RBC VIP Banking Account review

Our verdict

Our verdict

The RBC VIP Banking Account is an all-inclusive chequing account that lets you make unlimited transactions worldwide and ATM withdrawals. It also includes additional perks such as free bank drafts, complimentary personal and certified cheques, a fee waiver for a premium credit card, use of a safety deposit box and Avion points earning on debit transactions.

Best for: Those who have complex banking needs, enjoy the perks of premium credit cards or who need access to high-end banking services to carry out a number of specialty transactions.

Pros

• Get iPad Pro when you open a VIP Banking account. Valid until October 31, 2023.
• Unlimited debit transactions worldwide
• Earn Avion points on debit transactions
• free interac e-transfers (Less with the RBC Value Program rebate)
• Caps on certain perks

Cons

• You'll pay a monthly fee of $30
• You won't earn any interest on your savings

Go to site

Free Transactions

unlimited

Interac e-Transfer Fee

$0

Monthly Account Fee

$30

Hide

RBC VIP Banking Account

Learn more on RBC's secure site

Go to site

What are the benefits of the RBC VIP Banking Account?

The RBC VIP Banking Account is a good deal for customers who carry out specialty transactions or want unlimited access to several of RBC‘s services. This account includes:

• Welcome offer. Get iPad Pro when you open a VIP Banking account. Valid until October 31, 2023.
• Unlimited debit transactions worldwide. Make purchases, pay bills and carry out other types of daily transactions for no extra charge around the world.
• Free Interac e-Transfers. Get free Interac e-Transfer transactions so that you can send money to family and friends whenever you want.
• Earn Avion points. Earn Avion points on debit transactions when you shop online and in-store with your enrolled account.
• Free ATM withdrawals. Avoid RBC fees for using non-RBC ATMs to withdraw cash.
• Special rebates. Save up to $24 per month on your account fee if you have multiple RBC bank accounts or $22.50 if you qualify for a senior’s discount.
• Free bank drafts. Get up to 12 free bank drafts per year included with this account.
• Credit card fee waivers. Save up to $120 per year when you sign up for a premium RBC credit card.
• Use of a safety deposit box. Enjoy the use of a safety deposit box at no extra charge (though this is capped at $60 worth of fees covered per year).
• Overdraft protection. Protect yourself from non-sufficient funds (NSF) charges on your account if your balance dips below zero with complimentary overdraft protection.

What should I look out for?

While the RBC VIP Banking Account comes with tons of benefits, it won’t be the right fit for everyone. Make sure to keep an eye out for the following drawbacks:

• Monthly fee. The monthly fee for this account is $30, which works out to $360 per year if you don’t factor in any discounts like those offered with the RBC Value Program rebate. Also, check the current welcome offer, which might offset this.
• Caps on certain perks. You’ll only get a limited amount of fees covered for some services, so the account isn’t as all-inclusive as it seems.
• No interest on savings. You won’t earn interest on the money you hold in your account.
• Only beneficial if you use all the perks. The only way you can save money with this account is if you take full advantage of all of its perks and benefits.

RBC VIP Banking Account‘s ATM network and fees

The RBC VIP Banking Account charges a monthly fee of $30, which adds up to $360 per year. This is a relatively high fee for a bank account, which is why it’s best to make sure that you’ll be able to use all of its perks before you sign up. That said, most transactions and bank services are free when carried out with this account. And you can get this, which helps offset those fees: Get iPad Pro when you open a VIP Banking account. Valid until October 31, 2023.

One of the main and most enticing features of this account is that you won’t pay any RBC fees at ATM withdrawals at automated bank machine across the country. This includes ATMs that aren’t even on the RBC ATM-network. Just keep in mind that you may still need to pay ATM fees to the provider of the bank machine to be able to use it. (FYI—An ATM operator surcharge, also called convenience fee, may be charged by other ATM operators. The convenience fee is not a Royal Bank fee. It is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account they hold.)

How do I open an RBC VIP Banking Account

Eligibility requirements

To apply for an RBC VIP Banking 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) or a non-resident living in Canada or planning to move to Canada.

Required documents and information

• Your name, residential status and contact information
• Your Social Insurance Number (SIN) (optional) and date of birth
• Your email address and phone number
• Proof of ID: a driver’s licence or passport

How do I deposit or withdraw my money?

It’s easy to make withdrawals from your account using your debit card. You can also withdraw your funds with a teller if you visit an RBC branch in person. It’s also possible to make free transfers between accounts, and to send money to external bank accounts using an Interac e-Transfer.

To put money into your account, you’ll just need to deposit a cheque or a lump sum of cash. You can do this online, using an ATM or by visiting a branch in person. You can also transfer money into your RBC VIP Banking Account quickly and easily using an Interac e-Transfer from an external account or an internal transfer from another RBC account.

Expert review

The RBC VIP Banking Account is an exclusive chequing account that offers a wide array of perks and benefits. This account is best-suited for customers who do complex banking or need access to high-end banking services to carry out a number of specialty transactions. It’s also a good fit for any customer who reviews its benefits and thinks it’s worth the $30 monthly price tag.

Compare with other chequing accounts

BMO Performance Chequing Account

Go to site

---

Monthly Account Fee

$16.95

---

Free Transactions

unlimited

---

e-Transfer Fee

$0

Coast Capital Free Chequing, Free Debit, and More Account

Go to site

---

Monthly Account Fee

$0

---

Free Transactions

unlimited

---

e-Transfer Fee

$1.50

Simplii No Fee Chequing Account

Go to site

---

Monthly Account Fee

$0

---

Free Transactions

unlimited

---

e-Transfer Fee

$0

RBC VIP Banking Account FAQs

• Does the RBC VIP Banking Account come with a welcome offer?

  It depends on what time of year you sign up. The current offer is a pair of AirPods (as of September 2020), but this may change according to availability. You should check on the RBC VIP website for more information about what the current welcome offer might be.

• Will I need to pay foreign exchange rates when I shop overseas?

  Yes. This account charges foreign exchange rates to convert your currency. This means you'll pay around 2.5% on top of every purchase you make.

• Can I manage my account through mobile banking?

  Absolutely. You can manage your account using the RBC Mobile app. All you need to do is download it on your mobile device using either Google Play or the Apple store. Then you can sign up for an online account and manage your transactions from there.

• Can I apply for the RBC VIP Banking Account online?

  Yes, you can apply by visiting RBC's website to fill out an application or you can visit a branch in person to sign up for an account. It's also possible to call into RBC's phone hotline to set up an account.