent Resident CardTribal IDMexican Matricula ConsularStep 2: Locate the Service DeskOnce inside the store, make your way to the Walmart Money Services Counter or the Customer Service Desk. Inform the store associate that you want to use Walmart2Walmart to send money. This is where you'll find the necessary forms and assistance to complete the transaction.Step 3: Provide Necessary InformationYou'll need to provide the following information to the Walmart associate:Your name and contact information.The recipient's name and contact information.The amount you wish to send.The location of the Walmart store where the recipient will pick up the money.Step 4: Pay for the TransferAfter providing the required information, you'll need to pay for the money transfer, including the service fee. Walmart offers transparent pricing, so you'll know the exact cost upfront. You can pay for your transfer with cash in US Dollars, or with a debit card or credit card.Step 5: Receive a Reference NumberOnce the transaction is complete, you'll receive a reference number. Be sure to keep this number safe, as the recipient needs to pick up the money.Step 6: Share the Reference Number with the RecipientShare the reference number and transfer details with the recipient, as they will need this information to collect the funds.Step 7: Confirm ReceiptOnce the recipient has picked up the money, you should confirm with them that the transfer is complete.That's it! You've successfully sent money using Walmart to Walmart.The money will be transferred to your recipient as early as 10 minutes for pickup if everything goes smoothly.If you are visiting the store for shopping and other needs, using the money transfer services while you are at the store can be a convenient option.How to Send Money Online Using the Walmart2Walmart?You can either use the Walmart2Walmart app or Ria's website to send money online.Create a new account or use your existing Ria credentials to log into the Walmart2Walmart mobile app.Add the recipient's full name, country, and state. Or choose an existing recipient, the one to whom you have sent money before.Choose a delivery option: cash pickup, mobile wallet, bank account deposit, or even home delivery (depending on the location)Enter the transfer amount. (Total cost including the transfer fee will be shown upfront)Pay for the transfer using cash in US Dollars, or enter a bank account or debit or credit card details.Walmart will take care of the rest.How to Receive Money Sent Through Walmart2Walmart?To receive the money transferred through Walmart2Walmart:Visit any Walmart or Bodega Aurrera storeGo to the Walmart Money Services Center or customer service deskShow a valid IDIf you received a barcode, provide it to the store associateCollect the cash from the associateThe transfer process is completed within 10 minutes from the moment the sender initiates the money transfer.The recipient has up to 60 days from the date of the transaction to collect the money. As per the Walmart return policy, the money transferred is returned to the sender if the money is not collected within the 60-day limit.If the sender opts to send money to your bank account or mobile wallet, you just have to wait for the money to get deposited.How to Track Your Walmart2Walmart Money Transfer?There are several ways to track your Walmart2Walmart money transfer:Track at your local Walmart MoneyCenter. The associate can track with the help of the sender's tracking number or order number.Track through the Walmart2Walmart mobile app using the tracking number. Click the Track link at the bottom of the screen to see the status of your transfer.Online at the Ria "Track a Transfer" section using the tracking numberCall the Ria customer support team (1-855-355-2144 or 1-877-443-1399)Send an email to [email protected] Money With MoneyGram and Western Union Through WalmartWalmart has also partnered with money transfer incumbents such as MoneyGram and Western Union to make money transfer more convenient both domestically and internationally.MoneyGramYou can send money from a Walmart store for cash pickup safely at a MoneyGram location anywhere in the US and Puerto Rico. MoneyGram also offers international money transfers through Walmart. The money you send with Walmart can be collected at any MoneyGram location across 200 countries worldwide. You also have to option to transfer via a bank account deposit, mobile wallet, and card payments where available.You can also pick up or receive money sent from any Western Union, Ria, or Moneygram agent location within the U.S. by going to your local Walmart with the reference or MTCN number provided by the sender.Western UnionSend money from a Walmart store for pickup at one of hundreds of thousands of Western Union agent locations throughout the US and Puerto Rico. The money is typically available within minutes for collection. For international money transfers, visit any Walmart store for cash pickup at a Western Union agent location in over 200 countries. The money can also be deposited to a bank account, cards, and mobile wallets (availability of delivery options can vary by destination country).Benefits of Using Walmart to Walmart Money TransferWalmart2Walmart offers seamless domestic money transfers within the US, Puerto Rico, and Mexico with the following benefits:Simplicity: Whether you visit a store or use the Walmart2Walmart mobile app, sending money is effortlessly