Can a Canadian get a US mortgage at RBC?

If you’re thinking of buying a property in the US, you may be considering the Royal Bank of Canada (RBC) as a mortgage provider. RBC offers a pre-approved mortgage service, which might be right for you. In this guide, we’ll take a closer look at this program, including eligibility, requirements, costs, and cross-border transfers.

If you currently hold your money in CAD, it is worth considering currency conversion costs, which will add to the price of buying a property. Wise offers low-cost currency converon, which can reduce this significantly compared to banks. Wise’s large amount transfers are dedicated to decreasing the cost of high value currency conversions, with fee discounts and a dedicated support team for your transfers.

Who can apply for an RBC US mortgage?

If you’re thinking of applying for a RBC US mortgage as a Canadian, you’ll need to check if you’re eligible. Here’s what you need to know.

Eligibility requirements

RBC’s US mortgages are available to Canadians¹, using Canadian credit scores and history². This allows you to get a US mortgage even without a credit history there.

RBC allows you to get pre-approved for a mortgage, for which you’ll need to give them some personal information, such as details of your employment, income and assets. You’ll also need to give them permission to obtain a credit bureau report. This information will be used by your mortgage specialist to determine whether you are eligible for a mortgage, as well how much you can borrow, and at what rate.

Monetary requirements for approval

Whether you are approved for your loan, and the rate you are charged, depends on a variety of factors. These include:

• The purchase price
• The loan amount
• Your credit score

With RBC’s online mortgage rate calculator, you can input this information, along with some other details, to find out whether you are eligible for any of RBC’s mortgages. If you are, the calculator can give you information about the interest rate and APR (Annual Percentage Rate - the interest and other charges you’ll need to pay for your mortgage) for different ARM periods (ARM, or Adjustable Rate Mortgage is the time for which your interest rate will not change)³.

If you are not eligible for any mortgages, you can change different factors to have a look at how you could become eligible in the future. You can also speak to a mortgage expert, who might be able to give you advice on any loans you would be eligible for, or how you can improve your eligibility.

RBC US mortgage rates and terms

RBC offers US mortgages from 5.5%, with 3, 5, 7 or 10 year terms⁴. All of their loans are amortized over 30 years, with free renewals when your term expires. Put simply, this means that your mortgage interest rate is fixed for between 3 and 10 years, but your monthly payments assume that you will be paying them for 30 years. When the term ends, you can renew it for free (with no additional fee), but the interest rate may change.

RBC doesn’t charge a bank or lender fee for a US mortgage, allowing you to save up to 4,500 USD in closing fees, if you apply by 31st October 2025. Promotional terms and offers may be renewed or replaced with others, so make sure to check before you sign up.

RBC US Mortgage Features

What to know about transferring money for your US mortgage

If you currently hold the money you’ll need for your US mortgage in CAD, you’ll need to exchange it for USD, and transfer it over to RBC to cover your downpayment and regular mortgage costs.

Choosing the right provider to do this with is vital, as currency exchange and international transfers can be very expensive depending on the provider you use. Different providers charge for money transfers in different ways, so there are a few things to look out for, including:

• Upfront fees
• Exchange rates and exchange rate markups

Upfront fees may be flat, or a percentage of the total value of the conversion. You can see these before you send your transfer. Exchange rate markups, by contrast, are a type of hidden fee. Different providers will use different exchange rates, and may charge an exchange rate markup - an increase in the exchange rate compared to the mid-market rate. This makes your conversion more expensive, meaning that understanding the exchange rate being used is important, as it may hide extra fees which increase the cost of your transfer.

Currency conversion with RBC

RBC’s International Money Transfer service allows you to convert your CAD to USD. They charge no transfer fees, but use a ‘retail rate’ when exchanging your currency for transfers of less than 5,000,000 CAD⁵. This is likely to be less favourable than the mid-market rate, meaning that you’ll get fewer USD for your CAD.

The RBC mobile banking app allows you to send money 24/7, which typically arrives in 2 business days⁶, and you can send up to 50,000 CAD per day. This limit may mean that you will need to prepare to send your downpayment over several days.

Cost of Sending Money for a US Property Purchase

Using Wise for large cross-border transfers

Use Wise for all of your international transactions – big and small. You can manage money in over 40 currencies or send funds to over 160 countries around the globe.

Pay by wire transfer or send a bank transfer to recipients in Canada and beyond with no hidden fees or exchange rate margins.

Here’s how you can save money with a Wise account:

• Wise always uses the standard mid-market exchange rate – no markups on foreign transactions
• Get access to local account details in over 10 currencies, including CAD, USD, JPY and GBP
• Pay minimal transfer fees starting at just 0.48%

Wise is regulated in every available region, with 2-factor authentication and support for large worldwide payments.

Is the RBC US mortgage right for you?

The RBC US mortgage might be the right choice for you if you’re a Canadian looking to buy a property in the US, either as an investment, or because you’re looking to move. If you currently live in Canada, and have no US credit history, RBC is likely to be particularly appealing, as it allows you to use your Canadian credit history, to make the most of your good Canadian credit score, rather than needing to first build one from scratch in the US. Their mortgage experts can also help guide you through this process, to make sure you get the mortgage that is right for you, and tailored for your specific circumstances.

If you are considering a US mortgage, make sure that you have considered how to convert and transfer your CAD to USD. When buying a property, even small differences in fees or exchange rates involved in currency conversion can easily add up to thousands of dollars, making choosing the right provider essential to save your hard earned money.

Conclusion

RBC offers a mortgage for Canadians looking to buy a home in the USA, in all 50 states. They offer extensive support online, from mortgage calculators to experts. However, whether you choose this mortgage provider or another, it is worth looking into alternative ways to convert your money, rather than relying on your bank.

Currency conversions are an extra cost to buying a property, and when converting large sums of money, fees can add up to create an extra financial burden, making choosing the right service for your needs an essential part of getting a US mortgage. Fintech companies like Wise offer a popular solution, to reduce exchange costs, and, by using the mid-market rate, ensure that you are always getting a fair exchange.

1. RBC US HomePlus Advantage
2. RBC US Mortgage Pre-approval
3. RBC Mortgage Rate Calculator
4. RBC Cross Border US Mortgages
5. RBC Foreign Exchange Calculator
6. RBC International Money Transfer
   Sources verified on 07 October 2025