MANILA, Philippines — E-wallet giant GCash has rolled out a new feature enabling users to send money to international bank accounts, benefitting Filipinos who have to remit money abroad to suppliers and vendors.
GCash yesterday announced the launch of GCash International Transfers, allowing users to send cash to foreign bank and e-wallet accounts in at least 16 countries.
The service covers Australia, Canada, China, France, Germany, India, Italy, Japan, Oman, Qatar, Saudi Arabia, Singapore, South Korea, Spain, the United Arab Emirates and the US.
GCash International general manager Arjun Varma said the feature would benefit primarily small and medium enterprises (SMEs) sourcing raw materials and specialized services abroad. It gives SMEs a quicker way of paying orders, especially when they receive payments through GCash.
Likewise, Varma said the feature benefits parents who send allowances to their children studying abroad. It can also be used by Filipinos availing themselves of pasa-buy services, when they have to pay someone for procuring something for them abroad.
Varma said the service initially covers 16 countries but plans to expand its reach in the future.
“GCash International Transfers reflects our commitment to extending financial inclusion beyond Philippine borders,” Varma said.
“We also want Filipinos to have access to fast, affordable and transparent international transfers, whether they are supporting family abroad, sending allowances to students, or paying goods and services across borders,” he added.
Prior to GCash’s entry into international transfers, Filipinos had to worry about processing times that take up to five days at times. Worse, they are slapped with higher fees, and recipients had to deal with the absence of certainty when funds would arrive.
GCash International Transfers guarantees same-day crediting in most markets and a maximum of next-day arrival to the US. The e-wallet charges a service fee of at least P180, but said this is two times cheaper than most outbound transfers.
GCash is also offering the service for free at no minimum amount to Filipinos sending money to Oman, Qatar, Saudi Arabia and the UAE in light of escalating tensions in the Middle East.
The e-wallet said the service is available for free until March 31 to support Filipinos who want to send financial aid to families and friends in the Middle East.
