I go to my bank at least twice a month for some transactions. And without fail, I can’t help but notice, there are no millennials lining up. I cannot imagine that it’s because they don’t have bank accounts at all. Twenty-somethings are making money. But where are they? I soon found out the obvious: they’re on their phones. I did some digging. Thankfully there are plenty of millennials in the office. Without seeming nosy, I asked them my simple question. Why don’t I see millennials in banks? Their answer, with wonderment at why I was even asking: “Um, duh, GCash.”
I have heard about GCash a lot, but I had no idea that apart from paying bills and scan-to-pay on shop counters, users may also transfer funds across banks using the app! It turns out, the millennials in the office are all using GCash for bank transfers, whether they need to send money or pay for online shopping using sellers’ bank accounts. One of them showed me how to do it. GCash has a Send Money feature with a Send Money to Bank Account option. Of course you have to have GCash credits first: cash in over the counter at 7-Eleven or link your bank account, and move funds all within the app. Then go to the Send Money to Bank Account option.
GCash is linked to 42 banks and financial institutions, including the major ones. So most likely, your recipient’s bank account is there. Put the account name and number, input the amount to transfer then press send. The money is wired real-time! It’s that easy. Just a few taps on the phone and the bank transfer is done. It’s super convenient. No need to waste time in traffic going to the physical bank, lining up for your turn, withdrawing cash you could deposit for the transfer, and paying fees. I have been using GCash to transfer funds since. I may no longer be a millennial, but at least I can do banking their way.
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