GCash introduces US dollar account

MANILA, Philippines —  More than two million Filipinos in the gig economy may now receive their dollar compensation directly in their GCash accounts, doing away with transfer fees that reduce their net pay.

E-wallet pioneer GCash yesterday announced the launch of its newest solution, called Virtual US Account, designed to cater to freelancers who receive their compensation in foreign currencies.

The feature promises freelancers that they would receive their dollar-denominated compensation in full, on time and using the most competitive foreign exchange rate.

GCash developed Virtual US Account to simplify dollar transfers. Currently, freelancers who complete tasks for overseas accounts surrender part of their payment to conversion fees, platform charges and transfer costs.

Virtual US Account removes friction fees that freelancers have to deal with when receiving their compensation. Whereas other platforms automatically change dollar to peso, GCash offers full control, allowing their users to decide the best time to convert.

Virtual US Account shows real-time exchange rates to inform freelancers ahead how much they would get.

The solution also enables users to receive earnings instantly, removing the usual wait time of up to three days to cash out as protocol in other platforms.

Virtual US Account is powered by Meridian Payments US, a provider of real-time transfers, and users are given their own automated clearing house for payment processing.

It also provides users with a wire routing number separate from their account details on GCash. This means freelancers may share these details to employers for direct transfers, eliminating the need for remittance chains or third-party services.

GCash International general manager Paul Albano said more Filipinos are engaging in freelance work for overseas accounts to earn compensation in dollars. However, they suffer from barriers that make it challenging to receive their pay in full.

“Our goal is to empower Filipino freelancers to keep the full value of what they earn and have an immediate access to it so they can use their money for everyday needs,” Albano said.

Users may open the Virtual US Account in the Explore the App section of GCash, and they will be redirected to a page where they can key in their information.