As a semi-frequent flyer—I've gone on six flights in the past two years, both internationally and locally—I'm always looking for ways to conveniently access my money and get the best conversion rate while I'm on the go. At the start of my traveling journey, I stubbornly accepted the rates from money changers. ICYDK, these establishments add fees on top of the day's foreign conversion rate. So technically, you're not getting the best exchange for your hard-earned pesos despite having the peace of mind that you have cash on hand.
But once I started using GCash and GoTyme Bank as my go-to digital banks, I became intrigued by the idea of simply withdrawing my money upon arriving at my country of destination. It's even one of the top travel tips shared on Reddit threads and TikTok videos rn. What do you mean I can get close to the Banko Sentral ng Pilipinas' foreign exchange rates—sometimes without withdrawal fees too? *surprised face emoji*
So to test this travel hack, I decided to use my GCash and GoTyme Visa debit cards on my recent trip to Hong Kong and finally decide on which one will become my new travel essential.
ALSO READ: Planning On Visiting Hong Kong Soon? Here's A Travel Guide For The 'Ber Months
Why I Use GCash and GoTyme To Withdraw Money While Traveling
1. Convenience
There are ATMs found everywhere in Hong Kong. Need some fast cash? Just walk a few minutes and you'll chance upon a bank's outlet. You can also use debit cards to pay at restaurants, convenience stores, and shopping outlets. In Hong Kong, you can also use any Visa or Mastercard instead of an Octopus card a.k.a. the reloadable card you can use to ride the Mass Transit Railway (MTR), city bus, or tram.
2. Comparable Exchange Rates
One of the primary reasons why I wanted to switch to using debit cards while traveling is pretty simple: I want to get the best exchange rates. As I mentioned earlier, having a middleman (in this case, a money changer) means that you also have to pay for convenience fees or a significantly higher exchange rate. That means I'm getting more value out of every peso possible.
3. Security
IDK about you, but I don't feel comfortable walking around in a new environment with significant amounts of money. Maybe it's the overthinking Virgo moon in me, but I don't want to be put in a position where I'd end up losing all my cash. With a travel debit card, I can at least have peace of mind knowing I can block my card and protect the money in my digital wallet if I needed to.
Is GCash Or GoTyme The Best Travel Debit Card?
I'll evaluate both based on the reasons why I decided to go with these two cards before my trip.
A Review Of The GCash Visa Card As A Travel Debit Card
Convenience: First things first: It was easy to get the GCash Visa Card. I just had to order one from the app, pay P200, and the card was delivered to my home within a week. This is super convenient for people who have busy schedules. GCash was also super convenient since I didn't have to pay any withdrawal or convenience fees every time I used it. Just remember to use your six-digit card PIN and not the PIN you use for the app—it's a common mistake to make!
Exchange Rates: GCash had a lower foreign exchange rate this time around. (I withdrew from Bank of China, ICYWW.)
Security: I didn't have any issues withdrawing money throughout my trip. However, the GCash didn't work as a replacement for the Octopus card for the few times I tried. While I didn't have anything taken from my balance, it did feel a little inconvenient (and a tiny bit embarrassing) to be that person holding up the line because they couldn't tap through the train gate.
A Review Of GoTyme Visa Card As A Travel Debit Card
Convenience: It was very easy to get the GoTyme Visa Card. I just had to drop by a Robinsons supermarket to use the GoTyme machine, and I had a shiny new debit card in my hands within seconds. And just like the GCash Visa debit card, there weren't any withdrawal fees. Sweet!
I also have three free cash-in transfers per month from any BPI, Unionbank, or Metrobank account per month, which is convenient for folks who are already patrons of these establishments.
Exchange Rates: Despite getting a slightly higher exchange rate, the difference was minimal and only amounted to roughly P200. Way less than what I would've paid at a money changer, TBH!
Security: Again, I didn't have any issues withdrawing money from any ATM I tried. Buuuut I had slightly more success using it as a transit card compared to when I was using GCash's Visa debit card. *cue sigh of relief*
Final Verdict: GCash vs. GoTyme, Which Is Better For Traveling?
During this trip, I found that the two banks have minimal differences in exchange rates. However, the GCash Visa debit card had slightly better rates than GoTyme's. On the other hand, I didn't have any issues using the GoTyme Visa debit card to go through Hong Kong's MTR gates (the same, unfortunately, can't be said with GCash).
Perhaps the deciding factor is the price you'll need to pay for the physical debit card. You can get a GoTyme card for free at any of its kiosks nationwide, while you can get the GCash Visa debit card delivered to your door for P200. If you're a lil' bit kuripot like I am, then you'd probably prefer GoTyme Bank and simply get the card while you're out doing groceries. But if you're someone who doesn't have the time to do that, then having your GCash card delivered to your door may appeal to you. Truly, it's an apples-to-oranges situation where there isn't a clear winner.
Which card would you choose to bring with you on your travels?
