Complete Guide to RCBC Dollar Savings Account [2024]

The Philippines is known for a strong freelancing community. Many freelancers work for overseas clients who may want to pay in U.S. dollars. If you’re looking for a place to deposit U.S. dollar earnings, Rizal Commercial Banking Corporation (RCBC) has a dollar account that can be held locally by Filipino residents.

The RCBC U.S. Dollar Savings account is a popular account for anyone who receives payments from abroad and wants to save foreign currency and earn interest at the same time. Read on to learn more about the RCBC Dollar account, how it works and how to avoid fees.

What is the RCBC US Dollar Savings Account

RCBC U.S. Dollar Savings Account is also known as Dragon Dollar Savings Account. This deposit account from RCBC lets customers, especially freelancers, receive earnings in U.S. dollars and maintain a U.S. dollar balance instead of requiring to convert the funds to Philippine Pesos.¹

Keeping a dollar balance protects account holders from exchange rate fluctuations in the short and long term. For example, you can hold your U.S. dollar balance if the currency is strong and then exchange it at a favourable rate later on. Plus, you can earn an attractive interest rate on your deposits.

The RCBC Dollar Account debit card also lets account holders pay in U.S. dollars when travelling abroad. Other benefits include the absence of a lock-out period for the account and the ability to make unlimited withdrawals.

In addition to the RCBC Dragon Dollar Savings account, RCBC offers businesses a Corporate Dragon Dollar Savings account. The account is similar to the Dollar Savings accounts for individuals but with slightly different requirements.²

For customers who aren’t looking to touch the funds and want to earn more in interest, RCBC also offers the option to open a foreign currency time deposit account in foreign currencies, including the US dollar.³

Requirements for Opening an RCBC Dollar Account

Let’s dig into the RCBC Dollar Account requirements for individuals and corporations.

RCBC Dragon Dollar Savings Account for Individuals

Here are the requirements to open an RCBC Dragon Dollar Savings account for individual use:⁴

• Complete the RCBC Dollar Savings account application forms. You are not required to be an existing customer.
• Have self-attested photocopies of one valid government-issued ID. The list of acceptable documents, such as identity and address proof, is available on the RCBC website.
• Have the minimum initial deposit of $1,000 USD.

RCBC Dragon Dollar Savings Account for Corporates

If you are a corporation, you will need to meet the following requirements to open a Dollar Savings account for your business:⁵

• Complete the RCBC account opening forms.
• Provide:
• One photo-bearing self-attested government-issued identification card.
• Certificate of registration of the company issued by DTI, SEC and the BSP
• Articles of incorporation or the Partnership or Association and the company bye-laws
• Board Resolution or Partner’s resolution duly certified by the Corporate or the partner’s secretary authorizing to sign on behalf of the entity
• The latest general information sheet
• Business address proof
• Have the minimum initial deposit of $2,500 USD.

Minimum Balance Requirements for RCBC Dollar Account

Individuals and corporations must maintain a minimum balance for RCBC Dollar accounts to avoid penalties and to continue to earn interest.

Interest Rates

RCBC Dollar Savings Account for individuals and corporations earn the following interest rates:

How to open a RCBC Dollar Account

Applying for an RCBC dollar savings account is easy. Here is the step-by-step process:⁶

1. Head to the RCBC website to get your documents ready.
2. Scroll down to the Downloadable Forms section.
3. Click Customer Account Opening.
4. Download the “Customer Relationship,” “Account Maintenance,” and “Signature Card” forms. Corporations can contact their preferred RCBC branch and relationship manager.
5. Fill out these forms and submit them to the nearest RCBC branch with the necessary documents. The list of documents for individuals and corporations is available here.
6. Deposit the initial amount to open your account.

If you want to walk through the application process, you can do so at your closest RCBC branch.

How to withdraw money from RCBC Dollar Account

Withdrawing money from your RCBC Dollar account is easy. You get a debit card with your RCBC Dollar account and you can use it to withdraw cash at any RCBC or Bancnet ATM in the Philippines. You can also withdraw cash from overseas ATMs which accept MasterCard.

If you’re at a bank branch, you can withdraw cash over the counter in the Philippines. All you need to do is write a check, sign it, present it across the counter, and provide your identity to withdraw cash from the branch.

RCBC Dollar Account Fees and Charges

While the RCBC Dollar account is convenient for individuals and corporations, it does come with fees. Some of the fees can be avoided, like the minimum account balance maintenance fee, while others are required for services like depositing checks for collection, remittances, and early account closure. Most of the fees are in U.S. dollars, but some are in Philippine pesos.

RCBC Dollar Account Fees

Here’s the summary of fees for the RCBC Dollar savings accounts.⁷

RCBC Foreign Currency Exchange Rates

RCBC publishes its foreign exchange rates daily on its website. The rate the bank shows is the mid-market exchange rate, which is what banks use themselves and you see on Google or Wise, plus a mark-up. That mark-up may seem small but it can quickly eat into how much money you’re able to send.

Here is how RCBC’s exchange rate compares to using a transfer provider like Wise who uses the real mid-market exchange rate:

The real mid-market exchange rate can mean saving money on hidden exchange rate fees that eat into how much you can send. Use the Wise comparison calculator to see how much you can save when transferring money to your PHP account.

Meet Wise: Receive Money from abroad with low fees and mid-market exchange rate with Wise

Wise is a safe, low-cost and convenient way to receive and send money between the U.S. and the Philippines. Whether getting paid by a client or remitting money home, Wise can save you money on international transfers.

Using smart tech, Wise makes global transfers secure and cheap. There is only a low transfer fee and every transaction gets the real mid-market exchange rate- which means no mark-ups; saving you money.

Sign up for Wise today

Sign up today for a free Wise account and join the millions of people who have used Wise to send money globally.

RCBC Dollar Account: Frequently Asked Questions

Here are answers to some common questions about the RCBC Dollar account.

Can I Deposit Philippine Peso to the RCBC Dollar Account?

No, you can’t deposit Philippine Pesos into an RCBC Dollar account. The RCBC Dollar account is unique and doesn’t allow deposits in any other currencies.

How to Transfer Money from an RCBC Dollar Account to a Philippine Peso Account?

You can transfer money from your RCBC dollar account to a Philippine peso account in three ways:

1. Within the Philippines: Use the RCBC online banking platform to transfer money to a local Philippine peso account. You will be asked to enter the beneficiary details and the amount. RCBC will apply the prevailing exchange rate to convert the dollars into pesos and transfer the amount to the local Philippine peso account.
2. From outside the Philippines: You can access the RCBC online banking platform and enter the beneficiary details and transfer the dollars to the Philippine peso account. This transfer can take two to three working days.

Sources verified on 9 September 2024.