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.
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.
How Does Royal Bank of Canada Money Transfer Work?
Online bankingSign 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.</li>
- Full name and address
- Bank account number (IBAN or CLABE if in Mexico) or
- SWIFT BIC/ABA code for their bank branch
Mobile app
- Full name and address
- Bank account number (IBAN or CLABE if in Mexico) or
- SWIFT BIC/ABA code for their bank branch
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 is the transfer fee
$10 is the transfer fee
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.
Best rates with RemitBee
Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.
Pros And Cons Of Using RBC Bank
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
Platforms where RBC Bank is available
What Countries Does Royal Bank of Canada Allow You To Send Money To?
Alternatives To RBC Bank Money Transfer
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.
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.
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.
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.
How To Contact RBC Bank
Available every day on the bank’s website
1-800-769-2511 / 1-800-769-2555
RBC WaterPark Place, 16th floor, 88 Queens Quay West, Toronto, ON, M5J 0B8
Conclusion
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 website.