Borderless banking
Picture a nurse finishing a night shift in a Los Angeles hospital, checking her phone in the parking lot before she drives home, or an engineer in Silicon Valley, stepping out of a meeting to send money before the exchange rate shifts again.
Many Filipinos work far from home, including nurses, engineers, seafarers and freelancers, who send money back to their families in the Philippines. In 2025, overseas Filipino workers sent home $39.6 billion, which is seven percent of the Philippines' entire GDP. This money comes from millions of small individual transfers, not one big deal.
The International Asian American Business Expo (IAABE) in Torrance, California, brought together people from the Filipino community to discuss banking solutions. RCBC, a Philippine bank, has been working with the Coalition of Filipino American Chambers of Commerce to build borderless banking solutions for OFWs, removing friction and costs in transferring money.
RCBC's virtual account allows families to open accounts quickly and easily, and they are waiving wire transfer fees for US accounts. These efforts aim to help families save money and keep more of their hard-earned money. The goal is to create a seamless financial infrastructure that works for both Filipinos living in the US and those back home.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
