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Royal Bank of Canada CAD to USD Foreign Transfer Rates Today

The best CAD to USD rate is 0.7380. We help you save money by comparing Royal Bank of Canada CAD to USD exchange rates to the latest market rate and those offered by leading FX providers.

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Sending money to United States can be an expensive business, more so if you aren’t even aware of all the hidden fees. Money transfer companies and banks profit by charging you fees and a normally hidden margin on the exchange rate.

Using your Bank to make international wire transfers to India can be especially expensive – often 5% to 10% worse than using a foreign exchange specialist to send to United States bank accounts or pay a US dollar invoice.

 

RBC Money Transfers at a glance

RBC, also known as the Royal Bank of Canada, is one of the largest banks in Canada and a leading financial institution globally. The bank offers a wide range of financial products and services to individuals, businesses, and institutions, including personal and commercial banking, investment and wealth management, insurance, and capital markets services.

When you get a quote for your Wire Transfer from RBC on their website or in-app, you can also see the RBC exchange rate, but it can be difficult to then calculate how much markup you are being charged.

While RBC do publish their exchange rates here - Foreign Exchange Currency Converter, they do not reveal the markup on these rates.

Our research shows that on average, RBC markup for foreign exchange rates is somewhere between 3 - 7.5%, depending on the amount you're sending, where you're sending it to and which currency will be received.

While all banks in Canada charge this markup, the extra amount being charged is much higher than it would be with a global money transfer specialist.

Receiving an international wire transfer at RBC

RBC uses different bank codes depending on the currency and location of the sending bank. Here are some of the most common bank codes used for receiving foreign wire transfers:

  1. SWIFT Code: ROYCCAT2: This code is used for receiving wire transfers in Canadian dollars (CAD) from foreign banks.

  2. Transit Number and Institution Number: These codes are used for receiving wire transfers in Canadian dollars (CAD) from banks located within Canada.

  3. ABA Routing Number: 021001088: This code is used for receiving wire transfers in U.S. dollars (USD) from banks located within the United States.

  4. CHIPS UID: 0163: This code is used for receiving wire transfers in U.S. dollars (USD) from foreign banks that are members of the Clearing House Interbank Payments System (CHIPS).

  5. Fedwire ABA Routing Number: 026004093: This code is used for receiving wire transfers in U.S. dollars (USD) from banks located outside of the United States.

It's important to note that specific bank codes may vary depending on the currency and location of the sending bank, and it's recommended to confirm the correct codes with RBC before initiating a wire transfer. Additionally, RBC may charge fees for receiving wire transfers, so it's important to check the current fees and policies before initiating a transaction.

RBC credit card FX fees

RBC offers several credit cards with different foreign transaction fees. Here are some examples:

  1. RBC Avion Visa Infinite Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.

  2. RBC Cash Back Preferred World Elite Mastercard: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.

  3. RBC Visa Platinum: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.

It's important to note that credit card terms and conditions can change, so it's always a good idea to check the current fees and policies before applying for or using a credit card for foreign transactions.

If you wish to save on exchange rates and foreign ATM fees then you should consider the Wise multi-currency card.

     

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Setting up a business in the US as a foreigner

Setting up a business in the US as a foreigner is generally the same process as setting up a business as a US citizen. However, there may be additional legal requirements and regulations that apply to foreign nationals. It is advisable to consult with a lawyer who specializes in immigration and business law to ensure compliance with all relevant laws and regulations. Additionally, obtaining a valid work visa may be necessary in order to work in the US as a foreigner. It's important to research the specific requirements for the type of business you plan to start and the state where you plan to set it up.

Read more at our United States (USD) country guide

   
 

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