Your guide to multi-currency accounts in the Royal Bank of Canada

Whether you’re managing personal finances or running a business, handling foreign currency accounts can be complex. In this article, we’ll explore the foreign currency account options RBC offers, then compare them to the Wise multi-currency account, which provides access to over 40 currencies at the mid-market exchange rate with clearly disclosed, minimal fees.

An Overview of the Foreign Currency Accounts at RBC

RBC provides various foreign currency accounts to meet both personal and business needs. These tailored options align with Canada’s diverse population, enabling account holders to send and receive multiple currencies.

Here’s a breakdown of what you can expect from RBC.

US Personal Chequing Account

For $3 per month, you can open a basic account that holds U.S. dollars. RBC recommends this account for U.S. shopping trips. Features include¹:

1. 6 free debits per month, priced at $1.25 for any additional debit transaction.
2. $5,000 overdraft (subject to approval).
3. Free e-statements.

This account doesn’t participate in the PLUS System ATM service

RBC US High Interest Savings Account

This no-fee account helps your savings grow by earning interest on every dollar. Features include²:

1. 0.350% interest rate.
2. Free transfers to any other RBC account in your name.
3. 1 free monthly debit, then $3 each afterward.
4. Free e-statements
5. Free access to both online and mobile banking

This account doesn’t participate in the PLUS System ATM service or Interac

RBC Hong Kong Dollar eSavings Account

This interest-bearing account allows you to hold and send Hong Kong dollars when exchange rates are favorable. Features include³:

1. No monthly fee and no minimum balance.
2. Transfer money between any of your RBC personal deposit accounts.
3. HK$8.50 to withdraw cash at your branch.
4. Free incoming wire transfers.
5. Fees start at HK$263 for outgoing wire transfers⁵ (other fees may apply).

RBC Euro eSavings Account

Similar to the Hong Kong dollar account, this interest-bearing account allows you to hold and send euros. Features include⁶:

1. No monthly fee and no minimum balance.
2. Transfer money between any of your RBC personal deposit accounts.
3. €0.75 to withdraw cash at your branch.
4. Free incoming wire transfers.
5. Fees start at €33 for outgoing wire transfers⁵ (other fees may apply)

RBC British Pound eSavings Account

This third interest-bearing foreign savings account lets you hold and send British pounds when exchange rates are favorable. Features include⁷:

1. No monthly fee and no minimum balance.
2. Transfer money between any of your RBC personal deposit accounts.
3. £0.60 to withdraw cash at your branch.
4. Free incoming wire transfers.
5. Fees start at £27 GBP for outgoing wire transfers⁵ (other fees may apply).

RBC USD Business Account

This account has no monthly fee if you maintain a US$2,500 balance, or a US$9 monthly fee otherwise, allowing you to hold U.S. dollars and avoid frequent currency conversions. Some of the transaction fees include:⁸

1. Debits/cheques: USD $1.25 each
2. Credits/deposits: USD $1.25 each
3. Items deposited: USD $0.22 each

RBC Online Foreign Currency Account

This account requires no minimum balance and allows you to hold foreign currency for exchange at a later time. Features include:⁹

1. Account transfer: $10 CAD
2. Incoming wire: $17 CAD
3. Incoming transfer from another RBC CAD/USD account: $10 CAD

Meet Wise – Manage Over 40 Currencies in One Account

Now let’s explore what Wise offers—it’s significantly more versatile.

Personal Accounts:

• With Wise, you can get account details in more than 10 currencies including CAD, USD, EUR, and SGD.
• When it comes time to convert your money, you can do so across 40 currencies.
• Currency conversions always happen at the mid-market rate.
• The pay-as-you-go fee structure starts at 0.48%^* and is fully transparent.
• You can send money to over 150 countries.
• You have the ability to send and receive money with your choice of Interac e-transfers, wire transfers, and direct deposits.
• When transferring between Wise accounts in the same currency, there are no fees.
• Use the Wise card when traveling or shopping online worldwide.
• You can get the Wise cardat no cost!

Wise also supports business accounts, providing additional features beyond personal use.

Business Account:: For a one-time fee of CA$42, you can open a Wise business account that includes all the personal account features plus additional capabilities:

• Automated invoicing allows you to create invoices, send or receive payments, and automatically reconcile your account.
• Integration with a variety of accounting software platforms such as Xero, QuickBooks, FreeAgent, FreshBooks, QuickFile, Oracle NetSuite, and more.
• A batch payment tool that lets you send up to a maximum of 1000 payments at once.
• The business account also includes a Wise card, which can be issued to you and your employees.
• An API that enables automated payments, integration with business tools, and streamlined financial management.

Sources:

1. RBC US chequing account
2. RBC US high interest savings account
3. RBC Hong Kong dollar eSavings account
4. RBC foreign exchange rates
5. RBC wire transfer fees
6. RBC Euro eSavings Account
7. RBC British Pound eSavings
8. RBC USD Business Account
9. RBC Online Foreign Currency Account