RBC Wire Transfer

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RBC Wire Transfer

Popularly known as RBC, Royal Bank of Canada is an international money transfer service that offers wire transfers through its app and online platform. While RBC offers convenient wire transfers, it's important to consider the fees and the exchange rates. Founded in 1864, the bank currently has 17 million+clients in 27 countries, including Canada and the U.S.

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How To Do Wire Transfer With RBC

RBC allows you to transfer money internationally using its online banking or mobile app

Online Banking

To transfer money via RBC online banking;

Sign in to RBC Online Banking
If you are not signed up, register on the RBC website
Make sure you have either your bank card or account number ready.
Go to the summary page and click quick payments and transfers
Choose international transfers
Enter your full name, bank account number and swift code for the bank's branch

Mobile App

To transfer money through RBC mobile app
Open the RBC mobile app
Select move money or send money
Choose ‘international money transfer.
Enter your recipient's full name, address and swift code number for their branch.

RBC Wire Transfer Fees

RBC has different fees based on how you send money. However, depending on your account and the receiver's bank, the platform may charge additional fees.

The company also adds a margin of around 2-5% to the exchange rate that you need to factor in before sending the money. These fees include;

$6 if the transfer amount is $1,000 or less
$10 if the transfer amount is over $1,000

How Long Does RBC Wire Transfer Take

RBC wire transfers typically take between 2 and 5 business for both bank transfers and cash pickup transfers. To avoid delays, try sending money in the mornings or on weekdays. You should also send small amounts and transfer the money using popular currencies.

Since you can only pay for RBC transfers using your bank account, if you want to transfer in cash, you have to go to the RBC branch to deposit the money.

RBC Exchange Rates

While RBC allows you to specify the currencies you want to send the money in, the rate will oftentimes be 4-6% more expensive than the mid-market rate, thus allowing it to make a profit on the transfer.

If you need the most current exchange rates from RBC, you need to contact your local branch and compare them with the market rates.

An Alternative to RBC- Remitbee

RemitBee is an online money transfer platform that lets you send money to customers in over 45 countries. Depending on the receiving country, you can send money directly to the bank account for cash pickup or direct to a mobile wallet within three business days.

While your first transfer is free, the fees may vary depending on the type of payment and the amount of money you are sending. Remitbee fees often begin at CA $2.99 for bank transfers.

It also has daily money limits, including

CAD $995 per day for verified accounts
CAD $995 per day for unverified accounts
CAD $25,000 per month for all accounts

Other Available Wire Transfers

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