straightforward.Speed: Transactions through Walmart to Walmart are typically processed quickly, allowing your recipient to access the funds promptly.Convenience: With over 4,500 Walmart locations across the US, finding a location to send or receive money is relatively easy.Widespread Access: Recipients can collect funds at over 4,500 Walmart branches in the US and Puerto Rico or over 2,500 Bodega Aurrera and Walmart locations in Mexico, ensuring easy access to their money.Security: Walmart2Walmart, powered by Ria, boasts a strong track record in domestic and international money transfers, guaranteeing the safety of your funds and personal informationLow Cost: Walmart offers competitive pricing for its money transfer service, making it an affordable choice for most customers.Tips for a Smooth Walmart-to-Walmart Money TransferTo ensure a seamless experience when using the Walmart to Walmart money transfer service, consider the following tips:Double-Check Information: Ensure all the details you provide, such as recipient information and the destination Walmart store, are accurate.Understand Fees: Familiarize yourself with the service fees associated with your chosen transfer option (Ria, Western Union, or MoneyGram).Keep Receipts: Retain all transaction receipts, including the reference number, until you confirm that the recipient has received the funds.Plan Ahead: Keep in mind that transactions may take a little time, so plan accordingly, especially if the recipient needs the funds urgently.Use Secure Channels: Only share the reference number with the intended recipient and ensure they are aware of the importance of keeping it confidential.Ask for Assistance: If you have any questions or encounter issues during the process, don't hesitate to ask Walmart associates for assistance. They are trained to help you with money transfers.Frequently Asked QuestionsCan you do a Walmart-to-Walmart money transfer online?Yes, you can send money through Walmart to Walmart online using their official website or mobile app.How does Walmart to Walmart money transfer work?Walmart to Walmart money transfer is a service that allows you to send money to someone domestically within the U.S., Puerto Rico, or Mexico. You can initiate the transfer by visiting a store and using their Money Services Center, or you can do it online through the Walmart2Walmart website or mobile app. You provide the recipient's name, location, and the amount you wish to send. The recipient can then pick up the funds at a Walmart store or participating location.How much is Walmart to Walmart money transfer?The fees for Walmart-to-Walmart money transfers vary depending on the amount you're sending. Fees start at $4 for up to $50 transfer, $8 for transfers of $51-1,000, and range up to $16 for $1,000 to $2,500 transfers.How to track Walmart to Walmart money transfers?To track a Walmart-to-Walmart money transfer, you can typically use the reference number or order number provided during the transaction. You can inquire about the transfer's status at the store where you initiated the transfer or contact Walmart's customer service for assistance.Can I cancel a Walmart-to-Walmart money transfer?It is possible to cancel a Walmart-to-Walmart money transfer, but the process and eligibility for cancellation may vary depending on the specific circumstances and Walmart's policies. You should contact Walmart's customer service or visit the store where you initiated the transfer as soon as possible to inquire about cancellation options.Is Walmart to Walmart safe?Walmart-to-Walmart money transfers are generally considered safe and secure. The service is powered by Ria, a well-established money transfer company with a strong reputation. However, it's essential to follow best practices for online and in-person money transfers, such as safeguarding your transaction details and only sending money to trusted recipients.ConclusionWhether you're helping out a friend, sending funds to a family member, or taking care of financial obligations, these services offer speed, reliability, and security. By following the simple steps outlined in this guide and considering the tips provided, you can make the most of these options for your money transfer needs. Remember, when it comes to transferring money, convenience and peace of mind are key, and Walmart's partnerships with these trusted providers deliver just that.There are numerous ways to send money internationally. We recommend taking a look at other options at your disposal as well.To find the best exchange rates, lowest fees, and fastest turnaround times for sending money online, check out CompareRemit's online money transfer comparison tool to choose a trusted remittance provider for your transaction today!
