RBC International Money Transfer: Complete Guide

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One of the important aspects of studying abroad is international money transfer, whether it’s to secure a place for yourself in a top-ranked University, accommodations or it can be for other purposes like sending or receiving money from your friends and family member. This process needs to be reliable and for reliability, RBC International Money Transfer can be the best bet for you as over time it’s proven to be one of the most reliable International Money Transfer options. So continue reading and unveiling more details on this topic.

About RBC Royal Bank

RBC Royal Bank is a multinational financial services company. Apart from being the largest Canadian Bank according to market capitalization, it’s also the most trusted bank in Canada that serves over 17 million clients worldwide. RBC has a strong presence in the global market as they also provide access to U.S. banking services, foreign exchange, credit score, and rewards programs. RBC Royal Bank is branded as RBC Banque Royale in French.

Also Read- Best International Money Transfer Apps in 2023

Benefits of RBC International Money Transfer

Here are the highlighting and key benefits of using RBC International Money Transfer:

  • It’s one of the most reliable options for transferring money abroad with near about  0% failed transactions.
  • The easy-to-use approach of their well-designed mobile app makes it more of a more convenient option over other competitors and the app’s user interface is also appealing.
  • You can access the service 24/7 through RBC Online Banking or the RBC Mobile app with no additional paperwork with makes it more convenient for the end user.
  • RBC uses advanced encryption and security measures to protect your personal and financial information. An additional security layer known as “RBC Digital Banking Security Guarantee,” provides extra security against any fraud.
  • Funds get received in the recipient’s account within 1-3 business days.

Eligibility Criteria 

Here are the essential eligibility criteria that you need to meet to perform RBC International Money Transfer:

  • You must have an RBC savings account
  • You should have the RBC Online Banking or the RBC Mobile app activated
  • You must have the recipient’s bank account number like the SWIFT code or IBAN code
  • You need to sign up for a “Payee Only” account to receive funds (only applicable for Non- RBC users/those who don’t have an RBC account)

Documents Required 

Here are some of the documents required for an account opening with RBC or if you are trying RBC International Money Transfer for the first time:

  • Your residential proof documents 
  • Your citizenship documents
  • A copy of your Student Visa
  • Birth Certificate

Also Read- Education Loan in Canada

Process of RBC International Money Transfer

This process of sending and receiving money via RBC International Money Transfer is pretty easy and straightforward, you can use this guide for a reference:

  • Download and sign up for RBC Online Banking or the RBC Mobile app.
  • For non-RBC bank users head over to the RBC website and click on “Enroll Now” under the “Online Banking” tab. 
  • Find the “Pay Bills & Transfer Funds” tab and click on “Add Payee” and select “International Payees”.
  • Enter the amount and currency and select the account you want to send money from.
  • Enter your recipient’s full name, address, and bank details along with their SWIFT or IBAN code.
  • Review your transfer details and agree to the terms and conditions popup for successfully initiating an International Money Transfer
  • Additionally, you can also track the status of your transfer online or through the app.

Also Read- All About Students Loans to Study in 2023

RBC International Money Transfer Fees 

Here are some detailed insights related to the RBC International Money Transfer Fees:

Type of International Money Transfer               Regular Fees/  Additional Fees 
Incoming International TransferFree upto CAD 50 ie (INR 3,000) but amount higher than this amount are chargeable, CAD 17 ie (INR 1,000) needs to be paid depending on the amount and currency
Outgoing International Transfer-Fees of CAD 6 ie (INR 370) will be charged if the amount is more than CAD 1000 ie (INR 61,000)-Fees of CAD 10 ie (INR 618) will be charged if the amount is more than CAD 1000 ie (INR 61,000)
Cancellation charges Minimum of CAD 25 ie (INR 1,500) with the addition of goods and service taxes)
If IBAN is not provided for a country that uses IBAN CodeAdditional fees of CAD 35 ie (INR 2,100)

FAQs

Q1. What is the fee for Wire RBC International Money Transfer?

A. For any kind of incoming and outgoing wire transfer for RBC Royal Bank, the fees are as follows:
CAD 5 ie (INR 300) via telephone or fax
CAD 3 ie (INR 185) via mail

Q2. What are RBC currency conversion fees?

A. RBC refers to currency conversion fees in the small print that can be found in their guide to making international money transfers. In case you are wondering what this means. The costs are likely to be a markup added to the exchange rate RBC will use for your international transfer.

Q3. If I send money to one recipient regularly. Will I have to re-enter the same information every time?

A. No, you don’t have to re-enter the same information manually every time. You can simply save your recipient’s details as a payee in RBC Online Banking or the RBC Mobile app, and use them for future transfers. 

This was everything related to RBC Royal Bank International Money Transfer. Reach out to Fly Finance for all finance-related concerns to simplify your study abroad experience with zero hindrances.

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