RCBC bares new remittance card with a MasterCard
RCBC TeleMoney, the remittance arm of RCBC, recently introduced an innovative new product that will make it easier for OFWs to send money to the Philippines, and will make it more convenient for beneficiaries to use remittances.
Called 'RCBC Tele-Cash Card International,' the new product is a pre-loaded cash card that OFWs can give to their beneficiaries. An OFW can simply "load" his remittance into his beneficiary's card from any RCBC TeleMoney center or tie-up abroad and within 24 hours, his beneficiary can use the card to pay for groceries, medicines, food and other items at any MasterCard store nationwide.
Through RCBC Tele-Cash Card International, a beneficiary need not risk carrying cash around to be able to buy essential items, unlike other remittance cards that allow only ATM withdrawals.
"This new product answers our remitters' call for us to find alternative ways of sending money home safely," said RCBC senior vice president and TeleMoney Group head Cynthia P. Santos. "You know how it is with remittances. It involves hard-earned money, and most of the time, beneficiaries need to commute to get this cash -- it's too risky."
With the new RCBC TeleMoney card, "we ensure that remittances are kept safe and intact until they are needed," Santos said. "Since it is linked to the MasterCard network, the card can be used by beneficiaries in major drugstores, supermarkets, restaurants and malls."
To avail of Tele-Cash Card's MasterCard feature, the account has to be pre-loaded with remittance, the amount of which becomes the purchase limit of the card. "Another great feature of this card is that a remitter can actually keep track of his beneficiary's expenses, because he can check the transactions by logging on to www.rcbc.com. And because he is responsible for loading the card, he still has control over his family's' spending habits," Santos explained.
To make a purchase, a beneficiary simply has to present his RCBC Tele-Cash Card at any store accepting MasterCard, and sign for the item being purchased. Because authentication is signature-based, the card is accepted at all MasterCard outlets unlike PIN pad-based debit cards. But aside from this, the same card can be used as a regular bank card to make cash withdrawals in BancNet and Megalink ATMs nationwide.
Remitters may refer their beneficiaries from RCBC TeleMoney centers and tie-ups abroad so that they can apply for RCBC Tele-Cash cards in the Philippines. As soon as the beneficiaries get their cards, remitters may start sending cash loads directly into them.
"This makes remitting fast, safe and convenient for both remitters and their beneficiaries. More than this, the card keeps the remittance secure until it is ready to be used. I really recommend the Tele-Cash Card to all OFWs out there who want to improve their families' lives back home," Santos noted.
RCBC TeleMoney offers remittance services through over 500 remittance centers, agents and tie-ups in 28 countries with high OFW populations. For all remittances made through RCBC's TeleMoney centers and tie-ups abroad, TeleMoney sends free text notification to beneficiaries in the Philippines.
For more information on the RCBC Tele-Cash Card International and other TeleMoney services, please call RCBC Contact Center at 894-9577 or log on to www.rcbc.com or inquire at TeleMoney centers worldwide.