What are the Benefits of Having a Dollar Account in the Philippines?

Whether you receive remittance from a family member or earn US dollars from your freelance work, there are numerous advantages to having a dollar account in the Philippines. If this is something you have been pondering on, you’re in luck, because we are discussing the top benefits of dollar accounts for Filipinos.

The Benefits of Opening a Dollar Account in the Philippines

While we normally transact in pesos in the Philippines, there are a few financially smart and practical reasons Filipinos open dollar accounts. Here they are:

It’s More Convenient to Receive Remittance

Receiving remittances from your loved ones abroad becomes infinitely easier and cheaper. Typically, sending Riyadh to the Philippines through a bank or remittance center involves converting the amount into US dollars. Upon receipt of the Philippine bank or remittance center, the amount in USD is converted into Philippine Peso. This means that, on top of the remittance and bank fees, you may lose money when exchange rates are not favorable. 

The same goes for those who earn dollars but are based in the Philippines. With a dollar deposit account, you don’t need to go through various channels to receive your salary and convert it to pesos. Other platforms, like physical money changers, will often charge a fee, take a percentage, or have lower exchange rates. So, in the end, you may receive a much lower amount than your actual salary. 

With a dollar account, the money only needs to be converted once. The process is simpler, too, with RCBC’s online foreign exchange. 

It’s Easier to Transact with International Customers and Suppliers

Do you have a business that’s quickly expanding internationally? Opening a foreign currency deposit account can empower your business to reach international customers. With this account, foreign customers can conveniently buy your products and assure them that you are a legitimate business. All there’s left to do is offer worldwide shipping. 

This account can also be useful if you have a foreign supplier. International suppliers are more likely to accept payment in US dollars than any other currency, so having one means you can choose the right supplier. 

For business owners, a dollar account doesn’t only offer convenience but also value. Having a dollar account means that you don’t have to convert USD to PHP or vice versa whenever you transact internationally. You can keep your dollars in your account, where they can earn interest, and convert only when you need the funds or, even better, when the dollar is strong. 

This way, you can maximize the value of your dollars in the Philippines and potentially grow your revenue.

It can Provide Easy Access to Dollars for Your Travels

Are you a jet-setter? If you frequently travel abroad – and we mean literally anywhere in the world – you will likely benefit from having a dollar account because you’ll have access to dollars whenever you need them. 

Having a dollar account saves you the need to buy USD. This saves you some time, but more importantly, saves you money. You don’t need to worry about when is the best time to buy dollars before your trip. If your schedule coincides with a strong dollar, your buying power may not be as strong as it could have been. 

You can simply withdraw USD from your bank in the Philippines then convert that to the local currency when you reach your destination. Alternatively, you could also withdraw the local currency from an ATM in the country you’re going to. Just be aware of the fees international banks may charge. 

It can Help Hedge Your Savings from Inflation

A dollar savings account can also be a smart personal finance decision, especially if you’re earning dollars in some capacity. 

You don’t need to convert every single dollar you earn and save in pesos. You could build your savings in US dollars as well. 

The US dollar is one of the hard currencies, which means its value doesn’t fluctuate as much as the Philippine peso. So, by saving in USD, you afford a higher level of security for your savings. You have a higher chance of getting more value out of the dollar even against inflation in the Philippines. You can wait for more favorable dollar-to-peso exchange rates

Choose Your Banking Partner Carefully

Having a dollar account in the Philippines offers numerous advantages, regardless of your short-term and long-term goals. However, to maximize the value of your hard-earned dollars, it is important to choose the right banking partner. 

RCBC’s dollar account is accessible for both individuals and business owners, offers high interest rates, and comes with various perks like online foreign exchange. This type of account is designed to help Filipinos like you grow your money and make banking simpler.

Contact us today to learn more about our dollar deposit accounts.