Customers of RBC receive international money transfers in two ways. The sender can deposit the cash in the recipient’s account or send it to another international bank branch. Ensure you communicate with the payer to choose the easiest way to receive the money.
For the sender to directly deposit the cash to your account, they must know your bank name, SWIFT BIC, and account number. Once the transfer is complete, money will get sent directly to your RBC account. Canadians who want to receive money without bank accounts need proof of identity to withdraw money from an international bank branch.
Although sending and receiving money through international transfers seems impossible, it’s a simple process. However, it is not as cheap as local transactions, so you must know all the hidden charges. Check out this quick guide on how to receive an international money transfer.
Having your money deposited to your RBC account is the easiest way to complete the transfer. The sender will ask for your bank’s name, SWIFT BIC, and account number to send the money to your account.
Ensure you give the correct details to fasten the process. Remember, you won’t receive the cash if there is a small mistake or omission of your account number. Once the sender keys in your details and sends the money, it will reflect in your account after a given period.
Don't Waste Money With Banks.
Get Exchange Rates Up to 2% Better With KnightsbridgeFX
You can also receive international money transfers without an account, or if you don’t want to disclose your account details, through the nearest international bank branch. You will give the sender an address of an international bank close to you.
The money sent will be released to the international bank you chose. You will then show them proof of identity, like a government-issued ID, to receive the cash. However, you must first confirm if the method of receiving money is available before asking the sender to use it.
As an RBC recipient, you will not pay cash to receive an international money transfer. But if an intermediary is involved, they could charge you a fee. So, ensure you check the terms of service for other parties involved to avoid inconveniences.
However, you will pay a fee of $17.00 for receiving amounts over CAD 50. In addition, other charges get imposed if some payment details are missing. For example, failure to provide an International Bank Account Number where required will cost you a $35.00 penalty.
Also, beware of foreign exchange fees. If you transact in different currencies, RBC charges a two percent higher exchange rate than the market rates. That is because of the high operating expenses the banks incur. These rates are even higher for the rarely traded currencies in the foreign exchange market.
You can save more on currency exchange charges by exchanging your currency at Knightsbridge FX. The exchange process is smooth and quick, and the exchange fees are more affordable than banks and currency exchange agencies.
Sometimes the bank will not tell you about all the charges they impose on international transfers, so you must research. For example, senders pay $25 for canceling already sent international transfers.
Failure to specify the International Bank Account Number (IBAN) will cost you a penalty fee of $35. That applies to transactions sent to countries that require an IBAN. In addition, if you want to trace a correctly done transaction, you will incur an extra $25. However, tracing a transfer that had issues is free.
If you can’t make a direct transfer to the receiver’s account, you’ll pay a fee of $10-$100. It is called a correspondent bank fee and is mainly stated in the terms and conditions, making it hard for RBC customers to see.
Your funds will be available for withdrawal after 1-5 business days. The duration depends on the method of transfer or fraud prevention processes by the bank. Other reasons affecting the speed of international transfers are;
If you send money past your bank’s operating time, it will take longer to get deposited into your account. For example, transfers get done after 3 pm in banks that close at three o’clock and get completed the following day.
Therefore, if you send money past 3 pm, the records will show that the funds were received the following day, meaning the processing could complete a day after. In this case, it could take two days for the money to be available for withdrawal.
Most banks do not work during the weekends, and they close during public and bank holidays. Therefore, transactions during those times will be completed when the banks open after the weekends and holidays.
International transfers from the US will take longer to reach further away countries depending on the difference in time zones. How fast the bank completes transactions determines how long you will wait to receive your money.
Some banks have fast systems, while others are slow or have long verification processes. In some countries with slow-to-pay designations, the recipients take up to three weeks to access the money in their accounts.
Sometimes international transfers may delay because of missing or incorrect details like bank account numbers or routing numbers. You can prevent delays by preparing to receive the transfer in these ways.
The sender will request information like your bank account number or routing number. Missing a digit or giving out the incorrect account number could delay the transfer or have it canceled.
If you are unsure about your account number, confirm it with the bank. You can also ask your bank for ways to make international wire transfers smoother and faster.
Knowing the expected delivery time allows you to prepare to receive the international transfer in various ways. For example, some transfers take minutes to arrive, while others could take five days. If there’s a delay, follow up with the bank and find out if any additional information is required.
Most banks will not tell the receiver if they need to pay fees, which can delay money transfers. The costs include foreign currency conversion fees if you transact different currencies. You can research the bank’s fees before the transaction and learn more about other additional fees.
Banks ask for identification documents to be sure that the account owner is withdrawing it. So, ensure you have the identification documents ready. These could be your Government issued Identification Card, License, and other recognizable identification documents.
Other information required to receive money from abroad is the name and address of your bank, phone number, full name, and address. In addition, you can contact your bank for advice on what to carry when withdrawing cash.
Customers with RBC receive international money transfer faster and through a straightforward process. You can ask the sender to deposit the money directly into your account or send it to an international bank branch. However, you will require identity documents like a government-issued Identification Card to withdraw money from the international bank.
We are built to beat bank exchange rates and save you money
KnightsbridgeFx is registered with FINTRAC, under the MSB registration number M09819788. Like most financial institutions, we are required to validate the identity of all clients. We have strict measures in place to protect your privacy.
Our Offices
Main office (Appointment only)
First Canadian Place
100 King Street West
Suite 5700 Toronto, ON,
M5X 1C7
(416) 479-0834
Toll-Free: 1-877-355-5239
Fax: 1-877-355-5239
All rights reserved. Knightsbridge Foreign Exchange
Currency Exchange Canada.
