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RBC International Money Transfer: Fees, Rates and Transfer Time

These days it’s easier than ever to transfer money from one part of the world to another. When most of us want to make an international money transfer we use the same financial institution that holds our personal and business accounts. But did you know there’s a way to avoid the exorbitant fees imposed by the major banks?

We all know that banks charge fees for just about every service they provide. The major financial institutions of Canada are massive organizations, most of whom have operations all over the world. Such a large area of operation requires them to charge a higher price for their services in order to remain profitable. We all know the banks charge for things like writing bank drafts and sending international wire transfers, but did you know that when you exchange your Canadian dollars into foreign currency they’re not giving you the best rate possible?

The fact of the matter is that major banks, like RBC, are free to select a foreign exchange rate of their own choosing when you convert currency. They always charge you, the client, a higher rate because they have larger costs to cover. If you were to choose a service like Knightsbridge however, you’d always be getting the lowest rate on your currency exchange, because that’s our guarantee.

To find out everything you need to know about the extra fees the Royal Bank of Canada is charging you for your international transfers and foreign currency exchanges, continue reading!

Here’s a quick example of how an international transfer with RBC stacks up against the likes of Knightsbridge

Say for instance you were transferring $1000 CAD from a Canadian bank to a US bank account.

Provider Total Cost
BMO 2-3% Exchange Rate Markup + Outgoing Wire Transfer Fee + Additional Fees from Third Party Banks
Knightsbridge Foreign Exchange 0.5% Exchange Rate Markup + No Additional Fees

 

Looking at the numbers it’s plain to see that RBC’s rates are far higher than they have to be.(RBC International Wire Transfer FeesKnightsbridge)

The advantage with choosing a service like KnightsbridgeFX is that, unlike RBC, you’re charged absolutely nothing for the transfer! On top of that you get the absolute lowest exchange rate. Every morning our team gets all the information on the day’s new exchange rates being charged by the banks, and then we provide exchange rates up to 2-3% lower than what they’re charging.

Before making any decision regarding an international money transfer, you deserve to have all the information and options available to you. Signing up with Knightsbridge is completely free, and there’s absolutely no obligation to transact. Furthermore you can call us at 1-877-355-5239 for a no obligation quote. If you like what you hear we can lock in a rate at its lowest possible point. With KnightsbridgeFX you could save hundreds, if not thousands on your foreign exchange.

What are the Fees for an International Wire Transfer with RBC?

RBC International Transfers Regular Fees
Incoming International Transfer C$17.00 per transfer
Outgoing International Transfer C$35 In-Branch (In Person)

C$55 In-Branch (Not in Person)

Additional C$35 if IBAN is not provided

Additional Fees May Apply See Additional Fees section below

(RBC Statement of Fees)

RBC Exchange Rates

Anytime you move funds through banks that use different currencies, either the recipient bank, or in some cases a third party institution, take a fee out of the amount being transferred that they choose for themselves. The reason they do this is simply to increase the profits they see, and you are the one footing the bill.

What this means for your international transfer is that the recipient of the funds on the other end of the money transfer is getting less money than either of you might have anticipated. The additional fees and higher exchange rates are taken out of the amount being transferred before delivery of said funds.

If the financial institution making your international transfer is RBC, it’s worth your while to visit their site or get in touch with one of their representatives and get the most current information on their rates and fees. As mentioned previously the foreign exchange rates change on a daily basis, and depending on where you’re sending funds you could be looking at even further costs imposed by third party and intermediary institutions.

If the information you get from RBC isn’t to your liking then Knightsbridge is definitely the answer to your problems. Call our experts or visit our website to get the right info on how get the absolute lowest foreign exchange rate in Canada.

(RBC Foreign Exchange Calculator Current to Normal Trading Hours)

Intermediary Fees

Your foreign exchange and international transfers are likely prone to extra costs, such as

International Funds Transfer with RBC Extra Fees
Additional Third Party Bank Fees The vast majority of major financial institutions use third party networks to facilitate international transfers, sometimes involving as many as 3 intermediary banks. Each one of those banks take their fee out of the amount your sending via transfer. To find out more about these fees, contact a RBC representative and get the information first hand.
Cancellation and Tracing Fees Starting at C$25 for cancellation

Starting at C$25 for tracing

(RBC Statment of Fees)

An Inexpensive and Trusted Alternative: Knightsbridge Foreign Exchange

Not only is KnightsbridgeFX one of the most reliable and cost effective methods of currency exchange in Canada, but same day delivery of funds is guaranteed (provided you book before the end of the day bank cut-off). Knightsbridge is fully bonded and insured, and all of the funds we transfer are held in segregated client trust accounts, completely separate from any corporate operating accounts, all of which are held by the Bank of Montreal, with whom we are in good standing.

Regulation is done by FINTRAC (a Government of Canada regulatory agency) which means we require all the same checks and balances from you, the client, that the major banks would require. In short, Knightsbridge is equally as secure and trusted as RBC, but we’re by far the most cost-effective option for transferring and exchanging foreign currencies to, or from, Canada.

Transferring and exchanging funds as never been this easy, inexpensive, and simple. Call or visit our Knightsbridge today, and see how much you could be saving on all of your foreign exchanges.

Making an International Bank Transfer with RBC

RBC has two ways that allow you to send money internationally, online and in-person at a branch.

Online

  • Sign into RBC Online Banking
  • On the right side of the Accounts Summary page under Quick Payments and Transfers select “International Money Transfer”
  • Follow the on-screen instructions

The method of making an international transfer through RBC’s online services is not too different from a dedicated service like Knightsbridge. Their online interface is easy to navigate and very user-friendly. However, even with these considerations, RBC is still charging you a high rate to send funds internationally. If you choose them you’re stuck using their fixed rates. If you’re sending a large amount, the fees could be quite high.

RBC Branch

Sending a transfer through a teller or RBC representative takes out some of the difficulty if you’re not comfortable with using the online interface. To their credit, the staff at RBC are very friendly and helpful. Whether you choose to send funds with RBC, or with Knightsbridge, you know both options are just as secure and reliable. The primary difference is the extra fee you pay with a major financial institution like RBC.

(RBC Wire Transfer)

Time Frame for an International Funds Transfer with RBC

The trouble with using a single bank to perform a transfer of funds from one currency, and location, to another is that in order to facilitate the exchange between accounts of different institutions they often need to pass the money through third-party banks, sometimes as many as 3 different institutions. This means your transfer could take up to 3 days to reach its intended recipient. With Knightsbridge, we are integrated with all local banks, which is how we can offer no transfer fees, and it’s also how we ensure same-day delivery. When you go with Knightsbridge the money you send always arrives on time, and in the full amount.

Furthermore, RBC does not have any kind of rush service for an additional fee. Depending on where you’re sending money you and the recipient could be waiting up to 3 days before the transfer is fully processed.

Have Further Questions About Your Transfer?

RBC’s customer support has several options for contact if you have further inquiries. Phone numbers and email addresses may vary according to your location, so visit their website to find the best way to contact the Royal Bank of Canada. Although their fees are high, they have a friendly and helpful customer service staff.

Whenever money is concerned, in any amount, it is of paramount importance that its value is maintained. Transferring funds internationally through a major bank is equally as safe and secure as other, less expensive, options like Knightsbridge. However, you’re losing value on the amount you send if you were to choose a major bank like RBC. With Knightsbridge your money is always exchanged at the absolute lowest rate, and arrives within 1 business day, or even the same day if the booking is made before the bank cut-off. Whether you’re the sender or the recipient, Knightsbridge has your money covered.

By Victor | May 9, 2018 | International Money Transfer | 0 comments

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