Overview of RBC US Dollar Business Accounts
RBC is one of Canada's biggest and oldest banking institutions, providing personal and commercial banking, wealth management, insurance, investor and capital market products and services. Its presence has extended globally, and it ranks among the largest banks in the world based on market capitalization.
RBC has adapted to the challenges of modern banking, leading Canadian banks in many parameters, including A.I. innovation, with the Evident A.I. Index ranking them among the top three global financial institutions for A.I. maturity.
Their approach to banking has also earned them several accolades over the years, including the J.D. Power Canada award for "Best in Customer Satisfaction" for their mobile banking app in 2022.
Given its size and range of clientele, the RBC provides a wide range of accounts- from personal to business that caters to the different needs of its Canadian clientele.
This article will cover RBC's U.S. Dollar Business Accounts, a service that tackles the needs of today's globalized economy where Canadian businesses regularly engage in transactions across borders and require accounts that can help manage various currencies efficiently.
The RBC USD Business Accounts
RBC's U.S. Dollar Business Account is specifically tailored for Canadian businesses receiving payments in U.S. dollars. It allows business entities in Canada to retain their payments in American currency, thus saving on foreign currency exchange costs.
It features a monthly fee of $9 with provisions for waivers if the holder maintains a balance of over USD 2,500.
The account is ideal for Canadian businesses who:
- Make and receive payments in USD
- Buy and sell products in USD
- Pay employees and vendors based in the USA
Fees
The fee structure for the USD Business Account is as follows:
| Services | Fees |
|---|---|
| Monthly fee | $9 each |
| Debits/ Cheques | $1.25 each |
| Credits/ Deposits | $1.25 each |
| Items deposited | $0.22 each |
| Cash deposited (Night and Day deposit) chutes | $2.25 per $1000 |
| Cash deposited in a branch | $2.50 per $1000 |
Benefits of the U.S. Dollar Business Account
Given its specialized nature, the USD Business Account heavily benefits businesses dealing in American dollars. Account holders can benefit from:
- Holding their balances in USD, thus avoiding foreign exchange fees
- Having 24/7 access to your account with online banking or RBC ATMs
- No monthly fees when maintaining a balance of $2,500
In an increasingly interconnected world, having a U.S. dollar business account with RBC can provide significant advantages for businesses engaged in international transactions. From simplified currency management and cost savings to enhanced cash flow management and access to comprehensive banking services, RBC's offering is designed to support businesses in navigating the complexities of global commerce and positioning themselves for success in the global marketplace.
Learn about other business bank accounts!
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