How to make wire transfers from your RBC business account? A closer look

Wire transfers are a reliable way for businesses to send large payments within Canada or internationally.RBC business clients can access multiple wire payment options, but the process, fees and exchange rate costs vary depending on the account type and destination.

In this guide, we’ll explain how to send a wire from your RBC business account, what to expect in terms of cost and timing, and why Wise is becoming a popular alternative for faster, lower-cost international transfers.

Understanding RBC business wire transfers

RBC offers secure wire transfers as part of its business banking services, allowing companies to send funds domestically and internationally in over 30 currencies¹. Unlike personal clients who must visit a branch, RBC business customers can conveniently send wire transfers online via RBC Online Banking for Business or RBC Express.

Here’s what you'd need to know:

• Supports both domestic and international wire transfers
• Pay vendors and suppliers in over 30 currencies and 30+ countries^2,3
• Ideal for high-value purchases, paying international suppliers, or making urgent payments
• Requires a beneficiary name, address, account number, and SWIFT/BIC code
• Cut-off times vary by currency and destination
• Fees apply depending on the destination, currency, and your RBC account type
• Exchange rates include a markup
• Payments are trackable, with confirmation once the wire is processed

Setting up and sending wires on RBC business platforms

Whether you’re paying employees or transferring funds to another business, RBC provides two main ways to send wire transfers: online and in-branch. Each method requires standard recipient information and may involve fees or exchange rate markups depending on the account type and destination.

Online Banking for business accounts at RBC

To send a wire⁴ using RBC Online Banking for Business:

Step 1: Log in to RBC Online Banking for Business.
Step 2: Navigate to Payments & Transfers and select Wire Payments.
Step 3: Enter your recipient’s information, including:

• Beneficiary name
• Beneficiary address (where their bank statement is mailed)
• Beneficiary transit/routing number or IBAN (international accounts)
• Beneficiary account number
• Amount and currency

Step 4: Provide RBC’s SWIFT code or ABA number, if required by the destination bank:

• SWIFT: ROYCCAT2
• ABA (for USD transfers): 021000021

Step 5: Review estimated fees and FX rates before confirming.
Step 6: Submit the wire, and RBC will send a confirmation once the payment is processed.

Online wires may be faster and more cost-effective than in-branch transactions, especially for recurring payments.

Sending wires in-branch

For businesses that prefer in-person service or need to send large or complex transfers, RBC wires can also be processed at a branch.

In-branch process:

1. Visit an RBC branch and speak with a representative.
2. You may need to present a valid ID and confirm your business account information.
3. Provide full recipient and account details, as listed above.
4. Review fees and currency conversion rates presented during the transaction.
5. Authorize the wire.

RBC business wire fees, limits and FX markup

RBC offers multiple ways to send money internationally through a business account, each with its own fee structure and process. Understanding the difference between Business Wire Transfers, International Money Transfers (IMT), and alternatives like Wise Business can help you save on costs if you make frequent or high-value cross-border payments.

Wire fees and limits at RBC

Wire speed, tracking and transparency

When you send a wire transfer with your RBC business account to Canada or the US, transfers usually arrive on the same day¹⁰. For other destinations, this can vary but usually takes around 1 to 2 business days⁵ for the money to arrive and depends on the destination country, currency, and how quickly the receiving bank processes the payment. RBC’s online banking allows you to check wire status, though in-transit updates are limited.

If you need to cancel or change a wire, RBC also charges a 25 CAD - 50 CAD⁵ fee, although cancellation isn’t guaranteed once you submit your wire request.

When it comes to currency exchange, RBC adds a markup to the exchange rate, meaning you’ll get a less favourable rate than the mid-market rate. While transfer fees are clearly listed, this markup isn’t as obvious and can increase your costs on larger transfers.

How Wise differs:

Providing a faster, more transparent experience for international business transfers, many Wise payments arrive within minutes to a few hours, depending on the currency route.

Wise provides full transparency by showing the real mid-market exchange rate upfront with no hidden markup, and you’ll also see all fees clearly before confirming a transfer. Wise customers can also monitor the progress of their transfers in real-time through the website or app and will receive updates on the location and estimated arrival time of their payment, keeping you well-informed throughout the entire process.

Common issues with traditional RBC wires

• Hidden FX markups: While RBC shows transfer fees upfront, the exchange rate markup is less transparent, which can increase the overall cost of sending money internationally.
• Processing delays: Transfers can sometimes take longer than the typical 1-2 business days due to factors like intermediary banks or differences in international banking systems.
• Cancellation fees: Changing or cancelling a wire may cost an additional 25–50 CAD, adding unexpected fees.
• Complex setup: Setting up international wires through RBC can involve multiple steps, which may slow down urgent transfers.

Wise – The smarter business wire alternative

• Transparent fees: Wise shows all fees upfront with no hidden charges, helping businesses budget accurately.
• Mid-market exchange rates: Transfers use the mid-market exchange rate with no markup, saving money compared to traditional banks.
• Fast transfers: Many payments arrive within minutes or hours, with most transfers completed in 1-2 business days.
• Multi-currency account: Hold, convert, and send money in over 40 currencies, all from one account.
• Easy international payments: Send money to over 160 countries with low, predictable costs.
• Convenient platform: Manage all transfers online or via mobile with user-friendly tools and real-time tracking.
• No minimum transfer limits: Suitable for businesses of all sizes, whether sending small or large amounts.
• Secure and regulated: Wise is authorized by financial regulators globally, ensuring safety and compliance.

Cost comparison – CAD $10,000 to USD

Conclusion

RBC offers reliable business wire services with a vast network and good customer support, but hidden fees, FX markups, and slower transfer times can increase costs and create unneeded (and unwanted) frustration.

While the right option for you will all depend on your business needs and priorities, Wise is a convenient alternative. With transparent pricing, mid-market exchange rates, faster transfers, and multi-currency flexibility, Wise is a strong choice for businesses seeking cost-effective, efficient international transfers—without the hassle.

Sources

1. International Business Banking - RBC Royal Bank
2. RBC Online Banking for Business
3. Pay Invoices and Bills from Vendors - RBC Royal Bank
4. Wire Transfer - RBC Royal Bank
5. Wire Payments in RBC Online Banking for business – Fees and Cut-Off Schedule
6. Additional Account Services - RBC Royal Bank
7. Business payments made easy - RBC Royal Bank
8. Wise Business Fees & Pricing: Only Pay for What You Use
9. Guide to CAD transfers | Wise Help Centre
10. RBC Express Wire Payments