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I’ve seen how Palawan Express is popular for remittances. Whenever I pass by one branch, there is always a line. Perhaps this is because it has the lowest rates for any remittance center in the Philippines.
But sometimes I wonder, why don’t people turn to other services that have no fee? Just looking at the rate matrix, Palawan Express charges 3% of the money to be remitted. For every 100, you pay 3 pesos. That’s really high.
Maybe this is because not all people have bank accounts. According to BSP, as of 2017 only 77% of all Filipinos remain unbanked. That’s a pretty high number. This is why so many fintech apps try to populate this space — there is so much growth potential.
Why GCash in Palawan Express?
As of March 21, 2019, GCash cash-in and cash outs are allowed in any Palawan Express branches nationwide. This would hopefully help more Filipinos in adopting GCash, no matter where they are.
Cash-ins are easy since you only need the receiver to download the GCash app into his phone. Even dumb phones can cash-in via *143#. Also, when it comes to mobile phone penetration, the Philippines beats a lot of other countries by far.
What are the requirements in Cashing-in or out?
You just need a valid ID, and you also need to accomplish a form.
Basically you just need to input your complete name, the GCash registered number you are sending to, and the amount you are remitting.
Is there a minimum amount to cash-in?
Yes, the minimum is Php 100.
Can I cash in while not being Fully Verified?
Yes, however there are lower wallet limits if you are Basic Verified only.
Can I send money from my GCash account to Palawan Express?
If sending money, you mean remittance, then no. Palawan only processes GCash cash-in and cash outs. The cash-in receiver should have a GCash account.
What are the fees to cash-in and to cash-out?
As of May 2020, GCash cash-in for partner outlets is free for the first Php 8000 per month. When the amount goes over the limit, it will incur a 2% fee. This limit refreshes every first day of the month.
For example, this month: Today, you cashed in Php 7000. There is no fee since it is still below the Php 8000 limit. The next day, you cashed in Php 2500. Since you went over the limit, there is a fee included with the cash-in but only for the amount over the limit. The cash-in that is covered by the fee is: Php 2500 - Php 1000 = Php 1500 The fee is 2% of the amount. Php 1500 * 0.02 = Php 30 So the total cash-in with the fee will be: Php 2500 - Php 30 = Php 2470 Any other cash-ins for this month will have a 2% fee after this.
Once you are near the limit, you will be receiving an SMS and a notification in the app informing you of the charge once you go past the limit.
Please take note that this is for only manual cash-ins — remittances, online cash-in and bank cash-ins are not included.
For cashouts, there is a Php 20 service fee for every Php 1000. For example, Php 3500 has a Php 60 service fee in total.
Generally, there is always a service fee if you want to cash-out your money. If you have a bank account though, you can always transfer it there for free and then withdraw it using your ATM card.
What branches supports cash-in and cash out?
All Palawan Express branches nationwide supports cash-in and cash out.
Does Palawan Pawnshop offer GCash Mastercard?
No, but you can buy it from the app (details here), Globe Stores, or convenience stores.
Is Palawan Pawnshop a GCash Remit partner?
No, the list of remittance partners for GCash Remit are here.
Does the receiver need to be Fully Verified to receive cash-ins?
Yes, as a result, a Fully Verified receiver can also receive a limit of Php 100,000 total per month.
What IDs can I use to cash-in or cash out?
Here is a list of accepted IDs, according to GCash:
The cash out receiver should also have the same name as in the ID to be able to claim the money.
Palawan Express now supports GCash cash-ins and cash outs nationwide. Cash-ins are free before the Php 8000 limit, cash-out has a fee of Php 20 per Php 1000 to be sent.
If you want to know about other cash-in and cash out options, here are some related posts:
- Cashing in and out via over the counter options
- Cashing in and out via self-serve kiosks
- GCash and 7-11
- Cashing in Cebuana Lhuillier
If you’d like to learn more about GCash, I created a how-to on the basics of GCash.
Here is a list of links if you’re interested with the main GCash functions:
- Cash in or Cash out
- GCash Scams
- Send Money
- Bank Transfer
- Payment via QR
- GCash Mastercard
- AMEX Virtual Pay
- Pay Bills
- Request Money
- Buy Load
- GCash Forest
- Book Movies
- GCash via USSD (*143#)
- Receiving Remittances
If you are also interested in knowing what resources I used in making this blog happen, please take a look at my resources page.
How do you like the tutorial? Did I miss anything? Please add your comments and suggestions below!