Want to send money from your RBC account in Canada to a Wells Fargo account in the U.S.? It's a common need, whether you're supporting family, paying for services, or managing cross-border finances. While it might seem daunting at first, navigating international money transfers between these two major banks is quite manageable once you understand the process.
This comprehensive guide will walk you through every step of transferring funds from RBC to Wells Fargo, ensuring you have all the information you need for a smooth and successful transaction.
The Essentials: What You'll Need Before You Start
Before you even log into your RBC account, it's crucial to gather the necessary details for the recipient's Wells Fargo account. Missing even one piece of information can cause significant delays or even a returned transfer, incurring additional fees. So, let's make sure you're fully prepared.
Step 1: Gather All Recipient Information for Wells Fargo
This is the most critical first step. Don't proceed until you have these details from the Wells Fargo account holder.
- Full Recipient Name and Address: This should match exactly as it appears on their Wells Fargo account statements.
- Wells Fargo Bank Name and Address: The full legal name of the bank (Wells Fargo Bank, N.A.) and the complete address of the branch where the account is held.
- Wells Fargo Account Number: The complete account number of the recipient.
- Wells Fargo SWIFT/BIC Code: For international wire transfers, this is essential. The SWIFT/BIC code for Wells Fargo is WFBIUS6S.
- Wells Fargo ABA/Routing Number (for USD transfers): While the SWIFT/BIC is for international routing, if the transfer is being sent in USD within the US system, the ABA/Routing number may also be requested. The Wells Fargo ABA/Routing Number is 121000248.
- Purpose of Payment: Some banks require you to state the reason for the transfer (e.g., family support, gift, payment for services). Have a clear and concise reason ready.
Pro-Tip: Ask the recipient to provide you with their bank's official wire transfer instructions. This eliminates any guesswork and ensures you have the most accurate and up-to-date information.
Navigating the Transfer: Step-by-Step Guide
Now that you have all the necessary information, let's break down the process of initiating the transfer from your RBC account.
Step 2: Choose Your RBC Transfer Method
RBC offers a few ways to send international money transfers. Your choice will depend on your preferences, the amount you're sending, and how quickly you need the money to arrive.
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Sub-heading: RBC Online Banking (Recommended for most users) This is often the most convenient and cost-effective method for sending international wire transfers.
- Log in to RBC Online Banking: Go to the RBC Royal Bank website and sign in with your credentials.
- Navigate to International Money Transfer: Look for a section like "Payments & Transfers" or "Send Money to Others," and then select "International Money Transfer."
- Select Recipient (or Add New): If you've sent money to this recipient before, you might find their details saved. Otherwise, you'll need to "Add New Recipient."
- Enter Recipient Details: Carefully input all the Wells Fargo recipient information you gathered in Step 1. Double-check everything: full name, address, account number, SWIFT/BIC, and ABA/Routing number.
- Specify Amount and Currency: Enter the amount you wish to send and select the currency (USD).
- Review and Confirm: Before submitting, thoroughly review all the transfer details. Ensure the amount, recipient information, and currency are correct.
- Confirm with Security Measures: RBC may require additional security verification, such as a one-time passcode sent to your phone.
- Submit the Transfer: Once confirmed, submit your transfer. You'll usually receive a confirmation number.
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Sub-heading: RBC Mobile App The RBC Mobile App offers a streamlined experience for initiating international transfers, especially if you've already registered the recipient through online banking.
- Open and Sign in to the RBC Mobile App:
- Go to "Send Money" or "Move Money": (Android users will see "Send Money," iOS users "Move Money").
- Select "International Money Transfer":
- Choose the Recipient: As mentioned, the recipient must have been pre-registered through RBC Online Banking for transfers via the app.
- Follow On-Screen Instructions: The app will guide you through entering the amount, currency, and confirming the transfer, similar to online banking.
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Sub-heading: In-Branch Wire Transfer If you prefer in-person assistance, or if you're sending a very large sum that exceeds online limits, you can initiate a wire transfer at an RBC branch.
- Visit Your Nearest RBC Branch:
- Inform the Teller: State that you wish to send an international wire transfer to a Wells Fargo account in the U.S.
- Provide All Recipient Information: Hand over all the details you gathered in Step 1 to the teller.
- Fill Out Wire Transfer Form: The teller will likely provide a form for you to fill out with the transfer details.
- Pay Fees: You'll pay the wire transfer fee at this time.
