The Royal Bank of Canada and Scotiabank are two of the most prominent and popular banks in Canada. The RBC occupies the first place in the Big Five of Canada, whereas Scotiabank holds the third position on the same list. Both of these banks are work internationally and originated in Halifax, Nova Scotia.
In this article, we set aside the similarities of Scotiabank and RBC and focus on the differences through comparisons on different topics.
RBC has a revenue of 46 billion Canadian dollars as of 2019 and Scotia bank, 28.8 billion Canadian dollars in 2018. The net income of Royal Bank of Canada and Scotiabank are CA $9.67 billion and CA $8.7 billion in 2019 and 2018, respectively.
In 2019, the number of employees under the Royal Bank of Canada was 85,000 individuals, while Scotiabank employed 60,000 as of 2017. The primary subsidiary of Scotiabank is Tangerine, a direct bank that offers savings accounts and chequing without any fee. City National Bank, RBC Bank, and Royal Bank of Trinidad and Tobago are the subsidiaries of RBC.
RBC offers two main products that will help clients to reduce the foreign currency exchange risks no matter what the currency in which their payables and receivables are. These beneficial services are:
Through this service, RBC provides the best exchange rates that will maximize the US dollar receivables and minimize the same currency payables. It simplifies the foreign currency exchange and transaction process easily and speedily. Clients can also make US dollar payments without needing to open a bank account in the United States. RBC also offers its clients advice on how to improve their business planning.
With this program, the Royal Bank of Canada makes sure that their clients who engage in global businesses make the best use of competitive foreign currency exchange rates. This aid helps in reducing the cost of payables and increasing the value of receivables. The international foreign exchange service helps in reducing the risk associated with currency exchange risks regarding future transactions.
Scotiabank has designed several foreign currency products to enhance the comfort and security of clients while traveling. It adds the benefit of convenience as well. Here are the different products by Scotiabank for foreign currency and currency exchange:
This product helps clients to save their money in US dollars or Euros. The minimum balance in the daily interest account is $200, and the more a person keeps, the higher the saving interest. It offers very competitive foreign currency exchange rates and US dollar drafts without a commission fee.
The Foreign Currency Account is ideal for clients who make business payments or any other payment in British Pounds, Euro, or Yen. It improves efficiencies and increases a client’s business payment options. With this product, customers can cut costs relating to foreign currency exchange rates because they keep all funds in euro, British pounds, or yen.
Scotiabank and their US Dollar visa product cancels out all USD currency exchange conversion fees and offer free supplementary cards. This provision means that clients will not have to pay for any conversion fee if they purchase products or services in the United States.
If an RBC client sells, the currency exchange rate is CA $1.3602 for RBC and CA $1.295700 for Scotiabank as of February 2020. In the case of buying US dollars, the rates are CA $1.3647 in 2020 and CA $0.7748 in 2019, for Scotiabank and RBC, respectively.