The Union Bank of the Philippines and Globe Telecom have partnered for a mobile cash transfer service that seeks to strengthen their existing electronic platforms, according to an article in Business Inquirer.

With this partnership, dubbed the “eMoney XChange,” Union Bank account holders will be able to transfer funds to and from their GCASH wallets via SMS.

Paolo Balatao, president of Globe Telecom’s wholly owned unit G-XChange Inc., operator of the GCASHservice, said the partnership would allow both parties to move money a lot faster.

“Furthermore, this proves that our GCASH platform is a reliable and credible platform to be trusted by the banking sector for moving money,” Balatao said.

The new service requires a minimum transaction of P100. A transaction to transfer cash from Union Bank to GCASH has a fee of P10, while transferring cash from GCASH to Union Bank has a fee of P7.50.

Once GCASH is transferred to a Union Bank account, this account can be accessed through ATMs, to pay bills, and for cashless shopping at Visa debit merchants, among others.

GCASH transactions are currently limited to up to P40,000 per transaction based on Bangko Sentral ng Pilipinas guidelines.