Choosing between Scotiabank and CIBC as an international student in Canada
This guide helps you pick out the right student account for you with options between Scotiabank, CIBC and our very own international alternative
Having a bank account with the Royal Bank of Canada can be incredibly convenient. But if you’ve decided that it’s time for a change, closing your RBC bank account is relatively straightforward. Whether you choose to switch banks or simply go without one altogether, Wise can help you manage all of your finances with or without a bank account. Let's take a look at the multiple options for how to close an RBC account.
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RBC offers the option to close your personal account via phone, email, on their website, or in person. However, some situations require that you close your account in person. For example, if you are closing your account and will not be transferring your money to another RBC account, you must close in person¹.
You must also close your account in person if it is one of the following types of accounts:
If your account isn’t one of these, you also have the option to close in person. You will just ask for help from one of their associates and they will guide you through the process.
The short answer is yes. As previously mentioned, you can close an account online via their website or email. You can also close an account via phone.¹
However, you can only close an account if it follows the criteria below:
The easiest way to close online is through your RBC Online Banking Home page. Simply click on the 'You have messages' or 'Go to message centre' link that should be at the top of the page. Then, you can communicate with RBC online about closing your account.¹
You can also call RBC at 1 855 978-3705.¹ This is a great option if you are more comfortable communicating over the phone.
You can learn all about how to close an RBC account online¹ or contact them for specific questions¹, like how to close an RBC US account, through this page.
If you're wondering whether there are any account closing fees, simple answer is no. However, there is a 15 CAD fee for closing an account 16-90 days after opening your account. This fee does not apply if you are transferring your balance to an RBC deposit or investment account.¹
Otherwise, your account will be closed within five business days with no associated charge. Any pre-authorized payments or cheques that weren’t cashed will be returned to you.¹
Are you closing your bank account to switch up how you handle finances? Wise is a great way to manage your money at home and abroad. It offers
With assured transparency, resources and customer support, you definitely won’t miss out on managing your finances whether you sign up for another account or not.
Sources verified on: 01 September 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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