Every month, I receive money via Payoneer, which I transfer to Gcash. However the money is in USD and is converted into PHP via this service. The process of transfering money from Payoneer to Gcash involves fees and income that have to be logged in my expense and income tracker to make My monthly financial review process as accurate as possible.
- Go to Payoneer and take note of the amount of money you will transfer (usually, the entire amount).
- Go to Gcash and attempt a cash-in from Payoneer.
- Notice that the amount of money you tooke note in Payoneer in USD is different from what is in the Gcash cash-in page. This is because, Payoneer has already deducted its fee.
- Get the difference between the original amount in Payoneer and that in Gcash. This is the Payoneer transfer fee in USD.
- The cash-in screen should also show the amount in USD vs. the amount in PHP.
- Divide the amount in PHP with the amount in USD. The result is the exchange rate that Gcash follows.
- Compare this with that in Google. They are almost identical.
- Multiple the calculated exchange rate with the amount of money to be tranferred to Gcash in USD. Log this as your income.
- Multiply the calculated exchange rate with the Payoneer transfer fee in USD. This is the transfer fee in PHP. Log it as a work expense in your expenses tracker.