RBC foreign currency account: US guide

Managing multiple currencies is a necessity for many US citizens. If you frequently travel abroad, work across the border, or simply want to send money to loved ones who live overseas, you may benefit from a foreign currency account.

For Canadians living in the US or Americans doing business in Canada, institutions like the Royal Bank of Canada (RBC) often come to mind. But can you open an RBC foreign currency account if you live in the US?

This guide will explore RBC’s foreign currency options and limitations. We’ll also touch on alternatives like Wise, the world's most international account. Let’s dive in!

Does RBC offer foreign currency accounts for US citizens?

RBC offers foreign currency accounts for US citizens. However, the options are limited compared to the accounts available to Canadian citizens.

Currently, US citizens are eligible to open the following foreign currency accounts¹:

• RBC Hong Kong Dollar eSavings
• RBC Euro eSavings
• RBC British Pound eSavings

Once you open an eligible account, you can:

• make deposits and withdrawals at any RBC branch
• transfer money between your accounts
• send and receive wire transfers
• earn interest on the foreign currency

There are no minimum balance requirements, and you don’t have to purchase any other RBC financial products to open a foreign currency account.

RBC also offers international transfers in other currencies. You can send funds internationally via wire transfer or money transfer. However, currencies other than those listed above will remain in local currencies until they’re wired.

For example, if you’re setting up a wire from your US-based RBC account to Japan, the funds will be sent in USD before being converted to the recipient’s local currency.

RBC foreign currency accounts: Full guide

Royal Bank of Canada primarily provides banking services to Canadians who need US-based banking, such as snowbirds and cross-border professionals. As such, many of their foreign money management services are geared toward cross-border banking between the US and Canada.

Let’s break down the foreign currency services RBC offers, which vary depending on whether you’re banking with their US or Canadian divisions. If you’re a US citizen with ties to Canada or vice versa, RBC provides some helpful options through its cross-border banking network.

RBC Bank — US division

RBC Bank (USA) is the US arm of the Royal Bank of Canada. It’s structured to meet the needs of Canadians in the US, not American citizens broadly seeking multi-currency accounts.

The institution offers checking and savings accounts in US dollars, as well as cross-border credit cards and lending services for Canadians.

Limitations may apply, so check with your local RBC branch before opening an account.

If you’re planning to move to Canada or frequently do business there, you might consider opening an international account with RBC. This account may give you access to additional RBC products, such as foreign currency and investment accounts.

Again, limitations may apply, so it's important to talk to a representative from your local RBC branch.

RBC Canada cross-border banking

RBC Canada offers more extensive foreign currency services. If you own property in Canada or operate a business there, you may be eligible for additional RBC services.

Some examples include USD accounts in Canada or additional RBC foreign currency accounts, in addition to the 3 options offered to all RBC clients.

Sending money to or from your Canadian account involves some of the same challenges as setting up international transfers from a US-based account.

If you don’t have a foreign currency account, you’ll encounter exchange rate fees on every transaction. RBC’s rates may vary, but it's worth noting that many institutions charge a markup that’s above the mid-market exchange rate.

Additionally, RBC charges fees on outgoing wire payments and select incoming payments. The fees for outgoing wire transfers are as follows²:

💡 If a payment isn’t delivered as instructed, RBC provides wire tracing for free.²

As you can see, RBC imposes lots of different fees to send a wire. These fees can quickly add up, especially if you send wires frequently.

RBC doesn’t charge a fee for incoming wires from a Canadian-based RBC account or any other institutions worldwide as long as the transaction amount is less than 50 CAD, 50 USD, 37 EUR, 30 GBP, or 293 HKD, depending on the type of account you have.¹

However, the bank does charge a fee for incoming wires above those thresholds. Here’s a look:

There are also credit advice fees for incoming wire payments by mail, fax, or phone. Those fees are identical to the receipt/debit advice fees for outgoing wires.¹

Everywhere money. Meet Wise: the world's most international account

If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.

Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached multi-currency card — plus you’ll get some extra perks which suit anyone living an international lifestyle.

You’ll be able to hold 40+ currencies, and get local account details for 8+ currencies including USD, to get paid easily by wire or ACH.

Wise offers linked multi-currency cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.

That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%. Easy.

This way to easy
international payments

Please seeTerms of Use for your region or visitWise Fees & Pricing for the most up to date pricing and fee information

Which US banks offer multi-currency accounts?

If you’re a US resident looking for a multi-currency account, RBC may not be the best option unless you have strong business or personal ties to Canada.

Fortunately, several other US banks and financial institutions offer foreign currency products. Here are a few major players to consider:

Each of these institutions supports different multi-currency offerings.

An RBC foreign currency account can be a good choice for business transactions and managing a few select currencies, but the high fees can pose a challenge. HSBC, Citibank, and TIAA are viable alternatives you should investigate as well.

While weighing your options, make sure to check out Wise. Our user-friendly platform makes sending and receiving funds internationally fast and affordable.

Get started with Wise

Sources:

1. RBC - US & Foreign currency accounts
2. RBC - Additional account services
3. Citi - Global Wallet
4. HSBC - Premier Bank Account
5. EverBank - WorldCurrency Access Deposit Account