In an ever connected world, online money transfers are naturally the preferred and most convenient method for sending money across international borders, making it easier than ever to support your family, friends, or business partners in the Philippines.Whether you're an OFW (Overseas Filipino Worker) or a person with ties to the Philippines, this blog will walk you through the step-by-step process of sending money through GCash, the Philippines’ leading mobile wallet, to effortlessly and securely send money to your loved ones.Say goodbye to long queues and lengthy paperwork – and say hello to instant and accessible money transfers.What is GCash?Gcash is a mobile wallet and financial services platform based in the Philippines which came into operation in 2004. It was introduced by Mynt, a subsidiary of Globe Telecom, one of the Philippines’ major telecommunications companies.GCash allows users to carry out various financial transactions, mobile payments, and services through their mobile phones, making it a convenient and efficient way to manage money.You can make bank transfers, pay bills with QR codes, take out loans, and top-up airtime on your mobile phone. It is one of the most popular mobile wallets in the Philippines and the most convenient option for Overseas Filipino Workers (OFWs) to send money to their loved ones in the country.With 81 million active users and 2.5 million merchants and sellers as of May 2023, GCash is truly the undisputed mobile wallet king in the Philippines.Why Should You Get GCash?This is especially important for people who want to send money to the Philippines. GCash offers multiple benefits for sending money to the country:Convenience: You only need a mobile app to send money to friends and family in the Philippines making it easily accessible and convenient. You need not go to any money transfer centers to make a money transfer.Mobile Services: Apart from money transfers, it offers a wide range of financial services, such as bill payments, online shopping, and even investments.No Need for Bank Account: Your recipient does not need a bank account to receive money through Gcash.Speed: It is faster to send money to Gcash than traditional methods. Your recipient can receive the money instantly or within a few minutes, depending on the transaction type.Lower Fees: Due to its lower fees, it is a cost-effective method to send money to the Philippines.Extensive Network: Gcash has a vast network of partner merchants, banks, and money transfer companies in the Philippines, making it easy for the recipients to access and withdraw the money.Security: Various security measures such as PIN verifications, fingerprint scanning, and two-factor authentication are put in place to protect users’ accounts and transactions.How Does GCash Work?To use GCash, you need to download the GCash app from the App Store or Google Play and sign up for an account. You will enter your personal details (mobile number, name, address), complete the customer verification process, and create a secure PIN.After creating your account, you will need to fund your GCash Wallet. There are several ways to do this:Link your bank account or credit/debit card to your GCash accountDeposit cash at GCash partner outletsReceive money from other GCash users.Once your GCash is funded, you can start using it for various transactions, such as:Send money to other GCash users or non-GCash users through the “Send Money’ feature. This feature allows you to transfer money to family, friends, or anyone with a mobile number.Pay bills for utilities, credit cards, and other services directly through the appPurchase mobile prepaid loads for your phone or for your loved ones, as well as data packages from various telecom providers in the Philippines.GCash can be used for online shopping on partner merchants’ websites and appsGCash QR payment feature enables you to pay for goods and services in physical stores by scanning QR codes displayed by merchants.Convert your GCash balance to cash by cashing out at partner outlets or through participating banks and ATMs.How to Transfer Money to Philippines Using GCash?The best way to send money to GCash, Philippines is through a digital money transfer platform. Gcash has partnered with several top online money transfer companies including Remitly, Skrill, Wise, WorldRemit, and Western Union among others.These platforms allow you to send Philippine Pesos (PHP) to Gcash in an affordable, quick, and efficient manner.How to Send Money to Gcash Mobile Wallet via an Online Money Transfer App?Here are the steps to follow:Sign up on any of the third-party money transfer apps or platformsEnter your personal detailsGet your account verifiedEnter transfer amountEnter your recipient's countryChoose GCash as your delivery methodEnter the recipient’s GCash-registered name & account numberConfirm your transferPay for the transferPesos will be deposited to the recipient’s GCash AccountMoney Transfer Platforms Offering GCash as a Delivery OptionWiseUsing Wise, you can send PHP to any individual or business bank account in Philippines or mobile money to any of the several mobile wallets such as GCash, PayMaya, GrabPay, Starpay, etc. To send money to mobile wallets, you'll need your recipient's mobile number, starting with the country code +63. The maximum limit for money transfers to bank accounts and mobile wallets is 9 million PHP per transfer and 50,000 PHP per transfer respectively. It may take 1-2 working days to complete the transfer.RemitlyYou can do a Remitly transfer to GCash via Mobile Money in the Philippines. Remitly offers two ways to transfer money to Gcash wallets in Philippines based on how you pay for the transfer. Using a debit card (Express) to pay will take a few minutes for the money transfer while it may take 3-5 business working days if you pay via than bank account (Economy). The GCash wallet limit is PHP 100,000. Make sure you have sufficient funds availability in your account to do the transfer. Remitly is the optimal choice to send GCash from USA if you are looking to make fast and secure mobile payments.WorldRemitWorldRemit