RCBC Business Account: Requirements, Maintaining Balance, and Fees

Running a business in the Philippines isn’t just about sales and customers; it’s also about keeping your money organized.

Payroll, supplier payments, and government dues all flow through your accounts, and if you’re working with overseas clients or partners, the financial juggling gets even tougher.

One option many entrepreneurs turn to is an RCBC business account.

RCBC offers a range of corporate savings and checking products, featuring services such as check issuance, payroll services, and online cash management.

In this guide, we’ll walk through the RCBC business account requirements, the maintaining balance rules, fees, and who these accounts are best suited for.

We’ll also discuss how Wise Business can help Filipino companies manage their international money needs more efficiently.

Table of contents
What is an RCBC business account, and how does it work? RCBC business account pricing and maintaining balance requirements How to open an RCBC business account (requirements for sole proprietors and corporations) Wise Business: a multi-currency alternative to RCBC Business Final thoughts: choosing the right business account for growth

What is an RCBC business account, and how does it work?

An RCBC business account is a deposit account for sole proprietors, partnerships, and corporations in the Philippines.

Unlike using a personal bank account for business, it’s built for handling payroll, supplier payments, government dues, and check transactions, with the option to manage everything online through RCBC Online Corporate (ROC).

The types of accounts businesses can open are:

• Corporate Savings: Available in both peso and foreign currency versions, with Regular Savings, Dragon Peso Savings, and Dragon Dollar Savings. These are passbook-based accounts that enable businesses to earn interest while maintaining liquidity.
• Corporate Checking: Includes Dragon Checking for standard check issuance, and OneAccount Business, which adds features such as tiered interest, payroll and bill pay modules, government e-services (e.g., PhilHealth), and certain check fee exemptions.
• Foreign Currency Deposit Unit (FCDU): Not exclusive to corporations, but widely used by businesses that receive or hold funds in USD, EUR, GBP, JPY, CNY, and other currencies. Transfers through FCDU accounts are processed over the SWIFT network, which can incur additional costs and result in settlement delays.

RCBC business account pricing and maintaining balance requirements

With RCBC, you’ll need to keep an eye on the account opening deposit and minimum balance, as well as several fees associated with everyday use.

These include charges for local transfers, telegraphic transfers, and foreign currency conversions, as well as the costs of optional add-ons like corporate cards. While RCBC does not publish a separate fee for digital banking access, transaction fees still apply when you use the RCBC Online Corporate (ROC) platform.

The table below breaks down the main costs, allowing you to see at a glance what it takes to open and maintain an RCBC business account.

Account type	Account opening deposit	Minimum balance	Local transfers	Telegraphic transfers (electronic)	Foreign currency conversion	Corporate cards	Digital banking access
Regular Savings¹	PHP 10,000	PHP 10,000	InstaPay (ROC): PHP 10 per transaction; PesoNet (ROC): PHP 10 per transaction; PesoNet (commission/other channels): PHP 45;RTGS: PHP 200 + bank fee 0.00001 x amount²	SWIFT outward USD 8 (ROC) / USD 10 (OTC); OUR add-on USD 25²	Conversions use RCBC’s published daily FX rates; spread vs. mid-market not disclosed³	Optional RCBC Corporate Mastercard (separate application)	Free ROC access
Dragon Peso Savings¹	PHP 50,000	PHP 50,000	Same fees as Regular Savings	Same fees as Regular Savings	Conversions use RCBC’s published daily FX rates; spread vs. mid-market not disclosed³	Optional RCBC Corporate Mastercard (separate application)⁴	Free ROC access
Dragon Dollar Savings¹	USD 2,500	USD 2,500	PDDTS outward: USD 11 + USD 5 bank fee; Dollar netting outward: USD 5²	Same fees as Regular Savings	Conversions use RCBC’s published daily FX rates; spread vs. mid-market not disclosed³	Optional RCBC Corporate Mastercard (separate application)⁴	Free ROC access
Dragon Checking⁴⁵	PHP 50,000	PHP 50,000	Same fees as Regular Savings	Same fees as Regular Savings	Conversions use RCBC’s published daily FX rates; spread vs. mid-market not disclosed³	Optional RCBC Corporate Mastercard (separate application)⁴	Free ROC access
OneAccount Business⁵	PHP 50,000	PHP 50,000	Same fees as Regular Savings	Same fees as Regular Savings	Conversions use RCBC’s published daily FX rates; spread vs. mid-market not disclosed³	Optional RCBC Corporate Mastercard (separate application)⁴	Free ROC access; CMS tools bundled

Details correct at time of research — 25 September 2025

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Who should open an RCBC business account in the Philippines?

Deciding whether an RCBC business account is right for your company depends on how and where you move money. RCBC offers a mix of savings, checking, and foreign currency accounts, each with its own balance requirements, transfer fees, and features.

For some businesses, especially those focused on local peso transactions or are still reliant on checks, these accounts can be a practical fit. For others, particularly those with international clients or suppliers, the costs and complexity of cross-border banking may outweigh the benefits. Let’s explore.

Where RCBC works well

RCBC business accounts are practical for local-first companies that need straightforward peso disbursements, payroll, and government payments.

With InstaPay and PesoNet transfers at just PHP 10 per transaction via ROC, Small and Medium Enterprises (SMEs) can move funds cheaply if they go digital. For larger transactions, RTGS is available at PHP 200, plus a small PHILPASS fee, providing businesses with a secure channel for high-value payments.

The checking lineup (Dragon Checking and OneAccount Business) suits businesses that still issue or receive checks, with the latter adding built-in payroll, bills pay, and eGov services.

