Does RBC allow online wire transfers from Canada? Here’s a closer look

You can’t send an RBC® wire transfer online.¹ RBC International Money Transfer is a popular digital alternative, but you can’t use this method for large payments.

We take a look at the differences between an RBC wire transfer and an RBC International Money Transfer, including fees, exchange rates and transfer limits.

We will also review Wise as your global alternative! Use your Wise account to send money in over 40 currencies – for yourself or your business.

We'll take a closer look at:

How can we send wire transfers from RBC? How are wire transfers different from international money transfers at RBC? How much does RBC charge for RBC International Money Transfers? Exchange rates at the Royal Bank of Canada Wise is an online money-saving alternative for international transfers How to make an online transfer with RBC Information required to make an international wire transfer from your RBC account Information required to receive an international wire transfer to your RBC account How long does an RBC wire transfer take? Can you cancel a wire transfer made at RBC? Are you looking to make business payments and transfers online? Try Wise Business!

How can we send wire transfers from RBC?

You’ll need to visit your local branch to send a wire transfer. You’ll need to provide RBC with your recipient’s information – and you may need to pay a fee for your outgoing transfer, too.

Not only that, but you can send an international or domestic wire transfer and it’s a quick, secure payment method for transferring large sums of money.¹

How are wire transfers different from international money transfers at RBC?

You can send an International Money Transfer to over 200 countries using the RBC mobile app or online banking, but for a RBC wire transfer you’ll need to send in person.²

You can use your Canadian RBC Royal Bank chequing or savings account to make a global transfer, but you can’t transfer money from a US dollar account, RBC High-Interest eSavings account or Foreign Currency account.²

You can only send 50,000 CAD per day with International Money Transfer, so a wire transfer may be better if you need to send a large payment.²

However, it’s important to remember that wire transfers cost around 45 CAD.³ You won’t pay a transaction fee to send a global transfer with RBC.²

How much does RBC charge for RBC International Money Transfers?

It’s free to send an International Money Transfer, but you may need to pay a fee to any intermediary or receiving banks.²

There are a few additional charges for international transfers with RBC. Let’s take a look.

Transaction	Fee
Outgoing international wire transfer	Starting at 45 CAD³
Incoming international wire transfer	Transfers from other banks (less than 50 CAD): free Transfers from other banks (higher than 50 CAD): starting at 17 CAD³
Cancellation of outgoing wire payment	Starting at 25 CAD (plus GST)³
Tracing an international payment	Payment not delivered as instructed: free Payment delivered as instructed: 25 CAD (plus GST)³

Exchange rates at the Royal Bank of Canada

If you’re sending money abroad, you’ll need to look into exchange rate costs and charges.

You can send your International Money Transfer in a different currency, but RBC will convert your account funds from CAD and this is where exchange rate fees come in. Banks often charge a markup on the standard mid-market exchange rate. This is how they make their money, but it can significantly add to the cost of your transaction.

RBC charges something called a “retail rate” for transactions in different currencies, which covers any additional processing for your transfer.⁴ This rate may fluctuate depending on when you send your transfer and RBC can change their exchange rate at a moment’s notice.⁴

This means you may not know exactly how much your International Money Transfer will cost until you come to send it.

Wise is an online money-saving alternative for international transfers

Use Wise to manage your money in over 40 currencies and send funds to over 160 countries from large transfers to small payments, without any hidden fees.(*)

Wise’s transactions are extra-secure with 2-factor authentication and you can access dedicated support for large amounts. Here’s how a Wise account saves you money with every transfer:

• Mid-market rate with no markups or profit margins on international transactions
• Minimal transfer fees starting at just 0.33%
• Access to local account details in over 10 currencies including CAD, USD, JPY, GBP and more

Make online payments in local currency and avoid hidden conversion fees. You can even pay by wire transfer or send a bank transfer to recipients in Canada and anywhere else in the world

Everything you need to move your money across the globe!

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

How to make an online transfer with RBC

We’ve put together a step-by-step guide to sending your transfer via RBC online banking.

Step 1. Log into online banking and select “Accounts Summary”

Step 2. On the right-hand side of the “Accounts Summary” page, look for “Quick Payments & Transfers” and select “International Money Transfer”

Step 3. Follow the on-screen prompts to complete your transfer. You may need to pass a security check if you’re sending a large payment

You can also send an International Money Transfer using the RBC mobile app. Let’s take a closer look.

Step 1. Log into the RBC app

Step 2. Select “Send Money” (Android®) or “Move Money” (iOS®)

Step 3. Select “International Money Transfer” and follow the on-screen prompts to complete your transfer

You’ll need to register for online banking before you can access the RBC app.² Speak to your local RBC teller or call 1-800-769-2511 for support with your accounts.⁵

Information required to make an international wire transfer from your RBC account

You’ll need a few key pieces of information for your international wire transfer:

• Beneficiary name and address
• Beneficiary transit number (routing number)
• Beneficiary account number (IBAN if you’re sending a global payment)
• The amount you want to send

You’ll also need to include RBC’s wire transfer details:

• Swift code: ROYCCAT2
• ABA routing number for US dollar correspondence: 021000021¹

Information required to receive an international wire transfer to your RBC account

If you want to receive an international wire transfer, you’ll need to provide the sending bank provider with:

• your home address
• your account number
• your RBC branch phone number, address, and transit number
• RBC’s institution number: 003
• RBC’s Swift BIC: ROYCCAT2

If you’re receiving a foreign currency, you may also need to provide the sender with the corresponding bank name, as well as the Swift code, BIC or ABA number.¹

How long does an RBC wire transfer take?

Wire transfers tend to take 1 to 5 business days to reach your recipient, depending on factors like currency availability. Speak to your local RBC teller for more information about when your recipient will receive their funds.

An RBC International Money Transfer will reach your recipient within 2 business days.²

Can you cancel a wire transfer made at RBC?

Yes, you can cancel a wire transfer. However, if the funds have already been accepted, you may not be able to cancel your payment. It costs 25 CAD to cancel or amend an outgoing wire transfer at RBC.³

Are you looking to make business payments and transfers online? Try Wise Business!

Wise Business: features and benefits
Major local account details in over 10 currencies for a one-time fee of 42 CAD
No monthly or annual fees required
Receive payments from E-commerce platforms such as Amazon® or via Stripe®
International invoicing made easy
Major accounting integrations available, such as Quickbooks® and Sage Cloud Business®
Make batch payments for up to 1000 people at once

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Sources

1. RBC Wire Transfer
2. RBC International Money Transfer
3. RBC Outgoing Wire Payments
4. RBC FX Calculator
5. RBC Customer Service

Sources verified on 12 August 2024