The RBC International Money Transfer Review gives a detailed look at the Royal Bank of Canada’s services for sending money abroad. More people are looking for good ways to send money overseas. This review covers what RBC offers, including costs, benefits, and drawbacks of using RBC for international money transfers.
RBC starts charging 45 CAD for sending money abroad, with a 25 CAD plus GST cancellation fee. There’s no fee from RBC for sending money, but other banks might charge. It takes 1 to 5 business days for wire transfers to arrive, so users need to think carefully about their choices.
This review aims to help users understand RBC’s fees, services, and how well they work for sending money internationally. For more on money transfer apps, check out the best money transfer apps in Canada.
Overview of RBC International Money Transfer Services
Royal Bank of Canada (RBC) offers a quick way to send money abroad. Their RBC international money transfer services let you send money to over 200 countries. You can use the RBC mobile app or online banking to do this, without needing to go to a branch.
If you need to send a lot of money, you’ll have to go to a branch. The International Money Transfer service has a daily limit of 50,000 CAD. Remember, there might be extra fees from other banks, so check those before you send.
The exchange rates used are RBC’s retail rates. These rates can change, which might add extra costs to your transfer. RBC has a big network of over 1,100 branches and 4,000 ATMs, making it easy to find a place to send money.
RBC keeps your money safe with the Canada Deposit Insurance Corporation (CDIC). They cover up to $100,000 per account. This, along with RBC’s zero liability protection for credit cards, makes it a safe choice for sending money.
Looking at other options? Check out Wise and other providers for cheaper and faster transfers. Reading blog posts can help you make a smart choice.
Costs and Fees Associated with RBC International Money Transfers
When you think about using RBC for international money transfers, knowing the costs is key. Sending money through RBC International Money Transfer is free. But, you might face extra charges from banks in between and the one you’re sending to. On the other hand, international wire transfers start at 45 CAD, and this can go up based on how much you send and where it’s from.
There are also transaction fees to consider. For example, there’s a fee of up to 17 CAD for incoming transfers over 50 CAD. There are also fees for cancelling payments and tracing, which can make international money transfer costs higher.
Another important thing to think about is the exchange rates RBC uses. They often use a retail rate that’s higher than the mid-market rate, leading to extra costs. These costs can be around 2.5%, affecting the total cost of your transaction.
The table below shows the usual fees for RBC wire transfers. It helps users understand the costs better:
| Transfer Type | Starting Fee (CAD) | Incoming Transfer Fee (over 50 CAD) | Exchange Rate Markup |
|---|---|---|---|
| International Wire Transfer | 45+ | Up to 17 | Approx. 2.5% |
| Domestic Wire Transfer | Varies | Varies | N/A |
Knowing about these RBC transfer fees helps users make informed choices about their international money transfers.
Pros and Cons: A Complete Look at Royal Bank of Canada for International Money Transfers
The RBC International Money Transfer service has both good and bad points. Knowing these can help you decide if it’s right for you.
RBC is easy to use online. You can send money without going to a bank. The RBC app makes it even easier to manage your transfers.
Also, RBC lets you send up to 50,000 CAD a day. This meets the needs of many users.
But, there are downsides to RBC. Transaction limits might be a problem for those who need to send more money at once. Exchange rates can also change, leading to higher costs.
Wire transfer fees at RBC are often higher than at other services like Wise or Currencies Direct. These services usually have clearer fees and lower costs, which is good for those watching their money.
The RBC money transfer review shows it’s convenient and easy to use. But, you should think about the downsides too. Knowing the pros and cons of RBC can help you make the best choice for international money transfers.
Comparing RBC with Alternative Services
When looking at RBC’s International Money Transfer service, it’s key to compare it with others like Wise and Currencies Direct. In this international money transfer comparison, Wise shines with its use of mid-market exchange rates and low fees. This can save users a lot compared to RBC’s higher costs.
Currencies Direct, on the other hand, offers good prices and an easy-to-use interface. Their platform makes sending money across many currencies easy. This is a big plus over RBC’s traditional money transfer methods. Even though RBC can send money to over 40 countries, other services might be faster and cheaper.
Also, users might look into other RBC options like TD Bank and Scotiabank. TD Bank, for example, has over 50 currencies and fast delivery times of 2-3 business days. It’s important to weigh all options carefully before making a big financial decision like international money transfers.
