GCash launches Virtual US Accounts, empowering Filipino freelancers with fast and direct US payments

Editor’s note: This content is sponsored by GCash and was produced by BrandRap, the sales and marketing arm of Rappler. No member of the news and editorial team participated in the production of this piece. 

It’s no longer news that many Filipinos have embraced the gig economy, trading the 9-to-5 grind for flexibility and independence. For young (and young-at-heart) workers, it’s the dream: skipping EDSA traffic, owning their time, and juggling multiple jobs to grow their income. But along this ideal work setup lie persistent challenges. With a quick scroll through Facebook or Reddit, one can find a rant from a freelancer friend or stranger online, always singing the same song: delayed payments, sneaky and costly fees, and lack of legal safeguards. 

Today, more than 1.5 million Filipinos are freelancing, and the number keeps growing. But as payout issues and lack of financial security leave freelancers back to square one, the pressing question is, how can things be easier for this sector? Enter the GCash Virtual US Account. 

Straight to your wallet

Finance superapp GCash, in partnership with the Department of Information and Communications Technology (DICT), recently launched the Virtual US Account, where Filipino freelancers can receive payments directly from US clients straight to their GCash wallet. Powered by Meridian Payments US, a New York-based FinTech, the feature allows funds to be received in US dollars and can also be converted and withdrawn in pesos for local use. 

Opening a Virtual US Account is pretty straightforward: users can tap “US Accounts” in the GCash app, provide the necessary information and documents, then click submit. Applications are typically processed within a few minutes, making the feature accessible to freelancers who need a quick setup.

Beyond cross-border payments

For freelancer Dana Novales, borderless work offers career independence, but it also ironically comes with the challenge of being self-reliant. “When you’re doing freelancing, and you are your own boss, you are your own independent agent. You’re not accountable to anyone but yourself,” Novales explained. 

That independence also extends to managing their finances, where freelancers shoulder responsibilities like taxes, government benefits, and healthcare on their own. 

Recognizing these burdens, GCash general manager for international Paul Albano noted that freelancers, too, deserve financial solutions tailored to their needs. “They are world-class in terms of their skill, talent, and capabilities. And so, we need to go and deliver world-class solutions, also to be able to go and help them address their pain points.” 

More than simplifying cross-border payments, GCash’s new feature connects freelancers to a broader financial ecosystem. The platform supports daily transactions such as bills and government payments, while also offering investment tools to help freelancers plan a financially secure future. “GCash offers GSave, GInvest, GFunds, where they are able to go and invest their hard-earned money for the future and for a rainy day,” Albano said.

Shaping what comes next

Working with the private sector, the government is also moving to ease the plight of freelancers. Among those initiatives is Bangko Sentral ng Pilipinas’ Project Nexus, which aims to globalize and connect instant payment systems across different countries for secure and cost-efficient cross-border transactions. Since 2021, Project Nexus has been collaborating with Singapore, Malaysia, Thailand, India, and the Philippines to link their systems through the Project Nexus platform. 

Since the GCash Virtual US Account enables overseas funds to flow directly into its users’ wallets, the feature creates opportunities not only for freelancers and virtual assistants but for micro, small, and medium enterprises and overseas Filipino workers as well. By serving underserved segments that receive foreign currencies, the feature helps ensure their income and earnings are intact without hidden and unnecessary deductions. Albano emphasized, “Since we are global and the Filipinos are everywhere in the world, we are working to make other currencies available wherever the Filipino diaspora is located.” – Rappler.com