Royal Bank of Canada (RBC) - All You Should Know

RBC, short for Royal Bank of Canada, is a very popular and well-established bank in Canada that boasts millions of customers. It is one of Canada’s well-known Big Six banks that was established years ago. As an immigrant living in Canada, you may want to know more about this bank and how it operates before opening an account.

Here’s a guide to put you through all you should know about the prominent Royal Bank of Canada.

An Overview of the Royal Bank of Canada (RBC)

The Royal Bank of Canada, popularly known as RBC, is a prominent bank in Canada and one of the Big Six financial institutions in Canada. The bank first began in 1864 and was called the Merchants Bank of Halifax. It was established by a group of Maritime trade dealers as a private and unchartered commercial financial institution that helped them in their day-to-day business activities. However, over time, the small bank grew to become what we know today.

RBC is now a multinational entity that functions in 29 countries. RBC provides services like online banking, wealth management, investment banking, as well as direct investing services. Also, the bank offers conventional banking services, such as in-person banking, chequing accounts, and savings accounts. RBC is known as one of Canada’s biggest mortgage lenders.

What Are the Bank Account Types of RBC?

Since RBC is one of Canada’s largest banks, they offer a wide range of bank accounts for you to select from. They include:

1. RBC savings accounts

Here is a list of the product offerings of this kind of RBC account:

• RBC Day-to-Day Savings: this is a conventional savings account.
• RBC High-Interest eSavings: this account earns its users a higher interest rate than a regular savings account.
• RBC Enhanced Savings: the interest rate for this account increases as your account balance exceeds $5,000.
• NOMI Find and Save: this account automatically looks for “extra dollars” in your cash flow and sends them directly to your savings.
• RBC U.S. High-Interest eSavings: this account is specially designed for clients who handle US currency.

2. RBC chequing accounts

Here is a list of the product offerings of this kind of RBC account:

• RBC Advantage Banking: this offers unlimited debit transactions for a monthly fee.
• RBC Signature No Limit Banking: this is a similar product to Advantage Banking, however, it comes with a higher monthly payment and a few more bonuses.
• RBC VIP Banking: thir which provides you with unlimited global debit transactions and removes Direct Investing maintenance costs.
• RBC Day-to-Day Banking: this product provides Interac e-transfers for free and 12 free debits every month for a small monthly fee.

3. RBC credit card accounts

RBC credit cards comprise of numerous travel, rewards, low-interest, cash-back, and student and business cards. Some of them include:

• RBC ION Visa.
• RBC ION+ Visa.
• RBC Avion Visa Infinite.
• RBC Cash Back Mastercard.
• RBC British Airways Visa Infinite.

4. RBC investing accounts

RBC Direct Investing accounts allow you to operate stock trades online effortlessly. Here is a list of the RBC investing accounts

• Tax-free savings accounts (TFSAs).
• Registered retirement income funds (RRIFs).
• Registered retirement savings plans (RRSPs).
• Guaranteed investment certificates (GICs).

Other important RBC services include:

• Mortgages.
• Home equity lines of credit (HELOCs).
• Personal lines of credit.
• Wealth management assistance for high net worth people.

Royal Bank of Canada Fees

RBC banking fees generally vary depending on the bank accounts you have and how often you transact with them. We’ve provided a list of some common fees you may be charged while using RBC’s financial products or services:

• Non-sufficient funds: $45.
• Overdraft fees: $5 each, plus the debit cost and pertinent overdraft interest.
• Using a PLUS System ATM (in Canada or anywhere in the US): $3.
• ATM withdrawals outside your network: $3 to $5.
• Inactivity fees: $20 (after two and five years), just $40 (after nine years)
• RSP, TFSA or RIF transfer to any other institution: $150

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How Can I Do International Transfers With the Royal Bank of Canada?

To send funds internationally with the RBC online platform, you have just two options. You can decide to either use the browser on your computer or just use RBC’s app on your smartphone. We will highlight the steps to take for either of the ways.

RBC Online International Transfer

To execute an international transfer with the RBC platform on your desktop, just follow these steps:

• Compile the appropriate information for your recipient bank (see more information about this below)
• Log into tr RBC Online Banking platform
• Go to the right side of the “Accounts Summary”, tap “Quick Payments & Transfers,” and select “International Money Transfer.”
• Follow the rest of the on-screen instructions

RBC International Transfer On the RBC Mobile app

To execute an international transfer with the RBC mobile app on your smartphone, just follow these steps:

• Open and log into the RBC Mobile application
• Next, select “Send Money” or “Move Money” and then tap on “International Money Transfer.”
• Follow the rest of the on-screen instructions

How Much Does RBC Charge for International Transfers?

