How Do I Transfer Money from RBC to Another Bank?

One of the first questions RBC customers ask is, “how do I transfer money from RBC to another bank?” knowing how to transfer money between accounts makes it possible to pay for things. It is even better when you can transfer money to another person without needing to visit the bank. 

Transferring money from your RBC account to another bank account is easy and quick. If the recipient is an RBC customer, open the Mobile Banking App and check the Account Summary page. Tap on Quick Payments and Transfers. You can then select More Payment Options. If the recipient has a bank account elsewhere, you can transfer funds to them using Interac e-transfer. 

How Do I Transfer Money From My RBC Account to Another Bank?

You can transfer money from your RBC account to another bank account quickly and safely using Interac e-transfer. Interac e-transfer is an online money transfer method that allows Canadian citizens to send and receive money. 

To send and receive money through Interac e-transfers, you first need to set up a business bank account with a Canadian Financial institution. The money transfer method allows Canadians to send money across bank accounts, meaning you can transfer cash from your RBC account to another bank account under another financial institution. 

You need the recipient’s email address and telephone number to transfer money to them. You will also need to set a security question that the recipient must answer correctly to access the money. This easy-to-follow guide will help you to transfer funds using Interac. 

1. Open your Mobile Banking App and sign in. 
2. Check for Interac e-transfer and tap on it. Your App will open the Send Money page.
3. If your recipient’s contact is saved in the App, keenly select their contact. You can also add a new recipient if you send money to a new person. However, your recipient should have mobile banking with a Canadian financial institution. 
4. Enter the amount of money to send and the RBC account you are drawing money from. 
5. Set a hard-to-guess question together with the answer. However, you should send the answer using a safer communication mode, like a text message or a call. 
6. Once you select “Next,” the App will ask you to review the details and send them. For example, if you are using Online Banking, tap on “send money.” On the Mobile Banking App, you should select “yes.”

You can register for Interac e-transfer Auto-deposits for funds to be deposited automatically to your account. Auto-deposits also help to reduce fraud because you don’t require a security question to access the money. 

If you got the recipient’s details wrongly, you could stop an e-transfer payment before the contact accepts it. Most banks charge a fee to cancel the payment, but RBC does not levy any cancellation fee on its clients. 

To cancel an e-transfer, sign in to the mobile Banking app and check the transfer status. You can only successfully cancel transfers labeled “Sent.” Select “stop this Interac e-transfer” on the App and then “Next.” Review the selected transfer and confirm the stop payment. 

Transferring Money Between RBC Accounts

Now that you can answer the question “how do I transfer money from RBC to another bank,” it is also essential to know how to transfer money between RBC accounts. So again, it would be best to have the recipient’s name, account number, and branch number. 

On your RBC Online Banking App,

1. Select Quick Payments and Transfers from the right side of the App
2. Tap on “From Account”
3. Select the RBC customer you want to send money to
4. Enter the amount and click submit

Sending money to other RBC customers from the RBC Mobile App is different. On the App;

1. Select the menu at the bottom of the page and tap on Move Money
2. Tap on Send to an RBC Client
3. Choose the account to send from, and the recipient
4. If you don’t have saved recipients, click on Add and enter their information
5. Select Continue, Review the details and send. 

Sending Interac e-transfer costs between $1-$1.50. However, transacting using the money transfer method is free for RBC personal Chequing accounts. If you transfer money from a personal savings account, you will pay $1.00. RBC customers sending money using Interac e-transfer pay $1.50 per transfer. 

Besides the money transfer costs, other costs you could incur when transacting are foreign exchange fees if you send a different currency. However, you can exchange your currency at Knightsbridge FX to avoid heft exchange fees. 

You won’t incur transfer fees at Knightsbridge, and we also offer the best exchange rates in Canada. Besides, the transfer process is straightforward, and you won’t pay extra hidden costs. 

Is Transferring Money from RBC To Another Bank Safe?

Transferring money from your RBC account to another bank is fast and safe. However, there has been an increase in bank transfer scams, mainly because the process is done online. Cybercriminals impersonate businesses and institutions and ask for money from individuals. You can keep yourself safe from cybercriminals using these tips;

• Check the Emails Sent to You

If you get an email notification that you received the money in your account, scrutinize them to check its credibility before accepting the e-transfer. Beware of scammers that impersonate businesses and individuals, and don’t assume emails from unknown people. 

Check for spelling mistakes, including the interchanging of letters in the emails. You should also check if there are typos in the domain names and unusual domain extensions. Avoid clicking on links provided in the emails. If you are unsure about an email, contact your bank. 

• Contact the Organization

If you suspect a transaction could be for a company-targeted fraud, call the organization and ask if it’s legitimate. Use the office’s phone number to ensure you don’t talk to fraudsters. Contacting the company is essential if a stranger asks about your bank account details. 

• Avoid Opening Attachments

Besides links, fraudsters send their target attachments with unknown extensions. Avoid opening these as they could be targeted toward fetching your bank information and passwords. 

• Avoid Using Public Internet

Only transact using cellular data or your home’s Wi-Fi. Do not log into your Mobile Banking using public Wi-Fi, as cybercriminals can easily steal your data. Ensure you use your devices to access your bank accounts, not office desktops.

• Don’t Give Out Your Details

It is essential to know that bank officials don’t ask customers for personal information like passwords, so be careful not to give such information. Some criminals pretend to be bank officials or officials from the government and ask about your financial information.

Do not give out your bank account details to strangers, either. Fraudsters can use your personal information to steal money from your account, and banks don’t compensate for such theft. 

• Beware of Fake Charities

Scammers take advantage of people’s goodwill to request money for fake charities. Before contributing anything, check all the details to ensure the charity exists. 

Summary

How do I transfer money from RBC to another bank? You can transfer cash from RBC to another bank using an Interac e-transfer. Once you open your Mobile Banking app, tap on Interac e-transfer and select send money. You should correctly enter the recipient’s details and the account to send money. Set a security question and tap “send” to finish.