Deposits and withdrawals with local methods
What you learn in 3 minutesThis lesson shows how money moves between a Philippine bank or GCash account and a broker account, and why the way in usually decides the way out.
One deposit and one withdrawal of ₱10,000
| Step | Amount | Note |
|---|---|---|
| Deposit sent from GCash | ₱10,000 | the amount leaving your GCash balance |
| Possible GCash sending fee | varies | GCash sets this; it changes over time and by account type |
| Amount credited to the trading account | ₱10,000 minus any fee | the broker converts to the account currency at its own rate |
| Time for the deposit to arrive | usually minutes to one working day | varies by broker and by the hour you send it |
| Withdrawal requested back to GCash | the same route as the deposit | most brokers return funds the way they came |
| Time for the withdrawal to arrive | usually one to five working days | varies by broker and by cut-off times |
| One pip on one standard lot of EUR/USD | 10 units of the quote currency | 100,000 x 0.0001, then converted at the current rate |
| EUR/USD reference price in this lesson | around 1.0850 | used only to show how a pip is calculated |
The broker may round the converted amount, charge a withdrawal fee, or apply its own exchange rate on top. Check the fee schedule on the broker's own page before sending money.
The mistake people make here
A common mistake is to deposit with one method and expect to withdraw with a different one, such as sending by bank transfer and asking for GCash on the way out. Most brokers send the money back the way it arrived, at least up to the amount deposited, because they must match the name on the account. Before the first deposit, read the broker's funding page and note the methods it accepts, the fees, and the cut-off times. Keep the receipt or reference number for every transfer, because it is the first thing a support team asks for when a payment is delayed.Check yourself
A deposit of ₱10,000 is sent by GCash. The broker charges no deposit fee, but GCash charges ₱50 to send. How much reaches the trading account before any conversion?
₱10,000 minus ₱50 equals ₱9,950. The broker then converts that amount into the account currency at its own rate.
One pip on one standard lot of EUR/USD is 10 units of the quote currency. If the quote currency is the US dollar and the rate used for conversion is 1.0850, what is one pip worth in pesos before conversion?
One pip is 10 US dollars. At 1.0850, 10 divided by 1.0850 is about 9.22, so one pip is about 9.22 units of the quote currency converted at that rate. The peso figure depends on the peso-to-dollar rate your broker uses.
A withdrawal of ₱5,000 is requested on a Friday afternoon. The broker's cut-off has passed and it processes on the next working day, then the bank takes two more working days. When does the money arrive?
The request is processed on the next working day and the bank adds two working days, so the money arrives about three working days after the request. Exact timing varies by broker and by bank.
In the Philippines
- Currency
- The peso, written ₱ (PHP)
- Payment methods used in this lesson
- GCash and bank transfer
- Regulator named in this course
- SEC Philippines
- Instrument used in examples
- EUR/USD, around 1.0850
- Fees and timing
- These vary between brokers and between payment providers, so check the broker's own funding page