October 30, 2024 | 12:00am
MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. is strengthening its international reach with its remittance service, RCBC Telemoney, to better serve the financial needs of overseas Filipino workers (OFWs) across Asia Pacific, Europe and North America.
Martin Tirol, head of RCBC’s transaction banking group, said that Telemoney already maintains a strong presence in the Middle East and is now focusing on expanding into Asia Pacific, Europe and North America regions.
These key areas are where the demand for remittance services continues to grow due to an increasing number of OFWs.
“As RCBC enters these new markets, the competitive landscape has shifted with the entrance of fintech companies and traditional banks,” Tirol said.
“However, RCBC is prepared to leverage its technological capabilities, offering competitive foreign exchange rates, lower transaction fees and faster transfer times,” he added.
RCBC Telemoney is a remittance service offered by the Yuchengco-led bank that facilitates the secure and efficient transfer of funds from overseas into the Philippines. It offers competitive rates, fast transactions and reliable customer support.
Earlier in April, the listed bank entered into a partnership with Japan-based Digital Wallet Corp. as part of the expansion efforts in its remittance business. The partnership aims to improve the efficiency of online cross-border transactions between the Philippines and Japan.
This move followed RCBC’s partnership with Taiwan-based Fastpay Global Payments, with live inward remittance transactions starting in the first quarter. The partnership allowed Taiwan-based OFWs to send money securely and conveniently through the Fast Pay app directly to their RCBC Telemoney Savings Accounts.
To accommodate the increasing demand, RCBC said it would 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.
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