Corporate Savings products, including peso and dollar options, allow businesses to park funds while still earning interest. For firms that deal with foreign receivables, RCBC’s FCDU accounts cover eight major currencies, giving flexibility to hold funds in USD, EUR, GBP, JPY, CNY, AUD, CAD, or CHF.

Limitations

The biggest pain point is the PHP 50,000 maintaining balance for checking and OneAccount Business, and USD 2,500 for dollar accounts — amounts that can tie up liquidity for smaller businesses. If balances dip below these thresholds, penalty fees apply.

Cross-border payments also remain costly and slow.

International transfers are processed through SWIFT, with fees ranging from USD 8 to USD 10 for outward transactions and an additional USD 25 “OUR” add-on if you cover all charges. Additionally, correspondent banks can deduct their own fees, and settlement typically takes one to three business days.

Domestic USD transfers through PDDTS (USD 11 + USD 5 bank fee) or dollar netting (USD 5 outward) add further friction.

Currency conversions are another area of opacity. RCBC publishes daily foreign exchange rates, but the spread versus the mid-market rate isn’t disclosed, making it hard for businesses to know the true cost of conversions.

And while corporate cards are available, they’re not bundled.

The RCBC Corporate Mastercard requires a separate application, comes with an annual fee (PHP 1,500 or USD 35), and charges around 3.5% on foreign currency transactions.

Who benefits most

• SMEs with peso-only operations: Local retailers, service providers, and distributors benefit most from RCBC’s low-cost domestic transfers, payroll, and government payment modules.
• Check-reliant industries: Construction, wholesale trade, and other businesses that still issue or receive checks will find RCBC’s checking accounts and Mobile CheckScan useful.
• Firms holding foreign currency balances: Exporters or importers that need to hold USD, EUR, JPY, or other supported currencies may find FCDU accounts practical — but they’ll need to weigh the costs of SWIFT transfers and foreign exchange spreads.

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How to open an RCBC business account (requirements for sole proprietors and corporations)

Opening an RCBC business account means preparing the right documents, applying through a branch, and setting up access to RCBC Online Corporate (ROC) for day-to-day use. The requirements differ slightly depending on your business structure.

Step 1: Prepare the requirements⁷

For sole proprietors (RCBC business account sole proprietorship):

• Department of Trade and Industry (DTI) Certificate of Business Name Registration
• Bureau of Internal Revenue (BIR) Certificate of Registration (Form 2303)
• 2 Valid government ID(s) of the owner
• Proof of business address (e.g., utility bill, lease contract)
• Specimen signature card

For partnerships and corporations:

• Securities and Exchange Commission (SEC) Certificate of Registration
• Articles of Partnership / Incorporation and By-laws
• Board or Partners’ Resolution naming authorized signatories
• Latest General Information Sheet (GIS) filed with SEC
• 2 Valid IDs and proof of address of all signatories
• Specimen signature cards

Step 2: Visit an RCBC branch

Submit the required documents along with your initial deposit. RCBC will verify your paperwork, capture specimen signatures, and open the account under your business name.

Step 3: Enroll in RCBC Online Corporate (ROC)

Once your account is active, set up ROC access. This gives you maker/checker approval flows, payroll and bills pay modules, and the ability to initiate domestic transfers (InstaPay, PesoNet, RTGS) and cross-border payments.

Step 4: Add optional services

Depending on your needs, you can request access to cash management services like payroll processing, government contributions (e.g., PhilHealth), or Mobile CheckScan. If your business needs a corporate credit facility, you can also apply separately for the RCBC Corporate Mastercard.

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Wise Business a multi-currency alternative to RCBC business

💡Are bank accounts limited to USD, EUR, or GBP options holding back your business? With a Wise Business multi-currency account, you can access over 10 local account numbers — far more currency options than the handful most banks offer. Plus, Wise makes it easy to hold, send, receive, and exchange 40+ currencies from a single account. With the freedom to send and receive payments in more currencies globally, you can focus on what matters most: growing a local business that knows no borders.

• Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
• Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
• Send money to pay invoices, suppliers & contractors fast, with less fees
• Always get the mid-market rate with transparent conversion fees starting from 0.57%.
• Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
• Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

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Final thoughts: choosing the right business account for growth

An RCBC business account can be a reliable option if your company’s focus is domestic.

With low-cost online transfers through InstaPay and PesoNet, plus payroll and government payment modules in RCBC Online Corporate (ROC), it offers practical tools for peso transactions. Checking products like Dragon Checking and OneAccount Business also remain useful for industries that still issue or deposit checks.

For businesses that need to transact internationally, costs and complexity increase.

International payments through RCBC typically involve SWIFT transfers, with fees on both sending and receiving, plus additional deductions from correspondent banks. Conversions also rely on RCBC’s published daily foreign exchange rates, but the spread versus the mid-market rate isn’t disclosed, so true costs are harder to calculate.

That’s where Wise Business can help.

Wise also uses SWIFT for certain corridors, but wherever possible, it sends and receives money through local payment networks.

That means your business often benefits from faster settlement and fewer intermediary fees compared with traditional banks.

On top of that, Wise Business gives you local account details in 8+ currencies, lets you hold and manage 40+ currencies in one account, and always applies the real mid-market exchange rate with lower, transparent conversion fees.

If your growth plans extend beyond the Philippines, consider Wise Business as a more flexible way to manage global payments and scale without borders.

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Sources:

1. RCBC Corporate savings account
2. RCBC Fees & charges
3. RCBC online foreign exchange rates
4. RCBC Corporate card
5. RCBC Corporate checking
6. RCBC Foreign currency
7. RCBC Banking requirements

Sources checked on 25 September 2025