In the fine-print on the RBC website it mentions fees charged by intermediary and receiving banks a cost worth considering ahead of time. RBC is upfront about their flat-fee of $13.50 which is applied to all international money transfers. RBC international money transfers employ a transparent fee structure, unlike other banks that may mask the true cost of their fees. It is important to always conduct your own research and we recommend finding out the exact mid-market rate by using XE’s conversion tool, before comparing it to the exchange rate provided by the RBC Foreign Exchange Currency Converter. While the profit margin of each transfer varies, the mark-up essentially pays for the cost of providing the conversion services. This percentage mark-up may be even higher for exotic currencies not commonly traded on the foreign exchange market. Our research shows that RBC adds an average 2% mark-up on exchange rates for standard currencies. According to RBC, the most in demand currencies include the US dollar, Euro, British Pound, Australian dollar and Japanese Yen.Īlthough RBC facilitates international money transfers, it is important to note that these long-standing, brick and mortar banks typically incur high operating expenses and overhead costs and, therefore, cannot afford to guarantee the same competitive exchange rates as specialist money transfer companies.
When making an international money transfer, RBC offers customers 30 different currencies to choose from.
In this section we will review the exchange rates and fees employed by RBC.
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