RBC Bank Exchange Rates & Currency Converter

Each major Canadian banking institution (including RBC) allows individuals access to currency trading services. Regardless of your reasoning behind converting currencies, it’s important to shop around for the best rate on the market. RBC’s vast array of different currencies can be received physically or electronically, and you can acquire them by trading in your dollars. RBC is a convenient and safe way to exchange your currency if you’re already a client/account holder.

Big banking has historically dominated the foreign exchange scene by dominating currency conversion market share. Nowadays, newly emerging electronic fintech companies are able to grant customers better foreign exchange rates by specializing solely in currency trading. Traditional banking systems incur substantial operating expenses and overhead costs, and as a result they can’t always afford to guarantee competitive FX rates.

Digital companies that place a special emphasis on customer satisfaction and efficient currency conversions, such as KnightsbridgeFX, assist you by getting you the most competitive rates. KFX’s goal is to keep more money in your pocket every time you make a foreign transaction.

Compare RBC Bank Exchange Rates with Other Banks

The buy/sell spread offered by RBC can be as wide as 2% or more per transaction. To get the most accurate FX offer from RBC, you’d need to contact them either online or over the phone. Once you’ve received an answer, it’s always a good idea to compare their FX deals to other popular Canadian banks (as featured in the table below).

Bank Exchange RatesMarkup %SourcePotential Savings on $10,000 USD with KFX

Bank Exchange Rates Markup % Source Potential Savings on $10,000 USD with KFX
BMO – Bank of Montreal 2.65% BMO Exchange Rates $235
KnightsbridgeFX 0.8% Knightsbridge Foreign Exchange
RBC – Royal Bank of Canada 2.60% RBC Exchange Rates $230
TD – Toronto Dominion Bank 2.64% TD Bank Exchange Rates $234
CIBC – CIBC Bank 3.34% CIBC Foreign Exchange Rates $304
Scotia – Scotia Bank 2.88% Scotia Bank Foreign Exchange Rates $258
HSBC – HSBC Bank 2.10% HSBC Foreign Exchange Rates $180
Desjardins 2.49% Desjardins Foreign Exchange Rates $219
PayPal 2.50% PayPal Exchange Rates $220

Virtually every foreign exchange transaction involves an embedded rate markup in the publicly offered exchange rate. This markup varies from transaction to transaction and essentially pays for the costs of providing the conversion services. These costs can include: the office rent, customer service expenses, marketing, and anything else to do with fundamental business operations. Nonetheless, because many Canadian businesses and individuals alike are used to going to their primary bank for financial purposes, big banks see this as a profitable opportunity (since they can charge higher FX rates). To combat this, fintech companies that specialize in foreign exchange accept lower margins and offer the same service at a better price point.

Finding the Best Exchange Rate

Banking in Canada is getting simpler day by day. No matter what financial product/service you are looking for, it pays off to do your research beforehand to find the right deal for you. If you’re strongly considering RBC, download their cellphone application for a quality mobile banking experience. Utilizing RBC’s banking services online is an excellent way to reduce time spent navigating their website or speaking to a representative.

If you still don’t know which financial institutions post the best rates, be sure to use the foreign exchange currency converter on our website. Make it a personal habit to check these rates often, since currency prices are highly volatile and known to fluctuate.

Whether you are trading Canadian dollars to USD, EURO, or virtually any other tradable currency, you can benefit from trying out a currency converter to ensure that you’re receiving a fair exchange rate on your converted funds. While the USD and Canadian dollar are pretty closely linked, other currencies tend to be more volatile and can change values quite rapidly due to economic conditions. No matter what the offered exchange rate at a bank is, it’s always considered a great idea to compare a bank’s fees with other financial institutions.

RBC Exchange Rate Overview

RBC offers foreign exchange services for a multitude of currencies, with over 30 currencies being available in their online foreign exchange calculator, and even more, being available in cash. RBC offers foreign exchange services at all of their branches, and their services include buying and selling foreign cash, drafts, traveler’s cheques, and wire transfers. They are also able to transfer money anywhere in the world.

The most popular FX rates are easily identifiable, as RBC lists these above the larger list. The most popular currencies according to RBC are the US dollar, the Euro, the Great British Pound, the Australian dollar, and the Japanese Yen.

You can easily find your closest RBC branch using their online branch database. You can contact RBC about their exchange rates and other exchange services at 1-800-769-2511.

Alternatives to RBC‘s Foreign Exchange Services

There should be plenty of alternatives to RBC available on the market when you’re deciding on a FX provider. For example, every main Canadian bank (BMO, CIBC, RBC, Scotiabank, TD) provide their clients with foreign exchange services. Using the resources found in this overview, you can easily compare FX rate offerings from both banks and credit unions. If you wish to convert any of your hard earned cash, make it a priority to compare RBC’s foreign exchange rates with the competition first and foremost.

