Royal Bank of Canada Money Transfer Review
Exchange rates, Payment methods, How to, Transfer fees and much more
Royal Bank of Canada Review
For people in Canada looking to transfer money overseas, Royal Bank of Canada’s international money transfer service is one of the many options out there. Popularly known as RBC, it is one of the largest Canadian banks.
But is it the right choice for international money transfers?
While RBC offers convenient wire transfers through its online banking and app, there are issues to consider. What are the pros and cons of sending money abroad with RBC? What are its fees and does it offer a good exchange rate? Is RBC the right choice for getting money to your friends and family quickly?
All these questions and more are important to have the answers to before you decide on a money transfer service. If you’ve ever wondered if RBC’s international money transfers are right for you, keep reading to find out everything you need to know.
Payment Methods Available With Royal Bank of Canada
To send money internationally with Royal Bank of Canada, you must have a Canadian RBC chequing or savings account. You must also be enrolled in the bank’s online banking or use its app.
The only exceptions are that international transfers cannot be sent from the RBC High interest eSavings account or US dollar accounts.
How Much I Can Transfer With The Royal Bank of Canada?
If you’re transferring for the first time, you can expect your RBC transfer limit to be set at $2,500 per day. If you’d like to send more it’s possible to increase your daily limit. All you need to do is go through a special authorisation process with the bank. Then, your daily limit will be raised to $10,000. In order to start the process you’ll get a code sent by text message to your mobile phone.
Royal Bank of Canada Transfer Fees
RBC has flat fees for its International Money Transfer service depending on the amount sent. These fees are:
- $6 if the transfer amount is $1,000 or less
- $10 if the transfer amount is over $1,000
Keep in mind that there may be an additional fee depending on the type of account you hold. This is called an excess debit transaction fee. The intermediary or receiving bank may also charge a fee.
Pros And Cons Of Using Royal Bank of Canada International Money Transfer
Pros
Convenience of online banking
Relatively fast, money gets there in 2-5 business days
RBC's Digital Banking Security Guarantee
Cons
Fees may be charged by recipient’s bank
Exchange rates are not transparent
Can only send if you have an RBC account and online banking
How Does Royal Bank of Canada Money Transfer Work?
You can transfer money overseas with RBC using either online banking or the mobile app.
Online banking
- Sign in to RBC Online Banking. If you are not signed up, you can enrol on the RBC website. Make sure you have either your bank card or account number ready.
- Navigate to the Account Summary page. Click on Quick Payments & Transfers.
- Choose the type of transfer, which is “International Money Transfer”.
- Follow the instructions on screen. You will need to enter your receiver’s:
- Full name and address
- Bank account number (IBAN or CLABE if in Mexico) or
- SWIFT BIC/ABA code for their bank branch
- Open the RBC app and sign in using your online banking credentials.
- Select either Send Money or Move Money, and choose international money transfer.
- Follow the instructions on screen. You will need to enter your receiver’s:
- Full name and address
- Bank account number (IBAN or CLABE if in Mexico) or
- SWIFT BIC/ABA code for their bank branch
Other Money Transfer Providers
Platforms Where Royal Bank of Canada Is Available
Royal Bank of Canada has apps for both iPhone and Android users. Using the app makes it possible to do most everyday banking transactions and the design is highly rated. You can find an ATM, pay bills, as well as deposit cheques.
On the Apple Store the app enjoys an excellent 4.8 out of 5 rating. The Google Play app is rated 4 out of 5 stars.
Is Royal Bank of Canada Secure?
RBC guarantees that all transactions done through the online banking service are secure. Its electronic access agreement outlines the protections offered. If there is any unauthorised activity on your online banking account, the bank will reimburse you for any losses that occur.
What Countries Does Royal Bank of Canada Allow You To Send Money To?
Using RBC, customers have the ability to send to over 200 countries. This is due to its large number of banking relationships, over 1,400 worldwide..
How To Contact Royal Bank of Canada
The following methods are available:
Telephone:
General 1-800-769-2511
Online and mobile banking 1-800-769-2555
From outside Canada +800-0-769-2511
Postal address:RBC WaterPark Place, 16th floor, 88 Queens Quay West, Toronto, ON, M5J 0B8
Email:Via online banking or the website
Other banks
Where do you go to send money abroad? For many people who don’t know about the options, a bank is their first answer. Banks are seen as a secure and trusted way to send money internationally. These days, however, banks are many times an expensive and inconvenient option. Online banking and apps have made it slightly less time-consuming, but many times you pay unfair fees and don’t know the exchange rate beforehand. One advantage of banks though, is that if you already have an account with a particular bank, you may find it easier to deal with them when it’s time to make a transfer.
Online banks
Customers in Canada who are comfortable with online-only banks have a few choices. Tangerine, Simplii Financial, and EQ Bank are examples of banks that operate only through websites and apps, with no physical branches.
Their accounts offer low fees and there's usually top tier security so you can feel secure using them for transfers.
Traditional Money Transfer Providers
Is speed the most important thing for you in a transfer? Don’t want to go out of your way to send money? Then services like MoneyGram, Ria, and Western Union tick all your boxes. Their branches are often in very convenient places in your neighborhood. It’s likely your receiver also has one close by. Your friends and family can have money within minutes. The tradeoff is that these services charge very high fees and the exchange rates are not competitive.
Online Money Transfer Companies
Some online only companies like Transferwise, Remitbee, and Instarem operate similarly to traditional money transfer services, but without the high fees. They are similar to online banks in that they don’t have branches. Because their only presence is online, they can pass the savings on to you, the client. Often there are several options for payout, including a local bank account, cash pickup or even delivery to your receiver’s location.
Royal Bank of Canada Frequently Asked Questions
How can I send money through RBC online?
Start by signing into online banking, then navigate to Quick Payments and Transfers. Select International as the type of transfer and proceed according to the instructions on screen.
How do I fund a transfer?
You can send a transfer using money in your eligible RBC account.
When will my recipient get their transfer?
The maximum amount of time is 4 business days. In some cases it will be as little as 1-2 business days. Your receiver’s bank will be able to give an estimated time of arrival.
What’s the maximum amount I can send abroad with RBC?
Your basic daily limit will initially be CAD $2,500. There is a possibility to increase your limit to $10,000 if you complete the bank’s required process.
History Of Royal Bank of Canada
The Royal Bank of Canada in its current form has over 15 million customers all over the world. It has a strong presence in the Caribbean, and branches in 40 countries.
Since the 1970s, it has been headquartered in Toronto in Canada.The bank’s history started in Halifax, however. The Merchant’s Bank of Halifax was mainly concerned with the timber and fishing business. It also helped finance the import and export trade for Europe and the Caribbean.
Starting in the 1800s, the other maritime Canadian provinces became the bank’s next target for expansion. As a result, the name changed to the Royal Bank of Canada in 1901. Today, RBC is the 11th largest bank in the world.
Other Services Royal Bank of Canada Offers
- Commercial banking
- Wealth management
- Insurance
- Investment services
- Capital markets products and service
So What Is Royal Bank of Canada In A Nutshell?
RBC certainly covers a large number of countries worldwide, and their fees are competitive. However, their exchange rates are not transparent. If you already bank with them you may find their money transfer service convenient, but if you’re interested, there are more choices out there. Keep reading our blog for more money transfer reviews or check out Remitbee to compare rates for sending money abroad.
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