RBC cross border banking in Canada: a complete guide

You can use cross-border banking to spend in the US, whether you’re buying goods online or travelling overseas for work. Let’s take a look at RBC® cross-border banking, including everything you need to know about RBC’s online foreign currency accounts, credit cards and foreign transaction fees.

We’ll also look at Wise – your international transfer alternative. Get account details in CAD and USD or manage your money across borders at the fair mid-market exchange rate.

What does RBC’s cross-border banking offer to Canadians?

RBC cross-border banking is a banking package that supports Canadians who live, work or travel in the US.

If you regularly spend money in the US, you can use cross-border banking to access accounts in both CAD and USD.

Key features of RBC cross-border banking:

• Open a US bank account – and send instant transfers between your Canadian and US accounts¹
• Use your Canadian credit history to qualify for US loans, credit cards and banking products²
• Apply for US property financing in all 50 US states¹
• Get access to regular deals and discounts on RBC US transactions³

If you split your time between Canada and the US, cross-border banking is a convenient solution. You can open USD accounts or take out loans in the US, all while maintaining access to your Canadian accounts.

US mortgages and loans

RBC cross-border banking provides easy solutions for Canadians to apply for US mortgages. You can use RBC’s US HomePlus Advantage scheme to access a mortgage in the US without paying expensive US closing costs.⁴

You can also use your US equity to borrow money as a Canadian – or apply for a US Home Equity Line of Credit to get money in US dollars.⁵

RBC US credit cards

RBC also offers a range of US credit cards as part of its cross-border banking package.

You can use your Visa® Signature Black credit card for purchases in the US and Canada. You won’t pay US transaction fees – and you can earn cash back rewards and premier benefits.⁶

However, you may pay currency conversion charges to use your card for payments in other currencies. RBC charges 1.5% of the transaction amount.¹¹

The Visa Signature Black Plus credit card also supports transactions in US dollars. You can avoid daily currency conversion fluctuations and earn Avion® points for every dollar you spend.⁷

You don’t need a US credit history or address to qualify for your US credit card. Instead, the bank will use your Canadian credit score and your history with RBC.⁷

What are the fees to pay with RBC cross-border banking?

There are a few fees and costs to consider before using your RBC foreign currency accounts and cards.

For example, you’ll need to pay a monthly maintenance fee of 3.95 USD or an annual fee of 39.50 USD for your US Direct Checking account.

You can send up to 10 external debit transactions for free, but you’ll pay 1 USD per transaction after that. You’ll also pay a fee of 35 USD to close your account within 180 days.⁸

To use your Visa Signature Black or Visa Signature Black Plus credit cards, you’ll pay either 10 USD or 3% (whichever is greater) for any balance transfers.

If you need a cash advance, you’ll also pay either 5 USD or 3.5%. This is a lump sum of money that can help you pay for unexpected expenses, but you’ll need to pay it back at a later date.

You won’t pay a foreign transaction fee to use your Visa Signature Black Plus credit card abroad. However, the bank charges 1.5% to spend in foreign currencies with your Visa Signature Black card.¹¹

You’ll also pay a 3% foreign transaction fee to use your RBC Visa debit card on foreign currency purchases, including conversions between CAD and USD.⁸

Like most banks, RBC charges a markup on the fair mid-market exchange rate for currency conversion. This is called a “retail exchange rate” and it may not be the same as the standard rate you see online.⁹

Make the most of your money with Wise

Wise always uses the mid-market exchange rate for all global transactions. This is the rate you might see online – with no added markups. Many banks add a margin to make money from currency conversions, but not Wise.

Wise is your international money transfer alternative. Use your Wise account to send, spend and receive your money across the world. You can get local account details in both CAD and USD, including easy digital transfer options in multiple currencies.

Wise uses pay-as-you-go pricing, with transparent transfer fees starting at just 0.48%* per transaction. It’s free to register for your Wise account and you’ll never pay subscription or account closing fees.

You can even use your Wise card to spend online or in person in over 160 countries across the globe – and you can order your physical or virtual Wise card for free.

Whether you want to withdraw cash in the US or buy groceries in France, make the most of your money with Wise!

How to apply for RBC cross-border banking

Visit your local RBC Royal Bank branch in Canada or call 1-800-769-2553 for more information.¹⁰

Documents required for RBC cross-border banking

You’ll need a few key documents for your RBC cross-border banking application:

• RBC Royal Bank Client Card
• Social Insurance Number (SIN) and/or Social Security Number (SSN)

You’ll also need either a valid Canadian driver’s license or a Canadian, US or foreign passport to support your application.¹⁰

Is a SIN number required to apply for RBC Cross-Border banking?

To apply for RBC cross-border banking, you may need either a SIN or a SSN.¹⁰ Make sure to speak to an RBC cross-border specialist if you need support with your application.

RBC cross-border banking is an easy way to bank in both Canada and the US. If you work between both countries – or you want to buy a home in the US – RBC can help. However, you’ll need to keep an eye out for expensive currency conversion costs and foreign transaction fees. Make sure to always research your options in advance. To make stress-free transfers in USD and CAD, check out Wise.

Sources:

1. RBC - Cross border banking
2. RBC - U.S. lines of credit for Canadians
3. RBC - Cross border bundle
4. RBC - U.S. Mortgage options for Canadians
5. RBC - U.S. Home Equity solutions for Canadians
6. RBC - Visa Signature Black U.S. Credit Card
7. RBC - Visa Signature Black Plus U.S. Credit Card
8. RBC - U.S. Banking personal fee schedule
9. RBC - Foreign Exchange Calculator
10. RBC - Banking in the U.S. and Canada
11. RBC - Credit card disclosures