International transfer costs can vary depending on your transaction. We’ve highlighted the international transfer costs in this table:

A remittance service provider like SanaTransfer offers international transfers to 70+ countries globally at better rates.

RBC Royal Bank Exchange Rates

Generally, RBC Royal Bank permits you to select the currency you would like your recipient to accept the funds in. However, sending and receiving money in another currency entirely different from what’s in your bank account implies that either the receiver’s bank or any other intermediary bank will have to convert the currency first. The currency will be converted at any exchange rate stipulated by the bank.

Sometimes, that rate may be 4-6% more costly than the actual mid-market rate (mid-market rate is the rate you see whenever you Google search for the actual exchange rate), which allows the bank to make their own profit from the transfer.

For the RBC's recent and up-to-date exchange rates, contact any local branch close to you, and then compare their current rate to the actual mid-market rate.

What Do I Need to Make an International Wire Transfer with RBC?

To execute an international wire transfer with the Royal Bank of Canada, you’ll need these:

• An RBC Royal Bank personal savings or checking account
• Access to the RBC online banking platform or the Mobile application if you are sending an International Money Transfer
• The receiver’s bank account number, IBAN or the person’s CLABE ( CLABE is required to execute transfers to banks accounts in Mexico)
• The BIC/SWIFT code of your receiver’s bank. Here is an online tool to help you search for the BIC/SWIFT code.

Related Article - Interac e-Transfer: How to Send and Receive Money Electronically

What Do I Need to Provide to Accept an RBC Global Money Transfer?

To accept a global money transfer to your RBC Royal Bank, you have to give the sender some details. They include:

• Your full name and address
• 5-digit transit number (including all zeros)
• 7-digit account number
• Your full bank name - Royal Bank of Canada
• Your branch’s address as well as phone number
• RBC Royal’s SWIFT/BIC code, which is “ROYCCAT2”

How Long Does it Take RBC to Process International Wire Transfers?

Generally, it takes about 2-5 business days for RBC Royal Bank to process international transfers. Nevertheless, transfer times aren’t assured, as processing times may vary depending on your transfer destination.

What Are the Pros and Cons of RBC Bank?

There are numerous things to like about RBC, however, it still has some disadvantages, like any other bank. Before opening an account with the Royal Bank of Canada, here are some things to consider:

Pros of RBC Bank

Here is a list of some of the advantages of RBC:

• Comprehensive online and even mobile banking options.
• Offers numerous personal, business as well as investment accounts.
• Many physical locations.

Cons of RBC Bank

Here is a list of some of the disadvantages of using RBC:

• Low-interest rates are delivered on their savings accounts.
• Debit and ATM transaction costs can add up.
• Its mobile investment platform is out of date compared to other newer competitors.

Is my Money Safe at RBC?

RBC insures all its customer's deposits to guarantee that your fund is safeguarded in the occurrence of the bank’s unexpected collapse. They also provide coverage from the CDIC (Canada Deposit Insurance Corporation).

CDIC insures numerous kinds of accounts, comprising duly registered retirement savings plans (RRSPs) as well as tax-free savings accounts (TFSAs). The maximum insurance amount is $100,000 each.

RBC also offers zero liability protection for all credit card customers. This means that if a person fraudulently uses your card online or in person, you won’t be held responsible for sorting the charges.

How Can I Contact Royal Bank of Canada Customer Service?

Here are some ways you can reach out to RBC customer service for help:

Phone Number: 1-800-769-2511

Website: www.rbc.com

Here is a full list of the various RBC branches in Canada

Closing Thoughts

When it comes to banking in Canada, the Royal Bank of Canada (RBC) provides you with one of the best services. However, their International transfer fee can be very expensive for many people.

This makes remittance platforms like SanaTransfer more suitable for sending money abroad. Essentially, this offers you international transfer services at little cost. Also, the transfer speed is fast and your funds will get delivered to the recipient within 24 hours.

SanaTransfer offers easy, fast and secure payment services with better rates and faster payouts for international remittance. Sign up now to get started.

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