RCBC starts pre-loaded cash cards

RCBC TeleMoney, the remittance arm of the Rizal Commercial Banking Corp. (RCBC), introduced a pre-loaded cash card for overseas Filipino workers (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 allows the migrant Filipino to "load" remittances into his beneficiary’s card from any RCBC TeleMoney center or tie-up abroad and within 24 hours. The beneficiary can use the card to pay for groceries, medicines, food and other items at any MasterCard store nationwide.

"This new product answers our remitters’ call for us to find alternative ways of sending money home safely," RCBC senior vice president and TeleMoney Group head Cynthia P. 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. It 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.

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.