![]() RBC Royal Bank was created in 1864 and is major bank in Canada operating as RBC Royal Bank in English and RBC Banque Royale in French. Private foreign exchange companies typically complete the transaction either same day, or next day. Unless you pay a premium, RBC Royal Bank’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private brokers offer commission free currency transfers, typically over a value of $5000. RBC Royal Bank may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. International money transfers from RBC Royal Bank could take longer to arrive than using a private currency exchange provider and you will also need to be an existing RBC Royal Bank account holder to use their services. RBC Royal Bank – Other Useful Information Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only S700 CAD in total, which is a large saving over the bank service. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.Įxample: A typical overseas currency transfer of $100,000 Canadian dollars (CAD) using RBC Royal Bank services would have a transaction exchange rate margin of around 3.3% – or $3,300 CAD. Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Sending foreign currency to or from your RBC Royal Bank account in Canada needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead. Currency Transfer Alternatives – RBC Royal Bank Typically, sending funds to or from your RBC Royal Bank account in Canadian dollars (CAD) or UK pounds will involve a margin rate of 3.3% – much higher than most currency broker rates (typically 0.7 to 1.0%). Skip to: Canada Money Transfer Specialists RBC Royal Bank international money transfers to or from Canada have higher transaction charges, due to a less competitive exchange rate offered by RBC Royal Bank. Save on the exchange rate conversion when sending money abroad from your RBC Royal Bank account in Canadian dollars, UK pounds & euro currencies. IFSC is an Indian Financial System Code which is an alphanumeric 11-digit code.WhatsApp Telegram Facebook Twitter Email RBC Royal Bank International Money Transfers Please note that the beneficiary’s account number and full address are required to initiate any international money transfer.ĪBA routing number also known as Routing Transfer Number (RTN) is a 9-digit code. Your beneficiary can provide the IBAN for your transfer or if paying to your own account, your overseas bank can provide these details. ![]() ![]() IBAN should be provided for all payments to the EU/EEA, UK and some non-European countries including most states of the Middle East, e.g UAE, as well as North Africa and the Caribbean region. The length ranges from 15 to over 30 alphanumeric characters. IBAN is an international bank account number. You can contact the receiving bank/recipient for the details or use the ‘look up bank’ function in Westpac Online Banking when adding a new payee. SWIFT/BIC code, also known as Bank Identifier Code (BIC) is an 8-11 alphanumeric code used to identify a bank. Typical bank details required to initiate an international money transfer include: ![]()
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