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GCash, the country’s top finance app and largest cashless ecosystem, teamed up with Meridian, a US-based instant payments provider, to enable cash transfers directly from over 12,000 US banks to any GCash account.
Upon cash-in from a US bank account, dollars are automatically converted into Philippine pesos using competitive foreign exchange rates and instantly deposited into the GCash wallet. Every cash-in transaction comes with a fixed $1 fee for any amount– as opposed to higher remittance fees through more traditional ways.
“Our partnership with Meridian has led to this truly groundbreaking feature in service of Filipinos—and it is only one of many new GCash innovations we are developing for our countrymen, wherever they may be in the world,” he said. GCash and Meridian plan to implement similar initiatives in the United Kingdom and throughout the European Union.
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