Shopping around for the best rate becomes increasingly more important with the size of your convertible amount. The larger your convertible sum, the more you could stand to save with the proper FX deal.

Through selecting KnightsbridgeFX instead of the main Canadian big banking system, you can (worry free) save tons of dollars large currency trades.

Wire Transfer Cost Comparison
Financial Institution Tier-Based Fees Fixed Charge Var. Charge Min. Fee / Max. Fee Free?
KnightsbridgeFX No Yes
RBC No $13.50 – $20 $13.50 – $35 No
HSBC Yes $40 – $90 $40 – $90 No
CIBC Yes $30 – $80 $30 – $80 No
BMO No $10 0.20% $15-$125 No
Scotiabank Yes 0.15% $25-$100 No
National Bank No $15/20 0.34% $15 – $60 No

Ever since they’ve first been established wire transfers have been the go-to money transferring method chosen by Canadians. Generating an outbound wire transfer (a slow but secure money transportation method) requires visiting your local bank branch. In today’s modernized times, many of these transactions can be booked at a cheaper rate if done electronically (some examples are HSBC and RBC). Major financial institutions like the National Bank will even offer clients wire transfer discounts if they place wire transfers solely to the US. At the end of the day, even with discounts included the cost of a wire transfer can be substantial – especially on smaller sized transfers

KnightsbridgeFX guarantees to give you a completely free no-strings-attached wire transfer to anywhere in Canada, the US, and parts of Europe.

Importance of FX Comparison

Looking to compare many different FX values? If so, you can use a non-bank provider to exchange currency and compare rates. You could stand to witness savings of up to 2.5% on conversions compared to other offerings.

Below you could compare RBC Bank exchange rates to the mid-market values of different popular currencies.

On this live chart you can check the values of many different currencies, their % change, their spread, and their daily high/low values.

US Dollar and Canadian Dollar Exchange Rates
More on RBC

The Royal Bank of Canada (RBC) is Canada’s largest financial institution, and additionally one of the world’s largest financial institutions. RBC is a diversified financial services provider, with operations providing retail banking, commercial banking, investment banking, wealth management, insurance, credit card, global transaction processing, and foreign exchange services. RBC has operations in Canada, as well as 40 other countries.

Accessing RBC’s Exchange Rates

RBC makes its foreign exchange rates accessible online. RBC offers currency exchange for a wide breadth of currencies. Be sure to call in advance if you are looking for a more obscure currency to ensure they have it available. RBC can be reached toll-free at 1-800-769-2511.

RBC may offer you a slightly better exchange rate if you exchange cheques, drafts, travelers’ cheques, and wire transfers in lieu of cash. You will enjoy the savings from lower shipping and processing costs than those involving paper currencies. To find the better non-cash exchange rates, check here.

Compare Other RBC Products

The Royal Bank of Canada offers a full complement of financial services, including chequing accounts, savings accounts, student banking, mobile banking, credit cards, mortgages, personal loans, mutual funds, and other investments.

RBC’s suite of products is amongst the most comprehensive in the globe. Compare your current provider for the aforementioned financial services to Royal Bank’s offerings to ensure your financial needs are being taken care of properly.

Our Recommendations on Foreign Exchange Services

After considering all the other alternatives, we highly recommend you pick KnightsbridgeFX for any of your foreign exchange requests.

Knightsbridge takes pride in offering its customers rates that outshine the big banking competition. With so many predatory foreign exchange services out there (for example tourism-based ATMs) a large number of individuals have lost tons of dollars on currency conversion.

Through the use of our online-only platform, we make sure that you’re always receiving the best bang for your buck. Every time you trust us with large transaction amounts we can save you hundreds of dollars.

Get your free quote today by speaking to one of our friendly representatives! Toll-Free: 1-877-355-5239

RBC Foreign Exchange FAQs – Frequently Asked Questions
There is no “one size fits all” answer; it really depends on where you plan on sending out your funds. It also helps to consider that not all currencies have the same conversion speed – some take longer than others. Non-business days and holidays can take even longer for your money to successfully transfer.
If you’re planning to send out $1000 CAD from Canada to another country you’ll need to change it to that nation’s native currency. RBC will do this for you for a fixed fee of $13.50 on top of an exchange rate – which includes an embedded markup.
By using RBC’s international money transferring services you could send out money to most countries around the globe, however there are a few restrictions:

  • You cannot send out more than $2499 CAD per day
  • Your transfer must be formulated either online or through the RBC mobile app
  • You must already have an account registered with RBC to use this service
  • This service cannot be used with RBC’s high interest “e Savings” account
Just like virtually every other Canadian financial institution, you’ll need to provide the recipient’s basic personal identification info (name, address, bank, etc.) and the amount you want sent out. You’ll also need to open up either a chequing or savings account with RBC first.

 

*Please note: We are not affiliated with BMO Bank and this information is obtained from publicly available sources.