GCash launches virtual US account for freelancers

GCash has launched a Virtual US Account, powered by US-based technology company Meridian, allowing Filipino freelancers to receive US dollar earnings directly into their GCash accounts.

This new service aims to benefit the country's gig economy workers by providing them with a unique automated clearing house and wire routing number to share with US employers.

Freelancers can receive their earnings in real time, avoiding the typical one to three business day delays common on other platforms.

Unlike other services that automatically convert earnings to pesos at potentially unfavorable rates, the GCash Virtual US Account gives users control over when to convert their dollars based on real-time exchange rates.

This feature seeks to address the significant losses Filipinos have experienced due to unseen foreign exchange fees on international transfers, estimated at P8.37 million in 2023 according to a Wise report.