RCBC, Meridian launch US bank account for Filipinos
Filipinos may now open their own US bank accounts via Rizal Commercial Banking Corp. (RCBC) without residency requirements and physical appearance typically needed during traditional applications.
RCBC on Friday announced it had partnered with New York-based instant payment service provider Meridian to allow the Yuchengco-led bank’s clients to open their US virtual bank account.
This is without a US address, Social Security Number or residency, according to RCBC.
“Filipinos can directly participate in the US financial system, unlocking new opportunities for work, business and family support, thanks to our strategic partnership with New York-based Meridian,” Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer, said in a statement.
RCBC clients can view their US virtual bank account number through the RCBC Pulz mobile application.
The new service likewise allows US-based relatives to send money straight into RCBC accounts via local US transfers. This removes more expensive remittance channels and cross-border transfer fees that are taken from the salaries of Filipino employees.
It also opens doors for more job opportunities that require US bank accounts, RCBC pointed out.
“By linking RCBC directly into US payment rails, we’re enabling Filipinos—from overseas workers to freelancers to families—to receive money instantly, seamlessly and affordably,” Meridian CEO William Haering said.
Data from the Bangko Sentral ng Pilipinas show that money sent home by Filipinos based abroad climbed to a six-month high of $2.99 billion in June.
