GCash app. ABS-CBN News/File

MANILA — GCash on Tuesday announced that it has allowed cash-ins and remittances from over 12,000 US banks following its partnership with Meridian, a New York-based instant payments technology company.

OFWs can now register on GCash using foreign SIM

"The feature is available to all GCash app users who have US-based funds in accounts with banks such as Wells Fargo, Bank of America, and Chase, and thousands of others. US bank accounts must first be linked to a GCash account," the company said in a press release. 

Upon cash-in from a US bank account, dollars are automatically converted to Philippine pesos using "competitive foreign exchange rates."

Every cash-in transaction comes with a fixed $1 fee for any amount.

GCash mulling IPO outside Philippines

GCash said OFWs and Filipino tourists are set to benefit from the new feature.

"The feature is part of GCash’s strengthening of its international presence through a services expansion that caters to the digital finance needs of Filipinos based overseas," GCash said.

Scammed? GCash, DICT partner for faster response

GCash and Meridian are planning to implement similar initiatives in the United Kingdom and throughout the European Union.

RELATED VIDEO