- Reasonable fees
- Many currencies
- Mobile app
- Secure transfers
Not so great for
- Competitive rates
- Fast transfers
- Large amounts
RBC charges a flat fee of $13.50 for all money transfers made through their online platforms. The rest of their profit comes from adding a margin of around 2-5% to the mid-market rate, which is the rate that the banks trade at.
If you send a wire transfer in person at a branch, the cost increases to $45 per transfer, with the same margin applied.
RBC lets you send money 24/7 to over 200 countries in the world. Some of the more popular currencies include:
RBC can send money directly to your recipient’s bank account so long as you know their banking information, including bank name, account number and SWIFT or IBAN code.
If your recipient doesn’t have a bank account, RBC can sometimes send funds to an international branch where your recipient can collect your transfer in cash with proof of ID. Just make sure that you double-check that the branch in question offers this service before you send money.
RBC doesn’t offer any forex options like forward contracts or limit orders, which would allow you to lock in a favourable exchange rate for the future. They also don’t offer regular transfers. They can, however, save your recipient’s information so you don’t have to enter it every time you send money.
You can only pay for your transfer with RBC through a bank transfer. Funds can be sent from either your chequing or savings account but you won’t be able to send money from a US dollar account, or the RBC High Interest eSavings account.
Most online transfers have a $2,500 daily limit, but you can apply to increase your limit to $10,000 if you successfully complete an additional authentication process. Your limit will be higher if you opt to go into your branch to send a wire transfer, but your fees will also triple.
Transfers typically take
RBC can enable 2FA, meaning that when you log in, you’ll need to go through two levels of verification to access your account. RBC also stands behind every transfer made through its online banking and mobile app, so you’re protected in case of fraud.
RBC makes money by charging fees and a margin on the exchange rate. Fees sit at $13.50 across the board for online transfers, but you need to be mindful of hidden charges for things like cancelling your transfer or forgetting to include your recipient’s IBAN. If you send a wire transfer in person at a branch, fees start at $45 per transfer.
The rest of RBC’s profit comes from adding a margin to the mid-market rate, which is the rate that the banks trade at. This is why the rate you’re quoted when you make your transfer will be different from bank to bank, and from the rate you can see on Google or Reuters.
For example, a provider may quote you CAD$1= INR 50.18 for a money transfer to India, while the rate you can see on Google is CAD$1 = INR 52.21. This difference is the margin and it’s how providers cover their own costs.
To get an RBC bank account, you’ll need to register online or in-branch. For online registration, you simply fill out some personal info like your name, address, occupation and contact details. You’ll also need to agree to be checked out by the credit bureau. If you don’t feel comfortable with a credit check, you can go into a branch to ask about opening an account.
Once you’ve opened your account, you can register for RBC’s online banking or mobile app, which is where you’ll carry out money transfers. You can also visit your branch if you want to send a wire transfer, which costs more.
For online banking, simply sign in and on the right side of the Accounts Summary page under Quick Payments & Transfers, select “International Money Transfer”. Then just follow the on-screen instructions.
For the mobile app, you’ll need to tap on “Send Money”/”Move Money” and select “International Money Transfer”. From there, you can respond to additional prompts from the app.
Royal Bank of Canada began as the Merchants Bank of Halifax in 1864. Today, it’s expanded to 36 countries around the world and holds the title of Canada’s largest chartered bank.
RBC is just one among many banks and specialist companies offering international money transfers. Use our calculator below to see how RBC stacks up against the competition.
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