The Philippines’ finance app GCash has rolled out the Virtual US Account, a service enabling Filipinos to accept US dollar payments and remittances directly into their GCash digital wallet account.

The new service removes the requirement for users to have an American bank account.

Meridian Payments US issues and maintains GCash Virtual US Accounts under a “for benefit of” arrangement.

GCash noted these accounts do not function as traditional bank accounts and are not considered deposits, meaning they are not covered by deposit insurance schemes.

According to GCash, the service is positioned to support freelancers in the Philippines, who often contend with substantial transaction fees that diminish their earnings and delay fund access.

The Virtual Account is intended to lower platform fees and foreign exchange costs, allowing users increased take-home pay and improved receipt of remittances.

GCash stated that the service “eliminates high withdrawal fees and hidden charges.” Funds transferred from the US are made available instantly in users’ e-wallets. These can be converted into Philippine pesos at what the company describes as competitive exchange rates within the app.

The feature is available to fully verified GCash users.

It could help increase dollar inflows from the US, which accounts for about 40% of Philippine cash remittances between January and August in 2025, according to the data from the country’s central bank, Bangko Sentral ng Pilipinas.

The new service is designed to facilitate cross-border payments for freelance workers and aims to broaden financial access for Filipinos working with clients abroad.

GCash International general manager Paul Albano said: “With the GCash Virtual US Account, GCash users can hold US dollars and only convert to Philippine pesos when they need to.

“This enables them to avoid unnecessary fees and convert their money at their most favourable time.”