facilitates mobile money transfers to several mobile wallets in the Philippines including GCash. The cash is deposited within minutes. You can send up to PHP 50,000 per transfer and a maximum of PHP 100,000 total remittances per month to the mobile wallet. To avoid delay in transfer, make sure your recipient's details are correct. WorldRemit might be your cheapest option as they often charge no fixed fees, but this depends on the sending country. In the case of top-sending countries like the USA, the company does not charge fixed fees.Western UnionWestern Union is a well-known international money transfer service that has partnered with GCash to facilitate remittances to the Philippines. To initiate a transfer, you can simply go to your GCash account and proceed to the Cash-In segment within the GCash App and opt for Western Union as your preferred money transfer option. Or you can either go to a Western Union Branch or their website to make the transfer. You will find that sending money to a mobile wallet, GCash is less expensive than sending cash to a pickup location.MoneyGramMoneyGram, a well-established money transfer company is also a GCash partner, enabling users to receive international remittances directly into their GCash wallets. To send money directly to GCash wallet, either go to the MoneyGram website or any agent location. Provide your recipient's details and select 'Mobile Wallet as your delivery option. Both you and your recipient will receive a notification once the money is sent.XoomBy partnering with GCash, Xoom enables users to effortlessly transfer funds to GCash accounts. To start the transfer process from Xoom to GCash, download the Xoom app, and create an account. Then, enter the transfer amount and choose GCash as the receiving option, provide the details of your recipient's mobile wallet, and pay for your transfer using a PayPal account, bank account, credit card, or debit card.Xoom may be a popular option for transferring funds to GCasg, however, they are a little expensive due to transfer fees and exchange rate margins. Look for cheaper alternatives on our list.PangeaPangea provides global money transfers to regions in Latin America and Asia. Through their mobile app, you can make the payment and use your linked bank account or debit card to pay for the transaction. If you pay using a card to transfer money for pickup, your recipient will receive the funds within minutes, while selecting a bank transfer method will take a little longer.While Pangea does not offer direct transfer to a mobile wallet like GCash, you can still make an international transfer to the Philippines, and then your recipient can transfer that money to their GCash account.SkrillBy leveraging its digital wallet expertise, Skrill offers users a secure and efficient way to send money to GCash, contributing to the financial accessibility of recipients in the Philippines. Skrill offers various ways to transfer money to GCash including bank account transfer, payments via debit card or credit cards, and letting you choose mobile money transfer. Opting for bank transfers is typically the cheapest, allowing you to send funds from your bank account to a GCash wallet at a lower cost compared to other payment methods. However, the transfer will take a little longer.Note: The availability of GCash GCash as a delivery option on the above money transfer platforms can differ due to variables like the sender's location, the platform's offered services, and potential shifts in partnerships. It's recommended to visit the platform's website or app prior to utilizing any money transfer service to verify the current selection of delivery methods and choices for sending money to the Philippines.What is the Cost of Transferring Money to GCash?The cost of transferring money to GCash can vary depending on the service provider, the country you are sending money from, the transfer method you choose (bank transfer, debit/credit card, etc.), the amount being sent, and any applicable fees for currency conversion or processing. Different remittance platforms and financial institutions might have different fee structures.Carefully review the terms and fee information provided by the specific service you plan to use to determine the exact cost of the transfer to GCash. Keep in mind that some providers may offer promotions or fee waivers for certain transactions or during specific timeframes.How to Claim Your Remittance on the GCash App?Open GCash app homepageGo to ‘Cash-In”Under the Global Partners, & RemittanceClick the money transfer company you sent the money withEnter the amount of remittance to be receivedEnter the Reference numberConfirm the TransferThe funds will be loaded into the GCash walletWhere Can You Cash-Out with GCash in the Philippines?You can withdraw funds through several options in the Philippines. If you have a GCash Mastercard, you can visit any BancNet or Mastercard ATM, or any GCash Partner Outlet.Here is the list of the GCash Partner Outlets:Cebuana LhuillierCVM PawnshopDA5ECPayExpressPayHanepBuhayJaro PawnshopPanalo ExpressPeraHUBPosiblePuregoldRobinsonsSM StoreTambunting PawnshopTrueMoneyVillarica PawnshopVIP Payments CenterThe steps for cashing out might be different with each partner outlet. You can look it up in the GCash App.How GCash Exchanges Currency?GCash is primarily not a currency exchange platform. The currency exchange is usually handled