The more international scandals and disclosures occur, the more often we seek for alternative methods for protecting our capital. Some of us choose an offshore while some look at exotic destinations for such purposes. Today we will talk about the Philippines and the banking sector of this country, particularly about the RCBC bank (Rizal commercial banking corp) and the main requirements for getting the rcbc credit card. Basically, when people start talking about the Philippines, we all have an association with a hard-working people who spend most of their lives in the field of agriculture. However, in addition to agriculture in the Philippines, other areas are also developed very well, for example, medicine, which also substantially develops the acquisition of a residence permit in the Philippines by foreign retirees with a good income.
Banking in Philipines is also on a high level. There are not many countries where you will find as many banks as in the Philippines. The Bangko Sentral ng Pilipinas (BSP) has more than a hundred of financial institutions in the country. Most of them are so-called savings banks, cooperative banks, or rural banks. These banks often have very little (if any) presence on the Internet and serve mainly for local and rural customers. Their licenses are very limited. The main banks are called universal and commercial banks. A commercial bank is something that you can imagine in the classical view when it comes to banks. As for universal banks, it is the same as a commercial bank, but also with the right for investment activity, which is controlled much more strictly. The Offshore Banking Unit is also present on the market – these banks can cooperate with offshore companies, but the choice of these jurisdictions is very limited. Only three banks in Philippines work in this direction.
Creation of a bank account in the Philippines
So, you decided to open a bank account in the Philippines. First of all, do not expect that the procedure for opening an account will something like similar to how you opened an account in any other country. This can be a very complicated, boring and exhausting procedure. The main complexity of the procedure is not in the amount of documents that you must collect to get a bankard or credit card, in contrast to, for example, European banks. Often, to get a rcbc secured credit card or card of other banks in Philippines, you need only passport to open a personal account and a basic package of documents for a foreign company (if you are not a Filipino). The minimum deposit for opening an account starts from several thousand and up to 1 million PHP. The equivalent of 1 million PHP is about 1,900 EUR, 2,150 USD, or 1,500 GBP. The one thing which is the most difficult is to establish a trustful relationship with the bank so that they can be confident in you. Not many foreigners visit the Philippines in order to open an account there. 15% of the population of the Philippines do not use banking services at all, so international banking customers in the Philippines may seem strange.
Banking services in the Philippines
If you are thinking about investing in the Philippines, then it can seem much easier to you than in other countries. In this case both the bank and a specialized broker can help you. In the Philippines you can open an account in dollars and euros, while banks like rcbc offer a dollar credit card and the service of rcbc bankard cash advance. Opening a bank account in the Philippines can be long and not an easy process, especially if you need to visit the bank personally. However, to apply for a credit card of Philippines’ banks you can without leaving your home. For example, you are able to get the rcbc credit card online without your personal presence and collecting a lot of documents. Let’s consider the main stages of this process in more detail.
How to get a credit card in RCBC?
Rizal Commercial Banking Corporation (RCBC), was founded in 1960 as a development bank and is licensed by Bangkok Central ng Pilipinas (BSP) for both commercial and investment banking. It is the fifth largest bank of the Philippines with consolidated assets of approximately P422 billion (or US $ 9.6 billion) from December of the end of 2013. Nowadays this bank has a great popularity among both Filipinos and foreigners. There are several reasons for this. First of all, this bank is one of the most trustable ones in Philippines. In comparison with other banks rcbc credit card requirements are not so strict and to get a credit card in this bank will not be a problem for you. The great advantage of getting card of the RCBC bank is that you will be able to fill in and send the rcbc credit card application online. All you need is only access to the Internet. First of all, you should find the official website of the bank. There, to get a credit card you will have to fill the special application form with your personal data. Then the bank employee will connect you to discuss the details ad to arrange a meeting when you will be able to take your credit card. Also you shouldn’t worry about where to pay rcbc credit card, because this credit card gives you the opportunity to pay for all Internet purchases online, as well as make purchases in different supermarkets and malls. You will be able to cash out money at any ATM. Among the main advantages of this credit card are:
- Uninterrupted work of card, instant transfers and payments are provided by the own processing center RCB.
- Free insurance for traveling abroad for owners of cards RCB Visa Gold (basic and additional cards);
- Discounts and privileges of the RCB Club program when paying for goods and services by credit card of the Bank,
- 3D Secure technology for safe paying for purchases and services on the Internet;
- Rcb2pay sticker with contactless payment technology as an additional payment instrument to RCB Visa cards;
- Flexible system of change for cards daily limits for making of large purchases;
- The minimum monthly payment – only 8% of the actual debt allows you to repay the loan debt optimally;
- The possibility of setting a credit limit on the security of a deposit in the Bank will allow using additional funds without losing interest on the deposit;
- Competitive interest rate on a loan outside the grace period reduces your expenses;
- Grace period is up to 50 days;
- Direct access to accounts opened in different currencies – in euros, US dollars, pounds sterling and rubles;
- Competitive tariffs.
The Rizal commercial banking corp offers its customers a wide range of products and services, starting with classic transaction banking and deposit products and ending with complex solutions for managing private capital. If you want to feel the premium level of customer services and the reliable financial relationships, this bank will be an excellent choice. The financial stability of the bank is tested by time and thousands of clients all over the world. So, if you want to simplify your life with the credit card of the one of the leading banks in Philippines, the rcbc credit card together with bank’s services will not let you down.