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.
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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
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