GCash launches new service for dollar transfers to Filipino users

The Philippines' concern app GCash has rolled retired the Virtual US Account, a work enabling Filipinos to judge US dollar payments and remittances straight into their GCash integer wallet account.

The caller work removes the request for users to person an American slope account.

Meridian Payments US issues and maintains GCash Virtual US Accounts nether a "for payment of" arrangement.

GCash noted these accounts bash not relation arsenic accepted slope accounts and are not considered deposits, meaning they are not covered by deposit security schemes.

According to GCash, the work is positioned to enactment freelancers successful the Philippines, who often contend with important transaction fees that diminish their net and hold money access.

The Virtual Account is intended to little level fees and overseas speech costs, allowing users accrued take-home wage and improved receipt of remittances.

GCash stated that the work “eliminates precocious withdrawal fees and hidden charges.” Funds transferred from the US are made disposable instantly successful users’ e-wallets. These tin beryllium converted into Philippine pesos astatine what the institution describes arsenic competitory speech rates wrong the app.

The diagnostic is disposable to afloat verified GCash users.

It could assistance summation dollar inflows from the US, which accounts for astir 40% of Philippine currency remittances betwixt January and August successful 2025, according to the information from the country’s cardinal bank, Bangko Sentral ng Pilipinas.

The caller work is designed to facilitate cross-border payments for freelance workers and aims to broaden fiscal entree for Filipinos moving with clients abroad.

GCash International wide manager Paul Albano said: "With the GCash Virtual US Account, GCash users tin clasp US dollars and lone person to Philippine pesos erstwhile they request to.

“This enables them to debar unnecessary fees and person their wealth astatine their astir favourable time.”

"GCash launches caller work for dollar transfers to Filipino users" was primitively created and published by Electronic Payments International, a GlobalData owned brand.

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