GCash, the financial technology app of Globe Telecom, has introduced a new feature called the Virtual US Account, allowing Filipino freelancers to receive US dollar payments and remittances directly into their e-wallet accounts.
The innovation, which removes the need for a separate US-based bank account, enables users to avoid common intermediary fees and charges, according to the company.
Powered by US-based global payment transfers provider Meridian, the Virtual US Account provides each user with their own Automated Clearing House (ACH) and Wire Routing Number.
These details are separate from their regular GCash account and can be shared directly with US employers to facilitate transfers. This eliminates the need for freelancers to rely on costly third-party services or long transfer chains to get paid.
Unlike other platforms that automatically convert USD to Philippine pesos, GCash gives users full control, allowing them to choose the best time to convert their USD as foreign exchange (forex) rates change. Live, updated forex rates are displayed in the app, ensuring freelancers know exactly how much they will get.
