May 15, 2024 Travel Finance Int'l payments

4 RBC Alternatives In Canada for International Money Transfer

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Tolu osho

May 15, 2024

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The Royal Bank of Canada (RBC) like other banks, offer international money transfer services to its personal clients with checking and savings accounts.

The minimum requirements to carry out an international money transfer with RBC are:

  • A Royal Bank personal checking or savings account
  • RBC online banking or the RBC Mobile app
  • The recipient’s bank account number, IBAN or CLABE (for transfers to accounts in Mexico)
  • The BIC/SWIFT code of the recipient’s bank

The Best Alternative To RBC’s International Money Transfer

Here, we look at Royal Bank of Canada (RBC) international money transfer alternatives like TD Bank,  Scotiabank, CIBC and  Pesa - a digital Cross-border financial service provider offering a convenient way to send and receive money internationally at the best exchange rates in the market.

Pesa: Instant and Secure International Money Transfer and Payment

Pesa is a worthy alternative to RBC international money transfer services. We guarantee free, fast and secure money transfers to over 35 countries. We also offer currency exchange in more than 15 currencies at the mid-market rate. Pesa’s Multi-Currency Wallet allow you to hold, exchange currency, or transfer money to local and international vendors or recipients.

Make fee-free transfers internationally from Canada.

Other Alternatives To RBC In Canada

Scotiabank

Scotiabank international transfer services allow personal users or customers to carry out international money transfers via 3 options–wire transfer (SWIFT), Western Union, and Scotia International Money Transfer. Scotibank’s international transfer services have additional fees involved and it is advisable to get accustomed to the fine print before you make your transfer.

TD Global Transfer

TD Bank’s international money transfer feature is called TD Global Transfer. This service allows customers to send money directly into the recipient’s TD Bank account (or non-TD Bank account). They have a somewhat complex charging structure due to intermediary and additional fees.

CIBC Global Money Transfer

CIBC offers two types of international money transfer features;

  • In-house CIBC Global Money Transfer (GMT) is available in over 50 countries and is free for money transfers below C$15,000. CIBC determines the exchange rate for the transaction, hence, all the charges are buried in the markup.
  • CIBC Wire Transfers are available to users who wish to send money to a country or banking institution not available in CIBC GMT for C$30 and exchange rate markup.

Send and receive money globally with Pesa — without delay or hidden fees.

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