RBC Premium Checking Account Review
Get unlimited transactions and a preferred foreign exchange rate with this cross-border U.S. chequing account.
Minimum Deposit To Open Account
The RBC Premium Checking Account is a mid-level chequing account that lets you carry out unlimited US dollar transactions for a reasonable annual fee. With this account, you can transfer money between Canada and the US and pay no foreign transaction fees. You can also deposit US cheques, pay US bills and take money out at select US ATMs for free.
Just be aware that this account comes with an annual fee of US$99.95 (or US$9.95 a month if you’d prefer not to sign up for a year).
- Think about this account if you’re looking for unlimited free transactions or you’d like to get a preferred foreign exchange rate for money transfers.
- Choose something else if you rarely deal in US dollars or you want to earn interest on your account.
- There are no minimum income requirements for this account.
What are the benefits of the RBC Premium Checking Account?
The RBC Premium Checking Account is a top-notch account option for customers who regularly carry out transactions in the US. It offers a number of exclusive benefits:
- Unlimited transactions. You can deposit, transfer and withdraw funds as much as you want with unlimited transactions.
- Free Canada to US transfers. Avoid paying expensive foreign exchange fees when you transfer money from your Canadian to US RBC accounts.
- Instant exchange. Transfer funds instantly between your RBC accounts, with no wait times for processing at any time of day or night.
- Preferred foreign exchange rate. Enjoy a competitive exchange rate whenever you send money from Canadian to US dollars.
- No-fee US ATM withdrawals. Withdraw funds from over 50,000 RBC ATMs or request a refund when you withdraw from non-RBC ATMs (subject to limitations).
- Easy US cheque deposits. Easily deposit US cheques from anywhere in Canada or the US without paying additional fees.
- Pay US bills. Pay your overseas bills in US dollars at any time from just about anywhere with the click of a mouse.
What should I look out for?
While the RBC Premium Checking Account offers a number of key benefits, it also comes with a couple of drawbacks:
- High fee. You’ll have to pay an annual fee of US$99.95 to enjoy the benefits of this account (or a fee of US$9.95 a month if you choose to forego yearly contract).
- Fees are in US dollars. All of your fees will be in US dollars, which will make them more expensive when you factor in currency conversion.
- No interest on savings. You won’t earn interest on the money you hold in your account.
- Minimum deposit to open account. You’ll have to deposit a minimum of US$50 to sign up for an account.
- Additional fee for paper statements. You’ll pay an extra fee of US$20 to get paper statements instead of e-statements included with your account.
RBC Premium Checking Account‘s ATM network and fees
You can expect to pay a monthly fee of US$9.95 a month with the RBC Premium Checking Account (or a reduced fee of US$99.95 a year if you go with an annual contract). There are no additional fees that you’ll have to pay for transactions such as bill payments, cheque deposits, debit card purchases, RBC ATM withdrawals or outgoing wire transfers.
While you won’t pay fees for RBC ATM withdrawals, you could have to pay fees for some non-RBC ATM withdrawals in the US. That said, you may be able to request a refund of your fees if you need to take money out at a non-RBC ATM for any reason.
How do I open an RBC Premium Checking Account?
To apply for an RBC Premium Checking Account, you need to meet the following criteria:
- Be a Canadian citizen or permanent resident who is at least 18 years old (19 in some provinces)
Required documents and information
- Your name, residential status and contact information
- Your Social Insurance Number (optional) and date of birth
- Your email address and phone number
How do I deposit or withdraw my money?
You can easily take money out of your account using your debit card or by visiting an RBC branch in person. You can also easily withdraw cash at thousands of RBC ATMs across Canada and the US. You’ll also be able to make free cross-border transfers between your RBC accounts with the click of a mouse.
If you want to put money into your account, you can deposit a cheque or lump sum of cash. This can be done in Canadian or US dollars, depending on your preferences. You’ll also be able to transfer funds from an external account to load up your RBC Premium Checking Account.
The RBC Premium Checking Account is a high-level US dollar account that lets you cash cheques, transfer funds and make withdrawals in US dollars. It’s a suitable choice for customers who carry out multiple transactions in the US each month. Learn more about what’s available with the RBC Premium Checking Account and sign up today to get started.