A closer look at online international money transfers with RBC

Royal Bank of Canada (RBC) is one of the country’s largest banks, serving millions of clients both domestically and abroad. One of its services, the International Money Transfer, allows you to send up to 50,000 CAD per day to bank accounts in more than 200 countries — marketed as having no upfront transfer fee.

While that sounds appealing, there are still costs to consider. Exchange rates and transfer limits ultimately affect how much you and your recipient actually pay or receive.

This guide looks at how RBC’s International Money Transfer works alongside its pros and cons, and how Wise may offer a better alternative.

How RBC online banking international money transfer works

For personal clients, RBC’s main international transfer service is the International Money Transfer. It’s built directly into RBC Online Banking and the RBC Mobile app, and is a simple way to send money abroad without visiting a branch.

Clients can send funds to accounts in over 200 countries, with transfers usually arriving within a few business days. The International Money Transfer service charges no upfront transfer fee, but exchange rate markups still apply, and once sent, transfers cannot be reversed.

RBC also offers wire transfers, which typically involve higher flat fees and are more often used for business payments, high-value transfers that exceed International Money Transfer limits or destinations where it is not supported.

RBC International Money Transfer fees, limits, and supported currencies

RBC promotes its International Money Transfer as a convenient way to send money abroad with no upfront fee. However, costs are built into exchange rate markups, and daily sending limits apply.

**RBC International Money Transfer at a glance ***

* Note: Recipient must have a bank account in the destination country

Receiving international money into your RBC account

Incoming wires are supported in a wide range of major currencies and can be deposited directly into your account. Payments usually arrive in the currency sent, although conversions may apply depending on how the transfer is routed.

Supported currencies and how funds are deposited

RBC accepts wires in CAD, USD, and other major global currencies. Payments in USD, EUR, GBP, and others are routed through correspondent banks such as JPMorgan Chase (USD), BNP Paribas (EUR), and Lloyds (GBP). To avoid automatic conversion into Canadian dollars, senders are advised to include “DO NOT CONVERT” in the payment details².

Fees and possible exchange rate markups when receiving

• Incoming wires under 50 CAD (or equivalent) are free.
• Fees for transfers above this amount start from 17 CAD)³
• Additional charges apply if you request credit advice by mail, phone, or fax
• Exchange rate markups are added if funds are converted into Canadian dollars
• There are no set RBC limits on how much you can receive, but the sending bank or intermediary may impose restrictions

RBC international transfers — sending vs receiving

Pros and cons of using RBC for international transfers

Advantages

One of the biggest advantages of using RBC is convenience. International Money Transfers are built right into online and mobile banking, so clients can send money abroad without leaving home.Transfers are available to more than 200 countries, with daily limits higher than many competitors. RBC also promotes its International Money Transfers as “no fee,” and all transactions are backed by the bank’s Digital Banking Security Guarantee.

For less common currencies or larger payments, wire transfers are also available, giving clients additional flexibility.

Limitations

Although International Money Transfers are marketed as “no fee,” the exchange rates include a markup that increases the overall cost. Delivery times are not always instant, and in some cases, transfers can take up to a week.

Once an International Money Transfer is sent, it can’t be cancelled or changed, which reduces flexibility if a mistake is made. On the receiving side, wires often carry service fees and may trigger currency conversion charges if funds aren’t kept in their original currency. Finally, international transfer services are only available to existing RBC clients with eligible accounts, which means they are not accessible to everyone.

Comparing RBC vs Wise for international transfers

Although RBC promotes its International Money Transfer service as having no fee, the real cost shows up in the exchange rate. Wise, on the other hand, uses the mid-market rate with a small, transparent fee. A 5,000 CAD transfer highlights the practical differences between the two services.

With Wise you can:

• Open a multi-currency account to hold and convert over 40 currencies at the mid-market exchange rate
• Get local account details in major currencies like CAD, USD, GBP, and EUR, making it easier to receive payments internationally without wire fees
• Send money abroad with low, transparent pricing, so you always know the fee and exchange rate upfront
• Use the Wise card for international spending in 140+ countries, with automatic conversion at the mid-market rate

Conclusion

RBC’s International Money Transfer service makes it easy to send money abroad directly from online or mobile banking. With daily limits up to 50,000 CAD and the security of one of the “big 5” major Canadian banks, it can be a convenient option for existing personal clients. However, while it’s advertised as free international transfers, the real costs are hidden in the exchange rate. Transfers may also take several business days, and incoming wires often carry additional fees.

With transparent fees, mid-market exchange rates, and faster delivery times, Wise can be a convenient alternative for Canadians who frequently need to send or receive money internationally. Whether used alongside an RBC account or as a stand-alone solution, Wise provides transparency and control over the real cost of moving money overseas.