by the money transfer provider or financial institution initiating the money transfer to the Philippines from abroad.For example:If you are sending money from abroad to a GCash mobile wallet in the Philippines, your transfer providers will likely handle the currency conversion from the currency you are sending to Philippine Pesos based on the prevailing exchange rates.The converted amount in PHP will be deposited to the recipient’s GCash wallet.However, GCash may display the received amount in both the sender’s currency and PHP within the app for the recipient’s reference.If you want to get the best exchange rates while sending money to the Philippines or abroad, the best way is to compare your options. To compare the best rates to send money to the Philippines using Gcash, use our online comparison tool to check the best providers today!
Sending money internationally is now easier than ever with the right service provider. PassTo is a convenient option for individuals in the UK who want to transfer money from GBP to INR and support their loved ones in India. In this article, we will guide you through the simple and efficient process of using PassTo for your international money transfer needs.Why Should You Choose PassTo?When it comes to international money transfers, PassTo is the clear choice for users in the UK. With their reliable and secure platform, PassTo ensures that your funds are transferred safely and efficiently.Here are some of the reasons why PassTo should be your top choice when sending money abroad:The first transfer is freeSpecial welcome exchange rates for new usersSend money to over 70 countries worldwide from the UKTransfer money in as little as a few minutes or same day/next business dayExcellent customer service via email, phone, or in-App chatSend up to £3,000 per day to most of our countriesSet up an account in just 2 minutesEarn a £50 gift through our rewards program when you invite 3 friends to make their first transfer of at least £200 eachPassTo is authorized and regulated by the FCANow that you understand why PassTo is the preferred option for sending money abroad, let's dive into the straightforward steps involved in initiating your first transfer from the UK to India.How to Send Money from the UK to India with PassToIn just a few simple steps, you'll be well on your way to sending money from the UK to India in no time. Step 1: Create an Account with PassToTo get started, visit the PassTo website (https://passto.co.uk) or download the PassTo mobile application from here and sign up for an account. Provide the necessary details and complete the registration process. Once your account is created, you'll gain access to PassTo's features and services.Step 2: Verify Your IdentityAs with any reputable money transfer service, PassTo requires you to verify your identity to comply with regulatory requirements. This step typically involves submitting valid identification documents, such as your passport or driver's license, and proof of address.Step 3: Choose a Payment MethodOnce you have successfully registered, you can proceed to choose a payment method from the options provided. PassTo allows you to select either your bank account, credit card, or debit card as the source of funds for the transfer.Step 4: Add a RecipientAfter verifying your identity, you can add a recipient to whom you wish to send money. Provide the recipient's details, including their full name, contact information, and bank account details in India and the details will be saved for future transfers . You also have the flexibility to choose how the recipient will receive the money. PassTo offers three options: bank deposit, mobile wallet credit, or cash pickup. You can select the most convenient option for your recipient.Step 5: Choose the Transfer Amount and CurrencySpecify the amount you wish to send in GBP and select the desired currency as INR. PassTo will display the current exchange rate and any applicable fees associated with the transfer. Take note of the exchange rate as it will impact the final amount your recipient will receive in Indian Rupees.Step 6: Review and ConfirmCarefully review all the details of the transfer, including the recipient's information, transfer amount, exchange rate, and fees. Double-check for any errors or discrepancies. If everything is accurate, proceed to confirm the transfer.Step 7: Track the TransferThroughout the process, PassTo keeps you informed and updated on the status of your transaction. You can conveniently track the progress of your transfer within the app itself or receive push notifications, ensuring that you are always aware of where the money is going and how long it is expected to take to reach its destination.Step 8: Money Delivered to the RecipientOnce PassTo processes the transfer, the money will be delivered to the recipient's bank account in India. The time it takes for the funds to reach the recipient may vary, but PassTo strives to offer quick and reliable transfers. It often can be delivered in as little as a few minutes!Sending money from GBP to INR can be a hassle-free experience with PassTo. By following the steps outlined above, you can take advantage of PassTo's user-friendly platform and robust services to securely transfer funds to India. With PassTo, you can ensure that your money reaches your loved ones in India conveniently and efficiently.
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