How to Transfer Money from RBC to Another Bank in Minutes

Nowadays, many people have accounts at multiple banks, where they use their separate accounts for different transactions. This is common for consumers who own small businesses and wish to keep their personal bank balance separate from their business. 

However, if you need to add money to one of your bank accounts, whether to pay an overdraft fee, pay a bill, or another similar reason, you may wonder: can I transfer money from one of my bank accounts to another in my name?

Fortunately, you can transfer funds to and from multiple bank accounts, and it only takes a few minutes to complete. If you’re an account holder at the Royal Bank of Canada, keep reading below to learn how to send money from your RBC account to another bank.

How to transfer money from RBC to another bank online

The easiest way to transfer money from your RBC account to another bank is through an INTERAC e-transfer. This method only takes a few minutes to complete and is compatible with most Canadian banking institutions. 

You can use INTERAC to send money from RBC whether the recipient is a friend or merchant or if you’re sending money to another bank account in your name. As long as the receiving bank has INTERAC set up for account holders, this is a seamless transaction option!

You can use this method on the computer and the RBC mobile app. Each method is slightly different, so let’s examine the steps below to complete an INTERAC transaction. 

Online

To send an e-transfer to another bank through RBC online, follow the steps below:

1. Log in to your RBC account and select the account you want to transfer money from. 
2. On the e-transfer form, enter the recipient’s email or mobile phone. If you’re sending funds to another bank account in your name, enter the email address attached to that account.
3. Next, enter the amount of money you want to transfer to the other bank account. 
4. If the other bank account you’re sending money to isn’t set up for auto-deposit, you’ll have to create a security question and answer for the money to deposit. If you’re sending money between two bank accounts in your name, it’s advisable to set up both accounts with auto-deposit to make the transfer quicker and easier to complete.
5. After verifying that all the information is correct, press the Send Money option.

The RBC mobile app

To transfer funds from RBC through their mobile banking app to another bank, follow the steps below:

1. On your mobile device, open up the RBC mobile banking app and tap the Move Money option in the navigation bar. 
2. Next, select INTERAC e-Transfer and select the account from which you’d like to send your funds. 
3. Enter the email address or mobile number of the recipient or the email you have attached to your alternative bank account. 
4. Enter the amount you want to transfer to the other bank account. 
5. If you or your recipient haven’t set up auto-deposit on this other bank account, create a security question and answer. If you’re sending money to a bank account in your name, setting up auto-deposit on both accounts will make transferring money much quicker!

If you want to transfer funds to your alternative bank account regularly, or you have a regular payment made to another recipient, you can select the Frequency option to create scheduled e-transfers that deposit automatically. 

Alternative ways to transfer money from RBC to another bank 

While e-transfer is the quickest method for transferring funds to another bank account, if your alternative account isn’t compatible with INTERAC, there are a few alternative methods you can use to send money.

While these methods are not as quick as e-transfer, they are still viable options for transferring money to another bank account. Keep reading below to learn how to use each method:

Wire transfer

One of the most common alternatives to e-transfer is conducting a wire transfer. Note that this method of sending money takes a few days to complete and can also cost more than an e-transfer. Using a wire transfer service like Knightsbridge FX ensures that your transfer fees are kept to a minimum. 

To complete a wire transfer via the bank, follow these steps:

1. Visit your local RBC bank location and speak to a bank teller. 
2. Request to send a wire transfer from your RBC account to your alternative bank account by providing your alternative account information to the teller, or one of our 
3. The bank teller will process the wire transfer and give you an estimate of how many days the transfer will take to show up in your alternative account.

Note that a wire transfer is not recommended for small transactions due to the cost of making a transfer and is more advisable for larger transfers.

Cheque

One of the easiest alternative methods for transferring money to another bank account is by using a physical cheque. 

Simply visit your local RBC location and purchase a chequebook. Fill out the cheque with the amount of money you wish to transfer from your account and deposit the cheque into your alternative bank account.

Other related FAQs

Transferring funds from your RBC account to an alternative bank is quite simple! However, now that you know how to transfer money from RBC to another bank online, you likely have other related questions about RBC e-transfers. 

To learn more about how to send money to an international bank account from RBC and how to set up auto-deposit on RBC, keep reading below:

Can I send money from an RBC account to an international bank account?

Sending money to an international bank account from RBC or any bank is quite simple! All you need to send the funds is an RBC chequing or savings account and the business identification code or account number for your international account. You can do this through RBC or through a money exchange service like Knightsbridge FX. 

Often, money transfers to the US through the bank can be expensive due to transfer fees. Knightsbridge FX has saved companies and individuals millions of dollars in fees. To complete a wire transfer via Knightsbridge FX, follow these steps:

1. Sign up for a  Knightsbridge FX account. 
2. Once you’ve completed this, one of our staff members will contact you at a time of your choosing and give you a quote based on how much you would like to send. 
3. Send the money via bank transfer, and we’ll handle the exchange rates for you. 

How can I set up auto-deposit e-transfer on my RBC account?

To set up auto-deposit on your RBC account, follow the below steps:

1. Sign in to RBC Online Banking and select the “Pay Bills & Transfer Funds” option
2. On the right-hand side of the screen, select the “Register for INTERAC e-Transfer Auto-deposit” option.
3. Next, type out your email address and select the account you want to set up for auto-deposit 
4. Review all the information to ensure it’s correct, and press Enter.
5. Once you fill out this information, you’ll receive a confirmation email to complete the setup.

Conclusion: How to transfer money from RBC to another bank online

If you want to transfer funds from your RBC account to an alternative bank account, you can complete a transfer in minutes by using an INTERAC e-transfer. Simply add your other bank account to your recipient’s list, choose how much money you’d like to transfer, and select the Send Money option.

If your other bank account isn’t compatible with e-transfer, you can transfer your funds by sending a wire transfer from your local RBC location or filling out a cheque and depositing it into your other bank account.

For international transfers like sending money to the US, use Knightsbridge FX. Sign up and get started today.