Rizal Commercial Banking Corporation (RCBC) is looking to strengthen its global footprint to better serve the financial needs of Filipino workers across the Asia Pacific, Europe, and North America.
RCBC Telemoney is a remittance service offered by the Yuchengco-led bank that facilitates the secure and efficient transfer of funds from overseas to the Philippines. Known for its reliability, Telemoney offers competitive rates, fast transactions, and reliable customer support.
RCBC Head of Transaction Banking Group Martin Tirol said that with RCBC Telemoney already having a strong presence in the Middle East, the bank is now focusing on expanding into the Asia Pacific, Europe, and North America regions, where the demand for remittance services continues to grow due to an increasing number of Overseas Filipino Workers (OFWs).
“As RCBC enters these new markets, the competitive landscape has shifted with the entrance of fintech companies and traditional banks. However, RCBC is prepared to leverage its technological capabilities, offering competitive foreign exchange rates, lower transaction fees, and faster transfer times,” Tirol added.
In April, RCBC has entered into a partnership with Japan’s pioneering fintech and remittance firm, Digital Wallet Corporation (DWC), as part of the expansion efforts in its remittance business. The partnership is expected to improve the efficiency of cross-border digital transactions between the Philippines and Japan.
Prior to this, RCBC onboarded its first remittance partner in Taiwan, Fastpay Global Payments, with live inward remittance transactions commencing in the first quarter of 2024. This partnership enables Taiwan-based OFWs to send money securely and conveniently through theFast Pay app directly to their RCBC Telemoney Savings Accounts. To further promote the service and attract new-to-bank (NTB) customers, RCBC, in collaboration with the Taipei Economic and Cultural Office (TECO), conducted an outreach activity in June.
Over the years, the Bangko Sentral ng Pilipinas (BSP) has observed a consistent growth on cash remittances from OFWs. In May this year, cash remittances through banks grew to $2.58 billion, which is a 3.6-percent increase from the same period last year and represents the highest year-on-year rise since December 2023. Year-to-date, remittances went up to $13.37 billion, reflecting a steady annualized growth rate of 3 percent.
As part of its ongoing effort, RCBC said it will continue to offer some of the best rates available, along with 24/7 customer service to address concerns and queries efficiently. The bank has also shifted from manual, branch-based account opening processes to a fully digital Bank-from-Home Online Onboarding system, which is available in 35 countries.
“This simplified process allows for more convenient and faster account openings for overseas Filipinos, eliminating the need for tedious documentation and face-to-face visits,” Tirol said.
To further enhance customer service, RCBC has invested in its own dedicated Telemoney customer service team, focusing solely on serving the remittance needs of OFWs. This specialized service gives RCBC an edge over its competitors, as OFWs value being treated as VIPs and expect premium services that cater directly to their needs.
Moreover, RCBC is also prioritizing partnerships with digital-first remittance companies, ensuring faster and more efficient processing of transactions. By doing so, the bank aims to make remittance services more integrated into the lives of OFWs abroad, providing them with seamless account management solutions.
