Other fees for incoming payments and incorrect payment details include:Īny funds under $50 CAD, received from overseas, are free, but incoming payments of more than $50 CAD will incur $17.00 fee In the fine-print on the RBC website it mentions fees charged by intermediary and receiving banks a cost worth considering ahead of time. RBC is upfront about their flat-fee of $13.50 which is applied to all international money transfers. RBC international money transfers employ a transparent fee structure, unlike other banks that may mask the true cost of their fees. It is important to always conduct your own research and we recommend finding out the exact mid-market rate by using XE’s conversion tool, before comparing it to the exchange rate provided by the RBC Foreign Exchange Currency Converter. While the profit margin of each transfer varies, the mark-up essentially pays for the cost of providing the conversion services. This percentage mark-up may be even higher for exotic currencies not commonly traded on the foreign exchange market. Our research shows that RBC adds an average 2% mark-up on exchange rates for standard currencies. According to RBC, the most in demand currencies include the US dollar, Euro, British Pound, Australian dollar and Japanese Yen.Īlthough RBC facilitates international money transfers, it is important to note that these long-standing, brick and mortar banks typically incur high operating expenses and overhead costs and, therefore, cannot afford to guarantee the same competitive exchange rates as specialist money transfer companies. When making an international money transfer, RBC offers customers 30 different currencies to choose from. In this section we will review the exchange rates and fees employed by RBC. South Georgia and the South Sandwich IslandsĬanada Deposit Insurance Corporation (CDIC) Payments Canada (PC) Financial Consumer Agency of Canada (FCAC) Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) Investment Industry Regulatory Organization of Canada (IIROC) Exchange Rates and Feesīank transfer fees are typically a lot higher than costs associated with an international money transfer provider.The bank’s official institution number is 003. The corporate headquarters of RBC are located in Toronto, with official headquarters in Montreal and hundreds of other offices all over the world. RBC now serves over 16 million customers, with the bank’s golden emblem of a lion and a globe becoming recognisable worldwide. What started as a regional merchant bank based out of Halifax, Nova Scotia, has evolved over the years, transforming into the multinational banking authority it is today. In this review, we will be investigating RBC international money transfers, to see if the bank upholds the same standard as alternative service providers. From being the first Canadian bank to use a computer in 1961, to forming a new fintech banking group in 2020, RBC has built a solid reputation as an innovative Canadian bank. The Royal Bank of Canada (RBC), also known by their French name Banque Royale du Canada, has proudly remained at the forefront of online financial solutions since its inception in 1864.
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