Great if you’re already an RBC customer and you want to pay a flat fee for international transfers.
Not so great if you need to send over $2,500 per day or you want your transfer to process instantly.
Why should I consider RBC for my money transfer?
Stable fee structure. You’ll pay a flat fee to transfer money which won’t vary based on the amount you send.
Cash pick-up may be available. You can send a transfer for cash pick-up at your recipient’s bank branch if it has an institutional relationship with RBC.
Easy mobile transfers. You can use RBC’s mobile app to send both RBC bank-to-bank or cash pick-up transfers.
High transfer amounts. You can transfer up to $2,500 per day – or up to $10,000 if you’ve received special permission from RBC.
What to be aware of
Poor exchange rates. RBC adds a larger margin to the exchange rate than specialist money transfer services.
Limited to account holders. You can only transfer money with RBC if you sign up for a bank account.
Long processing times. It takes between 2 and 5 days for RBC money transfers to process and there is no same-day cash pick-up option.
How can I send money with RBC?
You can send money directly to your recipient using an RBC online money transfer or a wire transfer.
RBC money transfer. RBC money transfers let you send money to your recipient’s bank or for cash pick-up at one of thousands of overseas bank branches. Transfers are sent using RBC’s mobile or online banking app, and take between 2 and 5 business days to process.
Wire transfers. Wire transfers are bank-to-bank transfers that must be sent from an RBC branch. You can send an unlimited amount of money with an RBC wire transfer but you’ll pay a higher fee to compensate.
RBC exchange rates and fees
RBC charges different fees based on how you send money.
Transfer type
Cost
RBC money transfer (Only available for international transfers. Clients can use Interac e-Transfers to send funds within Canada.)
Transfers of $1,000 or less: $6
Transfers over $1,000: $10
Wire transfer
Within Canada: $45
To the US: $45 (plus any surcharges charged by intermediary banks)
To other countries: $45 + $35 IBAN fee
There will also be a margin of around 2-5% added to the exchange rate so you should factor in the extra expense before sending your transfer.
How long will my RBC money transfer take?
RBC money transfers take between 2 and 5 business days to process. This is the case for both bank-to-bank and cash pick-up transfers.
Tips for avoiding transfer delays:
Transfer money at set times. Try to send money in the mornings or on weekdays to avoid delays with your transfer.
Send smaller amounts. Split larger amounts into multiple small transactions to make sure your transfer doesn’t get held up in transit.
Transfer between popular currencies. Send mainstream currencies instead of exotic currencies wherever possible to speed up your transfer time.
Transfers typically take
2-5 business days
What payment methods does RBC accept?
You can only pay for RBC money transfers using your bank account. It’s not possible to pay for your transfer in cash unless you go into an RBC branch and deposit money.
How much money can I send?
Transfer type
Amount you can send
RBC money transfer
Up to $2,500 per day or up to $10,000 with special permission from RBC.
RBC wire transfer
No specified maximum
Available currencies
You can access the following popular currencies plus many more with RBC money transfers:
USD US Dollar
GBP British pound
AUD Australian dollar
EUR Euro
JPY Japanese yen
CNY Chinese yuan
PHP Philippine peso
INR Indian rupee
MXN Mexican peso
NZD New Zealand dollar
LBP Lebanese pound
Is RBC safe to use?
RBC has industry standard security measures in place. It is one of the “Big 5” banks in Canada alongside TD Canada Trust, CIBC, BMO and Scotiabank. Customers can register for 2-factor authentication, which requires them to pass 2 levels of authentication before accessing their bank accounts.
It also encrypts customers’ personal and financial information, and offers its RBC Digital Banking Security Guarantee to reimburse any fraudulent or unauthorized transactions made using RBC mobile or online banking.
Security and regulation. Government-regulated, enables 2-factor authentication and other industry-standard security measures.
Established. 1864.
Number of customers. 17+ million
*According to RBC on 06 April 2021
Where is RBC regulated?
RBC is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as the Canadian Investor Protection Fund (CIPF).
RBC money transfer. You can send an RBC money transfer using your mobile or online banking. You’ll just need to specify whether you want to send a bank-to-bank transfer or a cash transfer for your recipient to pick up at a bank in their own country.
Wire transfer. You can send a wire transfer in-person at an RBC branch location. You’ll need to supply the same information as you would for an RBC money transfer.
You’ll need to provide the following information to send an RBC money transfer:
RBC money transfer or wire transfer
Recipient’s name and address
Recipient’s bank name, location, account number and transit number.
Recipient’s international bank account number (IBAN), BIC, or SWIFT code
Money transfer for cash pick-up
Recipient’s first and last name (as it appears on their government-issued ID).
Local bank name and address
Recipient’s country of residence and in some cases their full address.
How to become an RBC client
You’ll need to have an RBC chequing or savings account to send money with RBC. You can sign up for an account by following these steps: Fill out an application by providing personal details such as your full name, address, phone number and SIN (Social Insurance Number).
Verify your identity and show proof that you’re a Canadian resident who is the age of majority in your province.
Register for an account either online or by visiting a branch.
Fill out an application by providing personal details such as your full name, address, phone number and SIN (Social Insurance Number).
Authorize the bank to use this information to check your credit score.
Register for RBC’s mobile app or visit a branch in person to send a money transfer.
Does RBC have a mobile app for money transfers?
RBC has a mobile app to help you manage your banking on the go. You can use this app to send both bank-to-bank and cash pick-up transfers. You can also track your transfer history.
The RBC app can also be used for a range of everyday banking needs such as bill payments, transfers between accounts, Interac e-Transfers, viewing your RBC account balances, mobile cheques deposit, Auto-Pay and more.
How does RBC compare to other money transfer services?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
RBC lets you send bank-to-bank and cash pick-up transfers for a flat fee. You’ll need to have an RBC account to send money and transfers typically process in 2 to 5 business days. Find out more about RBC money transfers and learn how this service stacks up against the competition by comparing money transfer providers.
Frequently asked questions
Yes. You can send an RBC money transfer to your recipient’s bank account using the RBC mobile or online banking app. You can also send a wire transfer at an RBC branch if you don’t mind paying a higher fee.
Just about! You can send RBC money transfers to almost every country in the world – though cash pick-up transfers are limited to certain locations.
RBC money transfers typically take between 2 and 5 business days to process. Unfortunately, there is no option for same-day money transfers with RBC.
The daily limit that you can send with an RBC money transfer is $2,500, unless you get special permission from RBC. You can send an unlimited amount of money with an RBC wire transfer.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, and an Associate’s Degree in Science from Camosun College. Much of Claire’s coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. In her spare time, Claire enjoys rock climbing, travelling and drinking inordinate amounts of coffee.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
Read our review of OFX and see if it’s right for your next international money transfer.
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