To get a clearer picture of the exact costs you can expect when sending an international money transfer with RBC, take a look at the fee breakdown below (as of 18:00 +01:00 GMT): By contrast, this would get your friend £172.73 at the time of writing - 4.5% more than they'd have gotten were you to have used RBC. With Skrill, you'd pay no flat fees and just C$2.43 in exchange rate margin fees. The total fee amount (C$15.53) would therefore constitute more than 5% of your transfer amount and leave your recipient with £165.08 at the time of writing.Ĭontrast that to making the same transfer with Skrill, a UK-based global money transfer service. When taken together, RBC's exchange rate margins and fixed fees can constitute a large portion of your transfer amount, especially if you plan on sending a small amount to a foreign country.įor instance, if you were to send C$300 to a friend over in the UK, you would pay 3.24% of your transfer amount (or C$9.53) in hidden exchange rate margin fees, and a further C$6.00 in transaction fees. Take a look at the breakdown of these hidden fees by country below: The Costs Combined RBC's exchange rate margins vary depending on the destination country and currency in question and tend to hover anywhere between 2% and 4% of the total transfer amount. These fees, known as exchange rate margins, are formed by offering a slightly worse exchange rate than the real one on the market, known as the mid-market exchange rate. Over and above the fixed fees outlined above for bank and wire transfers abroad, RBC will also include a hidden fee into your international money transfer. However, when it comes to sending wire transfers abroad with RBC, there are very high costs associated with the service, such as a flat fee starting at C$45 per transfer! International Transfers with RBC: Beware the Hidden Fees When it comes to sending a larger sum of money abroad, many people opt to send a wire transfer, which is handled more closely by the bank itself and can only be sent physically from a bank branch. A C$10 flat fee for transfers over C$1,000.A C$6 flat fee for transfers of C$1,000 or less.Take a look at RBC Canada's fee schedule below to see how much you'd pay in fixed fees depending on the amount your transfer: Each transfer comes with a fixed fee, the size of which will depend on how much you send. To send money abroad with the Royal Bank of Canada, you'll in most cases need to instruct a standard bank transfer to send funds from your bank account to your beneficiary's. This makes RBC an expensive choice for international money transfers, especially when compared to the many lower-cost alternatives, such as Remitly and TransferWise, that may be available to you. When sending money abroad from Canada, for example, the bank will charge you a transaction fee on top of an already large hidden exchange rate fee, sometimes bringing the total fees to around 8% of your total transfer amount. When it comes to international money transfers (and wire transfers in particular), however, the bank can be very expensive. RBC offers a multitude of financial services, all of which are priced very differently. Spanning a total of 37 countries across the globe, RBC today boasts more than 16 million customers and 86 thousand employees, making it not only Canada's largest bank but its largest company altogether! Arguably the best-known name in Canadian banking, the Royal Bank of Canada (RBC) is a global financial services giant with over 150 years of history in the industry.
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