Exchange rates, Payment methods, How to, Transfer fees and much more
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.
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.
RBC has flat fees for its International Money Transfer service depending on the amount sent. These fees are:
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
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
You can transfer money overseas with RBC using either online banking or the mobile app.
Online banking
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.
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
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.