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Welcome to Canada

Managing Finances in Canada

 
 

Sending and Receiving Money

Many newcomers to Canada maintain close ties with their families in their home country or have other financial responsibilities there. Others need to receive funds from home. In Canada, there are a number of secure and convenient ways to transfer money to or from another country — through a financial institution, a money-transfer service and even Canada Post.

As with any financial transaction, you’ll want to work with a reputable organization that you trust.

Money Transfers through RBC Royal Bank

RBC Royal Bank allows you to send and receive money from just about anywhere in the world and in just about any currency — safely and securely. RBC Royal Bank clients can have money from home deposited directly into their account. Outgoing wire payments allow the transfer of both small and large sums of money home. Both processes are quick and easy.

To receive funds, provide the following information to the sender:

  • Your complete name
  • Your complete address
  • The seven-digit account number for the account where the money is to be deposited
  • Your account’s five-digit transit number (including all zeros)
  • Specify the beneficiary bank as “Royal Bank of Canada”

To send funds, bring the following information with you to any RBC Royal Bank branch:

  • Your complete name
  • Your complete address
  • Your RBC account number and transit number (if that’s where the money you’re sending is coming from)
  • The receiver’s bank name and address, bank account and transit number where the funds are to be deposited
  • The receiver’s International Bank Account Number (IBAN) if you’re sending to a country in the European Union
  • Amount and currency of funds to be sent
  • Receiver’s complete name, address and country

A nominal fee applies for some outgoing and incoming wire payments.

Keep “Holds” in Mind

At times, you may find that a “hold” is placed on your account. This may occur when you deposit a cheque that needs to be verified in order to determine that the account it’s drawn on has sufficient funds to make the payment. This will have an impact when you send or receive money from home because while the hold is in place, you will not be able to withdraw funds sent to you or send them to an account in your home country.

Hold periods are:

  • Five business days for cheques and other negotiable items in Canadian and U.S. currency, when they are drawn on a Canadian branch of any Canadian financial institution.
  • 15 business days for cheques and other negotiable items drawn on a U.S. bank.
  • 25 business days for cheques and other negotiable items drawn on foreign banks other than U.S.

 

The content of this website is provided for the general guidance and benefit of our clients. This website is for informational purposes only and is not intended to provide specific advice. See full disclaimer.

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07/03/2008 18:37:25