Business Bank accounts

An overview of the RBC US Dollar Business Account

Piyush Singh

30.08.23 (updated more than 1 year ago)

Read time 2 minutes

As one of North America’s leading banking giants, the Royal Bank of Canada or RBC has steadily made a name for itself as an ally for businesses doing business across borders. The institution provides an impressive blend of banking services and can facilitate seamless and efficient cross-border transactions.

If you frequently make and receive payments in US dollars, this US business account at RBC could be a powerful tool to fit into your business's financial strategies. We’ll explore how the innovative money transfer service, Wise, opens up potential routes for even better global financial management, with or without an RBC account.

Empower your business with Wise

Table of Contents
Key Features of the RBC US Dollar Business Account How to apply for an RBC US Dollar Business Account Fees of the RBC US Dollar Business Account? The Wise Business Account

Key Features of the RBC US Dollar Business Account

The RBC US Dollar Business Account comes with a range of features tailored to the needs of international businesses, which include¹:

Flexible banking: Enjoy in-person banking and 24/7 online banking
Reduced currency risks: Hold your balances in USD and avoid foreign exchange fees.
Pay-as-you-go pricing: Pay only for what you use²

This account is especially useful for businesses that regularly pay and receive in US dollars, as it gives them the convenience of handling their finances without worrying about fluctuating exchange rates.

If you're a business that has a large volume of monthly transactions in USD or if you own an online business that sells to US customers, this account can benefit you by providing smoother, more efficient transactions.

Overall, this account is a good fit if you:

Pay employees or vendors based in the US
Buy and sell products in USD
Make and receive payments in USD

How to apply for an RBC US Dollar Business Account

If you’re interested in applying, here’s where and what you need to do so.

Where to apply

Since the US Dollar Business Account is considered an RBC Specialty Account, you won’t be able to apply for it online. Here are the two ways you can apply:

At a branch: Visit your nearest RBC branch and make an appointment with a Business Account Manager
Over the phone: Contact RBC’s Business Helpline at 1-800-769-2520

What you need

Whether you decide to open your account by phone or in person, you’ll need to bring the following documents to an RBC branch for verification purposes³

A Government-issued ID, including a Canadian Passport, Canadian Driver’s License, or Canadian Permanent Resident Card
A business registration document, such as Articles of Incorporation, Certificate of Existence, or Master Business License.

What are the fees of the RBC US Dollar Business Account?

RBC US Business Account fees⁴ include

A 9 USD monthly fee, which can be waived when you hold a balance of $2,500 USD
Credits, deposits, debits, and cheques all come with a $1.25 fee each.

There’s no minimum balance to open or maintain the account. Otherwise, all other account fees follow the standard fees and charges that other accounts do.

Here are some of the main fees :

Sending an Interac e-Transfer: 1.50 USD⁵
RBC Express incoming wires: 2 USD
Incoming wire payments not from RBC: Free for $50 CAD/USD or less, $17 CAD/USD for over $50 CAD/USD
Self-serve outgoing wire payments: Starts at 15 USD
In-branch (in-person) outgoing wire payments: Starts at 45 USD
In-branch (not in person) outgoing wire payments: Starts at 55 USD
Outgoing wire payments without an IBAN: Additional 35 USD⁶

The Wise Business Account for all your business needs - An alternative to banking

When it comes to the Wise Business Account, it is your handy alternative to banking. Wise provides you with account details in CAD, USD, EUR, GBP, AUD and even more, in seconds! You can conduct all your business transactions from one place, including:

Batch payments
Invoices
International payments at the speed and cost of local payments
Free API Integration
App Marketplace for software integrations - save time with Xoom and Quickbooks

And lots more! With Wise, it is easier than ever to manage your company’s cash flow.

Wise is a great choice for all kinds of businesses - and it is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB).

Enjoy flexible payments across the world. Send your money at the standard mid-market rate and avoid hidden exchange rate fees with every transaction.

To start exploring your business spending options, check out Wise.

Sources

*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.