GCash and Meridian Enabling Cash-Ins from Over 12,000 US Banks

#GCash the leading finance app in the Philippines and the country’s largest cashless ecosystem, has expanded its services to include cash-ins and remittances from over 12,000 US banks to any GCash account. This development is a result of a recent collaboration with Meridian, a New York-based instant payments technology firm. The new feature is a part of GCash’s ongoing efforts to strengthen its international presence and cater to the digital finance needs of overseas Filipinos.

 

The feature is accessible to all GCash app users who have funds in US-based accounts with banks such as Wells Fargo, Bank of America, and Chase, among thousands of others. To use this feature, users must first link their US bank accounts to their GCash account.

Upon cashing in from a US bank account, dollars are automatically converted to Philippine pesos using competitive foreign exchange rates and instantly deposited into the user’s GCash wallet. Each cash-in transaction incurs a fixed $1 fee, offering a more affordable alternative to traditional remittance methods.

This seamless integration with US financial institutions simplifies the remittance process, reducing reliance on multi-application, fragmented processes. This innovative move by GCash keeps more users’ money within the GCash ecosystem and marks another milestone for the company in the Philippine financial industry.

This new functionality is a part of GCash’s global expansion strategy, aiming to cater to approximately two million overseas Filipino workers and outbound Philippine tourists.

Paul Albano, General Manager of GCash International, stated, “We remain committed to supporting our kababayan abroad, empowering them with more control over their finances and ensuring convenience at every step of their transactions. Our partnership with Meridian has led to this truly groundbreaking feature in service of Filipinos. It is only one of many new GCash innovations we are developing for our countrymen, wherever they may be in the world.”

Will Haering, CEO of Meridian, expressed his excitement about the partnership with GCash, stating, “We look forward to our service making a difference in the lives of GCash users. At Meridian, we are dedicated to developing financial solutions that improve everyone’s digital banking experience and crucially, innovations that align with our mission of bringing the world closer together—two key goals that we share with GCash.”

GCash and Meridian plan to introduce similar initiatives in the United Kingdom and throughout the European Union. By simplifying cross-border financial transactions, GCash aims to revolutionize the remittance experience for Filipinos at home and abroad, further solidifying its position as a leader in the digital financial services sector.

In addition to this, GCash announced in March that it has expanded its international reach and fully launched its global push following approval from the Bangko Sentral ng Pilipinas. Filipinos in 14 territories—the US, Canada, Italy, the UK, Australia, Japan, the United Arab Emirates, Qatar, South Korea, Taiwan, Hong Kong, Spain, Germany, and Singapore—can now use international mobile numbers to sign up for and use the GCash app. Kuwait and Saudi Arabia will follow suit in the next half of 2024.

FAQs

1. What is the new feature introduced by GCash and Meridian? GCash, in partnership with Meridian, has introduced a feature that allows cash-ins and remittances from over 12,000 US banks to any GCash account.

2. How can I use this feature? To use this feature, you must first link your US bank account to your GCash account. Once linked, you can cash in from your US bank account, and the dollars will be automatically converted to Philippine pesos and deposited into your GCash wallet.

3. What is the fee for cash-in transactions? Each cash-in transaction incurs a fixed $1 fee, regardless of the amount.

4. What is GCash’s global expansion strategy? GCash aims to cater to approximately two million overseas Filipino workers and outbound Philippine tourists as part of its global expansion strategy. It has also expanded its international reach to 14 territories and plans to include Kuwait and Saudi Arabia in the next half of 2024.

5. Who can use the GCash app? Filipinos in 14 territories—the US, Canada, Italy, the UK, Australia, Japan, the United Arab Emirates, Qatar, South Korea, Taiwan, Hong Kong, Spain, Germany, and Singapore—can now use international mobile numbers to sign up for and use the GCash app. Kuwait and Saudi Arabia will follow suit in the next half of 2024.