Rizal Commercial Banking Corp. (RCBC) has enhanced its remittance services through a digital upgrade and global expansion to meet the rising demand for digital money transfers among overseas Filipinos.
Now rebranded as RCBC Remittance (formerly RCBC Telemoney), the bank is responding to a growing shift toward digital platforms, which now account for 75 percent of remittance inflows to the Philippines — reaching a record US$38.34 billion last year.
According to RCBC head of Transaction Banking Martin Tirol, remittance transactions grew 34 percent year-on-year as of June, resulting in a 17 percent increase in transaction fee revenues and a 32 percent boost in foreign exchange income, largely driven by new partnerships in Asia and continued efforts in the Middle East.
RCBC has expanded its reach through foreign remittance tie-ups in 19 countries, bolstered by new partners such as Visa (Global), Digital Wallet Corp. (Japan), Gmoney Trans (Korea), and Taptap Send, offering faster, more secure services for overseas Filipinos.
The bank also reported a 6 percent year-on-year growth in the CASA volume of its Global Filipino Banking (GFB) segment, exceeding its year-to-date target by 9 percent.
Through its mobile platform, RCBC Pulz, the bank now enables overseas Filipinos in 42 countries to open accounts digitally, bypassing the need for branch visits. Future plans include enabling outward remittances from the Philippines via Pulz.
RCBC aims to expand its remittance partnerships to over 80 tie-ups across 25 countries within five years, building on its 20,000+ domestic payout touchpoints.
As the country’s 5th largest privately-owned bank, RCBC said it remains committed to safe, efficient, and accessible financial services, driven by innovation, strong governance, and customer protection through advanced cybersecurity measures.
