RBC Currency Exchange

RBC CAD to USD / USD to CAD Exchange Rate Overview

RBC displays its non-cash rates online. According to the bank, these rates apply to B: the conversion of paper and electronic instruments such as cheques, drafts, wire transfers, etc.

It further says foreign exchange rates are variable and can change at any time. While rates can be accessed in a timely manner by calling a local RBC Royal Bank branch, rates can only be assured at the time of the transaction or sale.

There is a rate difference between the cash and non-cash rate, with the bank stating that the exchange rate for cash is less favorable to the customer.

According to RBC: “Exchange rates quoted in the media are the exchange rates, used by banks and other market participants to buy and sell currencies in the wholesale market. Client transactions require additional processing and are usually for much smaller amounts, and as a result, are priced using a retail rate.”

Using online banking you can order a maximum of 2,500 CAD each day. If you are an RBC Business Banking customer, you can order up to $5,000. RBC informs the customer when the cash is ready and can be picked up, and once you verify your identity, you can collect it in person.

How does RBC’s currency exchange work?

RBC uses its own exchange rate, which is different to the one you may see when you search for the current USD rate online. This favorable rate is the one that RBC and other banks use among themselves when changing large amounts.

As a customer, you will not be able to take advantage of this rate. Instead, to make a profit, banks apply a margin to the “real” exchange rate. Additional fees, such as cash delivery fees or overseas transaction fees, are also charged.

RBC specifies an excess debit transaction fee may also apply depending on the deposit account used for purchase of currency. If you use your credit card to buy the currency, the transaction is treated as a cash advance and so fees apply and interest is charged from the date of your foreign cash purchase..

How to Exchange Currency with RBC

You may order foreign currency from RBC in one of the ways mentioned below.

Go to a branch

While you can pick up foreign cash at an RBC branch, there is a catch. All foreign exchange currencies are not guaranteed to be carried by RBC bank branches. The bank advises you call ahead to find out if your branch has what you are looking for. The alternative is to order online ahead of time and pick up the currency a week or so later.

U.S. Cash ATM

Use the RBC ATM locator to find a machine near you that will dispense US dollars. The limit you can withdraw is 500 USD.

Order online and pick up at branch

- Step 1. Sign into online banking
- Step 2. Specify how much you want to order, which account to debit, and what branch you want to pick up at
- Step. 3 RBC will contact you when your cash is ready for pick up

Depending on the branch you have chosen for pick-up, you can expect it to take anywhere from 3-10 business days to arrive at the bank. In most cases you can expect the cash to arrive in 3 business days.

How to Exchange in RBC accounts with Remitbee

Step 1

Sign up for an account by entering your email address and choosing a password. Your Canadian phone number will be required to be verified. Fill in your personal information, such as your name and address.

Step 2

Pick Exchange Currency from the menu. Now enter your currency exchange information to instantly see how much you'll get.

Step 3

Connect your CAD and USD bank accounts

Step 4

Choose the amount and confirm your exchange rate. The entire transaction takes place between your own two currency accounts via EFT

Step 5

Convert your cash! In the future, you can see all of your purchases by going to the Dashboard and tapping on the Transactions tab.

Wondering how much you can get? Try our currency exchange calculator!

Alternatives to RBC’s Foreign Exchange Rate

When it comes to buying foreign currency, RBC may not be the right choice for everybody. There are fees that can be avoided when exchanging Canadian dollars to US dollars. You may also think it's more convenient to use a service other than your bank. Customers may use a number of other currency exchange options in addition to RBC.

- Another Major Bank
- Currency Exchange on the Internet
- Kiosks at the Airport
- ATMs in the United States or Elsewhere .

Why is Remitbee the best option for exchanging money?

Remitbee offers better currency exchange rates than your bank.

FINTRAC regulates and audits Remitbee, ensuring that transactions are safe.

Remitbee makes exchanging money simple so you can get on with your day.

Other Currency Exchanges

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Frequently Asked Questions

So, what is Remitbee currency exchange all about?

Remitbee’s currency exchange service helps you to deposit funds into your US account and exchange them for Canadian dollars quickly and comfortably, and vice versa.

What are the advantages of Remitbee over RBC currency exchange?

The entire transaction is done online at one of the most competitive exchange rates. It's easy to sign up and get started with exchanging right away. You can even do it on the go through installing the Remitbee app or going to our website. For your peace of mind, Remitbee is also approved and controlled by FINTRAC.

Is it secure to use Remitbee to exchange money?

Remitbee technology safeguards the privacy of its customers, and transactions are done with a high degree of security. The money you're exchanging comes from your own bank account and is paid back into your account.

Is there a charge to buy foreign exchange with you?

You can buy and sell currency for free with Remitbee Currency Exchange.

What currencies may I trade with Remitbee?

Remitbee accepts payments in US and Canadian dollars. More currency pairs will be available for your needs in the future.

Is the currency exchange rate offered by Remitbee better or worse than that offered by RBC and other Canadian banks?

Remitbee, unlike banks, specialises in currency exchange and can offer it at a cheaper price. Big banks profit from the fact that most consumers are unaware that there are other ways to exchange currency. As a result, they continue to overcharge customers.

Since customers haven't known any better, this continues to be the case. Banks mask their high exchange rates behind complex fees and customers are unaware of how much their exchange is costing them.

Remitbee is on a quest to make our payments and exchange rates as transparent as possible, so you can exchange currencies from around the world while having the best possible exchange rate. When you trade currencies with us, you'll know just how much you'll spend and how much you'll get up front.

Check out our rates on our website for yourself. If you sign up right now, you'll be able to start saving right away.