RBC Business Account Review: Features, Fees & Requirements

Royal Bank of Canada (RBC) is one of Canada’s largest financial institutions, offering a broad range of business banking solutions. This article provides an in-depth review of RBC’s business accounts, helping you determine if it’s the right fit for your company’s banking needs. We’ll also discuss how Wise Business could be the best alternative if you frequently deal with cross-border transactions.

RBC Review: Quick Overview

RBC: Key Features

RBC’s business accounts offer many features tailored to support Canadian businesses. These include mobile and online banking apps, batch payments for payroll or vendor payments, customizable invoicing tools, and the ability to add multiple users with varied access levels for easier account management.

Ease of Use

Many customers appreciate RBC’s user-friendly digital platforms. Setting up payments or checking transaction histories is simple, and users often mention how easy it is to find guidance on common tasks, like how to cancel an e-transfer on your RBC business account when necessary.

Positive reviews mention the convenience of mobile cheque deposits and batch payment functions. However, some customers report occasional delays or glitches, especially during busy periods.

Customer Service

RBC offers multiple customer support options including phone, online chat, and in-branch service. Business customers can access dedicated advisors to assist with tasks like how to close a RBC business account when needed, ensuring a smooth transition.

While many praise the helpfulness of advisors, wait times can sometimes be long during busy hours.

RBC Fees

RBC’s fee structure varies depending on the specific business account chosen. Here are the main fees you should consider:

• Monthly account fees: Typically start at $6 per month for basic business accounts.
• Transaction fees: Each account includes a set number of free monthly transactions - ranging from 10 free Interac e-Transfers with the Digital Choice account to 500 Interac e-Transfers and 100 paper transactions with the Ultimate account, after which fees range from $0.30 to $1.00 each.³
• Interac RBC e-Transfer fees: Some business account packages include a number of free transfers, but charges then come at $1.50 to send money via e-Transfer or to fulfill an e-Transfer money request from your RBC Business account.⁴
• International fees: RBC applies currency conversion fees and foreign transactions charges that can add up if you regularly send money abroad.
• Wire payment fees: Below $2,500, there is a flat fee of $15. Between $2,500 and $10,000, there is a flat fee of $20.⁵

If you ever feel like you want to move o n from banking with RBC, it’s important to know how to close your RBC business account properly to avoid extra fees.

Wise Business Could Help Your Company Save on Global Payments

RBC Benefits and Considerations

What are the benefits of RBC?

RBC provides a robust business banking platform with a broad feature set designed for companies that require both physical branch access and digital convenience. Its tools for batch payments and invoicing make managing payroll and receivables easier. The ability to add multiple users and customize their access adds flexibility, especially for growing teams.

Features like easy access to void cheques for RBC business accounts and direct deposit forms streamline payroll and vendor payments. Their multi-user access allows efficient team collaboration, while integration with accounting software eases bookkeeping.

What are the challenges of RBC?

Despite its many strengths, RBC’s fees, especially for international transactions, can be a deterrent for businesses with cross-border banking needs. Foreign exchange rates are marked up, and additional fees apply, which may impact your business if you regularly pay suppliers or receive payments internationally.

The technology, while generally effective, sometimes falls short in terms of app reliability and user experience.

Conclusion: Is RBC the Best Choice?

RBC is an excellent option for Canadian businesses that prioritize access to physical branches and a full suite of banking services. However, for companies that frequently deal with international payments, the costs and fees associated with RBC’s foreign transactions could add up.

Understanding how to open an RBC business account is straightforward, but once international transfers become a significant part of your business, looking at alternatives may save money and hassle.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies.

Use Wise Business >>

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers
• Global Account: Send money to 140+ countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Business Debit Card: Invite your employees to order a debit card for free, and pre-set their spending limit. Add them to your Business account with controlled access and track their spending in one place.
• Global Account: Send money to 140+ countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local
• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met
• Free invoicing tool: Generate and send professional invoices
• No minimum balance requirements or monthly fees: Canada based businesses can open an account for free. Learn more about fees here

Sources:

1. Business Chequing Accounts | RBC
2. RBC Royal Bank Review | Trust Pilot
3. Business Account Service Fees | RBC
4. Interac E-Transfer Fees | RBC
5. Foreign Exchange for Business | RBC