You can open an RCBC US dollar account at a branch that handles dollar deposits, or online through the RCBC Pulz app if you do not already bank with RCBC. As of September 2026, the regular US Dollar savings account needs USD 500 to open and as an average daily balance (ADB). Dragon Dollar Savings needs USD 1,000. You need one valid government ID. Incoming SWIFT wires cost USD 10 each, and a month below the ADB costs USD 10.

For most VAs paid by US clients, a dollar bank account is not the cheapest way to receive money; Wise is. RCBC makes sense when you want to keep a USD balance in a Philippine bank with PDIC deposit insurance, when a client outside the US can only send a SWIFT wire to a bank, or when you want somewhere to park dollars before converting them.

RCBC’s USD accounts compared

From RCBC’s foreign currency page and Dragon Dollar page, as of September 2026:

US Dollar Savings (FCDU) Dragon Dollar Savings
Initial deposit USD 500 USD 1,000
Required ADB USD 500 USD 1,000
Balance to earn interest USD 500 USD 1,000
Interest rate 0.100% 0.100% below USD 500,000; 0.125% above
Record Passbook Passbook
Below-ADB fee USD 10 USD 10
Early closure (within 6 months) USD 5.50 USD 5.50
Where to open Branches offering USD FCDU savings, or online via Pulz for new customers Branch

The interest is close to nothing. On USD 2,000 for a year at 0.100%, you earn USD 2.00 before tax, and deposit interest is now taxed at a flat 20% final tax under the CMEPA law (BIR Revenue Regulations 21-2025, effective July 1, 2025). Do not open a dollar account for the interest. Open it to hold dollars. (Bank interest is taxed separately from your freelance income; the BIR guide covers the income side.)

For a freelancer, Dragon Dollar’s higher balance requirement buys nothing useful. Start with the regular US Dollar Savings account.

What it costs to receive client money

From RCBC’s fees and charges page, September 2026:

Incoming route RCBC fee
Foreign inward remittance via SWIFT USD 10.00
Domestic inward via PDDTS (USD from another Philippine bank) USD 6.50
Domestic inward via dollar netting USD 6.50
USD check deposit (FCDU) USD 5.00
Foreign currency notes deposit, USD 5,000 and below Free

A SWIFT wire from a US client can also pass through one or two intermediary banks, each of which may deduct a fee before RCBC receives it. The client’s own bank usually charges them too.

Worked example: USD 500 from a US client

  • Into RCBC by SWIFT: USD 500, less an intermediary deduction (unknown in advance; ask the client to choose “OUR” charges if their bank offers it), less RCBC’s USD 10. At best you hold USD 490. You have not converted anything yet; when you do, RCBC’s buying rate applies.
  • Into Wise by ACH: USD 500 received free. Converted and sent to a peso account the same day, it was about PHP 31,187 on September 30, 2026 (see the fee comparison).

If you want to keep dollars, there is a middle route: receive into Wise by ACH, hold USD in Wise, and only move dollars to RCBC when you want them in a Philippine bank.

Understand the average daily balance before you open

The ADB is the average of your end-of-day balances over the month, not your balance on the last day. This catches people who withdraw mid-month and top up at the end.

Example: in a 30-day month, you keep USD 500 for 15 days, then withdraw USD 200 and leave USD 300 for the other 15 days.

ADB = (500 x 15 + 300 x 15) / 30 = USD 400

That is below USD 500, so RCBC charges USD 10 for the month. Depositing USD 200 on day 30 lifts the ADB by only about USD 7.

The rule that works: treat USD 500 as untouchable and only spend above it.

Opening online through RCBC Pulz

RCBC’s Pulz FAQ says you can open a Philippine peso or US dollar account online if you do not already have an RCBC deposit account or RCBC credit card.

Who qualifies: aged 18 or older; Filipinos living in the Philippines or abroad; foreign nationals living in the Philippines.

ID (one, photo-bearing): passport, SSS ID, PRC ID, driver’s license, Postal ID, UMID, PhilID, or ePhilID. Foreigners use their passport.

Steps:

  1. Download RCBC Pulz from the App Store or Google Play, or go to rcbconlinebanking.com.
  2. Tap Sign Up Now, then Open a New RCBC Account, and choose the US Dollar Account.
  3. Create your user ID and password. If your connection drops, you can log in and continue where you stopped.
  4. Enter your personal, contact, employment, and tax details.
  5. Capture your ID and a selfie in a well-lit room, not in public.
  6. Submit and fund the account by transfer.

RCBC says the account takes one more banking day to be validated after it is created. Until then, a new US dollar account is capped at USD 200 per transaction.

The FAQ does not publish a separate balance schedule for the online dollar account. Before you fund it, confirm in the app or with RCBC’s hotline which ADB applies. If it is the same as the branch account, plan on USD 500.

Opening at a branch

Use RCBC’s list of branches that offer USD FCDU savings (linked from the foreign currency page) and call ahead, because not every branch handles dollar accounts. Bring:

  • The original of one valid government ID.
  • Proof of address if your ID does not show your current one. RCBC’s banking requirements page lists what it accepts.
  • Your TIN, if you have one.
  • The initial deposit in US dollars (cash or transfer).

The account-opening form asks about your work and expected transactions. Answer plainly: “Freelance virtual assistant; receives USD payments from overseas clients; expected USD 500 to 1,500 a month.” A clear answer avoids follow-up questions when your first wire arrives.

Before you leave, ask for the exact incoming wire instructions: RCBC’s SWIFT code, the full bank name and address, any intermediary or correspondent bank the sender must use, and how your name and account number should appear. Do not copy these from a forum post.

Mistakes to avoid

  • Opening the account with exactly USD 500 and then spending from it. The first withdrawal pushes your ADB under the minimum.
  • Sending RCBC details to a client who can pay by ACH. You would pay USD 10 plus possible intermediary fees to receive what Wise receives free.
  • Closing within six months. It costs USD 5.50. If you are unsure you need the account, wait rather than test it.
  • Expecting interest to cover fees. At 0.100% on USD 500, a year of interest is USD 0.50 before tax.
  • Mixing up products. Ask for “US Dollar Savings (FCDU)” by name at the branch so you are not opened into Dragon Dollar or a remittance account by default.

FAQ

Is my RCBC dollar account covered by deposit insurance?

Yes, foreign currency savings deposits are covered by PDIC up to the peso equivalent of PHP 1 million per depositor per bank, combined across all your accounts at that bank. See PDIC’s coverage guide. Wise and GCash balances are not bank deposits in the same sense.

Can I use RCBC for Upwork withdrawals?

Upwork’s USD wire option costs USD 50 per transfer, per Upwork’s help center, and RCBC would add USD 10. Direct to Local Bank (USD 0.99) to a peso account is far cheaper. The get paid guide shows the setup.

How do I convert dollars to pesos later?

Transfer between your own RCBC USD and peso accounts at RCBC’s rate, or move dollars out by PDDTS or SWIFT. RCBC Online Banking only does same-currency transfers between accounts (peso to peso or USD to USD), so conversion happens at the branch or through RCBC’s Online FX facility. Compare the rate with the mid-market rate before converting a large amount.

Sources and further reading

Fees, limits and platform rules change. The date at the top shows when this guide was last updated, and the sources section links to the official pages it relies on. If something has changed, tell us and we will correct it.