RCBC OFW Savings Account: Benefits, Requirements & How to Open

💳 Get your free digital card

RCBC offers several options for OFWs looking to send remittances to family at home. One popular choice is the RCBC OFW savings account, which allows you to use their credit-to-account remittance service¹. If you’re looking for RCBC telemoney, you’re in the right place: RCBC recently rebranded to RCBC remittances, but this is simply a new name for the same service².

This article will outline everything you need to know about the RCBC OFW savings account. We'll also introduce the Wise account, a handy companion to make your money go further with low, transparent fees.

What is the RCBC OFW savings account?

The RCBC OFW savings account, or the Remittance savings account as it is formally known, is a savings account offered by RCBC which is designed specifically for Filipino OFWs³. It is offered in both pesos and dollars, and makes it easy to use RCBC’s credit-to-account remittance service — the bank’s fastest and safest way to send money from abroad. This makes it popular with OFWs who need a fast and simple way to send money home on a regular basis.

You can use this account to use RCBC’s ‘credit to account’ remittance service - other remittance options include cash pickup, cash delivery, and bills payment.

Key features of the RCBC OFW savings account

The RCBC OFW savings account is not just like any other savings account, but has many features designed specifically for OFWs. These include:

• No maintaining balance
• Receive remittance directly
• ATM access
• Online bank access
• Available in both peso and dollar

This account is highly flexible, designed to suit the diverse range of needs of OFWs globally.

RCBC OFW savings account requirements for OFWs

To open an RCBC remittance savings account, you’ll need to be able to provide a government issued ID with a proof of address, as well as proof that you are an OFW, to show that you are eligible for the account⁴. You can find the full list of acceptable ID documents on the RCBC website, but common choices include:

• Passport
• Drivers license
• SSS ID

Proof that you are an OFW includes:

• A referral letter verified by the TeleMoney Customer Service Unit
• A passport with a work visa
• A foreign company ID

Again, you can find the full list on the RCBC website.

RCBC Remittance savings account requirements for beneficiaries

If the account is opened by a beneficiary, they may need to provide supporting documents such as:

• A referral letter verified by the Telemoney Customer Service Unit
• A referral letter from Marketing Development Officers abroad or from Telemoney Customer Service unit, emailed to the branch
• Proof of remittance under the beneficiary’s name

The exact documents required may vary depending on how the account is opened and the branch handling the application.

While this may seem like a lot, these checks are in place to help keep your money secure.

RCBC Remittance Savings Accounts

You can get a RCBC Remittance savings account in either pesos or dollars, but there are differences between the accounts other than the currency - read on to find out.

RCBC Remittance Peso ATM Savings Account

This account is designed for OFWs looking to save their money in pesos. It doesn’t have a minimum initial deposit, or a maintaining balance, as long as at least one remittance is made yearly.

Interest is 0.150%*, but there is a minimum balance of 25,000 PHP to qualify for this.

The account comes with online and internet banking, which simplifies the process of sending remittances. It also comes with a free ATM card, and free life insurance for 6 months.

RCBC Remittance Dollar Passbook Savings Account

The RCBC Remittance Dollar Passbook savings account has a minimum initial deposit of 100 USD, though as with the Peso account, there is no maintaining balance as long as one remittance is made yearly.

It also has a slightly lower interest rate, of 0.10%*, with a 500 USD minimum balance to qualify. You’ll also receive a free passbook with this account.

*Correct at the time of research, 18/03/2026 - check before you open the account, as this may change without prior notice.

How to open an RCBC Remittance Savings Account

You can open an RCBC Remittance Savings Account either online or in-person. To open an account online, simply follow these instructions⁵:

1. Download the Pulz App on your smartphone
2. Click Sign Up Now
3. Fill in the required information

Note that you’ll need to provide proof of ID and address. OFWs will need to provide proof that they are working abroad, and beneficiaries will need to provide proof that they are the intended recipient. The full list of accepted documents can be found on the website, but we’ve attached some common ones in the section above.

To open an account in person, you can find your nearest branch on the RCBC branch finder. Once you’re there, you’ll be guided through the sign up process - make sure to bring the necessary documents, and call ahead if you’ve got any questions.

Whilst the OFW Remittance savings account doesn’t have a maintenance fee with at least one remittance per year, there are other fees you should be aware of. You can be charged some of these more than once a month, which can add up quickly, so make sure you think about how you’ll use your account when considering your options.

*Details correct at time of research - 21/03/2026

You can find the full list of fees and charges on the RCBC website.

Get paid from abroad and convert to PHP easier and cheaper with the Wise account

Receive foreign currency and exchange it directly to pesos at the mid-market rate with Wise.

With Wise, you'll get 8+ local account details including PHP, USD, GBP, AUD, and more. This way, you can receive money directly, in a cheap and convenient manner. All you need to get started is to sign up for a free account, and you'll be able to manage your money with just a few taps of your phone.

After getting your money, you can easily convert it to 40+ currencies, with low fees, and the mid-market rate - also known as the rate you see on Google. This includes exchanging to PHP with a one-time conversion fee from 0.57% that's shown upfront, and no markups or additional fees.

Receive, exchange, and move your funds to your local bank account in PHP in a cheap and convenient manner with Wise.

It’s simple and stress free - and lets you keep on top of your finances no matter what you’re up to.

🚀 Get started with Wise