Personal Finance Bank accounts

Your complete guide to the RBC British Pound eSavings account

Piyush Singh

31.12.25

Read time 3 minutes

Opening an account in British pounds is a useful option if you regularly send money to friends and family in the UK. The RBC® British Pound eSavings account is a popular choice for customers in Canada. You can use your account to transfer GBP or earn interest on your savings.

We'll take a closer look at the RBC GBP account, including key features, benefits and fees for all your GBP transactions. We'll also look at Wise – your international money transfer alternative. Send and spend your money in GBP at the 'fair' exchange rate. Let's dive in!

Features and benefits of the RBC GBP account

You can use your RBC British Pound eSavings account to receive, hold and send GBP in Canada. Here's everything you need to know about using your account.

Account overview and supported transactions

RBC's foreign currency GBP account is a digital savings account for Canadians. You can earn interest on your money or make transfers to your RBC Royal Bank personal deposit accounts.

You can also withdraw cash in your local branch, but this service costs 0.60 GBP. You can only deposit or withdraw cash in GBP.¹

Interest rates and balance requirements

You can earn 0.250% interest on your RBC GBP account. This applies to account balances from 0 GBP to over 100,000 GBP.²

There are no minimum balance requirements for RBC's British Pound eSavings account, which means anyone can open an account.¹

Fees and transfer limits for the RBC GBP account

Let's take a look at how much it costs to use your RBC British Pound eSavings account, including transfer fees and exchange rate charges.

RBC British Pound eSavings account overview

Feature	Details
Account type	Savings account¹
Monthly fee	No fee¹
Interest rate	0.250%²
Minimum balance	No minimum balance¹
Transfer options	You can transfer money between any RBC Royal Bank personal deposit accounts in your name. You can also transfer money to and from RBC Direct Investing.¹
Currency conversion	RBC uses a retail exchange rate for currency conversion, which may include a markup.³ You can avoid foreign exchange fees by transacting in GBP.¹

How to open an RBC GBP account in Canada

It should be easy to open your RBC GBP account in Canada. Let's take a closer look at eligibility requirements and a step-by-step guide to opening your account.

Eligibility and requirements

To open an RBC bank account, you'll need proof of ID, such as a driver's licence or passport. You'll also need to provide some personal information, including your:

name and address
email address
date of birth
employment details
residency status⁴

Speak to RBC for more information about eligibility requirements for foreign currency bank accounts.

Step-by-step opening process

Here's a step-by-step guide to opening your RBC GBP account:

Step 1. First, you'll need to visit the RBC website for an overview of available accounts

Step 2. Select the RBC British Pound eSavings account

Step 3. Check your eligibility and gather any important documents, such as your ID

Step 4. Choose whether to apply online, over the phone or in person. For some RBC accounts, you'll need to visit your local branch⁴

Step 5. Sign all the relevant documents and submit your application. If you're successful, you should receive an email confirmation.⁵

If you're already enrolled in RBC online banking, you may be able to skip these steps. Simply log into your account, select "Open New Account" and follow the on-screen instructions.⁴

How exchange rates work with the RBC GBP e-Savings account

You can use your RBC account to make the most of favourable exchange rates or to transact in local currency. However, RBC charges a retail exchange rate to convert foreign currency payments, which is likely to include a markup on the mid-market rate.³ This means you could end up spending more than expected in currency conversion charges, particularly when transferring large amounts of money.

Look out for the mid-market exchange rate. This is the 'fair' rate for currency conversion you might find online, with no extra markups.

For example, if you receive 1,000 CAD into your RBC GBP account, the provider will convert your money into 526.62 GBP (as of 5 November 2025).³ At Wise's standard mid-market exchange rate on that date, you'd receive 543.70 GBP into your account.⁶

Conclusion

The RBC British Pound eSavings account is good for Canadians who want to maximize their GBP savings. However, the account may offer limited flexibility. You can only transfer money to your own accounts — and you'll need to visit a branch to withdraw cash in GBP.

Wise offers flexible, low-cost transfers in multiple currencies. You can hold over 40 currencies at once or spend in the UK at the standard exchange rate.

You can even use Wise and RBC together! Get the best of both worlds, with interest-earning capabilities and flexible worldwide transfers.

To spend money in the UK, Canada and elsewhere, check out Wise.

Sources:

Sources verified on 30 December 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.