- Receive Confirmation: Get a confirmation receipt with a tracking number.
Step 3: Understand Fees and Exchange Rates
This is where the costs of your transfer come into play. It's essential to be aware of all potential charges.
- RBC Outgoing Wire Transfer Fees:
- For international wire transfers from RBC, the fee is typically $75 CAD.
- However, if you have an RBC Bank (U.S.) account, transfers between your RBC Royal Bank (Canadian) and RBC Bank (U.S.) accounts can be free and instant (up to $25,000 USD at a time). This is a highly recommended option if you frequently move money between Canada and the U.S.
- Wells Fargo Incoming Wire Transfer Fees:
- For consumer and non-analyzed business accounts, Wells Fargo generally charges no fee to receive a wire.
- For analyzed business accounts, there is typically a $15 USD fee to receive an incoming wire.
- Exchange Rates:
- When you transfer money from CAD to USD, RBC will apply its own exchange rate. This rate includes a markup and may not be the mid-market rate you see on currency converters. This markup is how banks make money on currency conversions.
- Always check the exchange rate offered by RBC before confirming your transfer. Compare it to online sources if you want to get a sense of the market rate, but remember banks will always have a spread.
- Intermediary Bank Fees:
- For international wire transfers, there might be one or more intermediary banks involved in routing the funds. These banks can also charge their own fees, which are typically deducted from the transferred amount, meaning the recipient might receive slightly less than you sent. These fees can range from $10 to $100.
Step 4: Monitor and Confirm the Transfer
Once you've sent the money, it's good practice to keep an eye on its progress.
- Processing Time:
- International wire transfers from RBC to Wells Fargo typically take 1 to 5 business days to complete. Some sources suggest transfers can be as quick as 1-2 days, while others indicate 3-5 business days. Factors like time zones, banking holidays, and intermediary banks can affect the exact timing.
- Tracking Your Transfer:
- If you initiated the wire transfer online or through the app, you may be able to track its status within your RBC Online Banking or Mobile App.
- For in-branch transfers, use the confirmation number provided by the teller to inquire about the status if needed.
- Recipient Confirmation:
- Once the expected processing time has passed, confirm with the Wells Fargo recipient that they have received the funds in their account.
Important Considerations and Alternatives
While wire transfers are a common method, it's good to be aware of other options and key details.
- Cross-Border Banking with RBC Bank (USA): If you frequently transfer money between Canada and the U.S., opening an RBC Bank (USA) account (their U.S. subsidiary) can be incredibly beneficial. This allows for free and instant transfers between your Canadian RBC account and your U.S. RBC Bank account, effectively bypassing international wire transfer fees and delays. This is a very popular solution for Canadians with U.S. financial needs.
- Daily Limits: RBC typically has daily limits for international money transfers. For first-time transfers, this might be around $2,500 CAD, which can be increased to $10,000 CAD after a special authorization process. For general international money transfers, RBC states you can send up to $50,000 CAD per day. Be sure to check your specific limits.
- Alternative Services: For potentially lower fees or better exchange rates, especially for smaller amounts, consider specialized money transfer services like Wise (formerly TransferWise), Xe, or Remitly. These services often offer more competitive exchange rates and transparent fees compared to traditional banks. However, they may not be suitable for very large transfers, and the recipient would still need a Wells Fargo account to receive the funds.
10 Related FAQ Questions
Here are some frequently asked questions about transferring money from RBC to Wells Fargo, with quick answers:
1. How to get the Wells Fargo SWIFT/BIC code? The Wells Fargo SWIFT/BIC code for international wire transfers is WFBIUS6S.
2. How to find the Wells Fargo ABA/Routing Number? The Wells Fargo ABA/Routing Number is 121000248. This is primarily for domestic U.S. transfers but may be requested for USD international wires.
3. How to check RBC's international transfer fees? RBC's international wire transfer fee is typically $75 CAD. However, transfers to an RBC Bank (U.S.) account are free.
4. How to confirm Wells Fargo's incoming wire transfer fees? Wells Fargo charges no fee for incoming wires to consumer and non-analyzed business accounts. Analyzed business accounts have a $15 USD fee.
5. How to track a wire transfer from RBC to Wells Fargo? You can usually track the status of your transfer through RBC Online Banking or the Mobile App. For in-branch wires, use your confirmation number to inquire with RBC customer service.
6. How to get a better exchange rate for CAD to USD transfers? Consider using specialized money transfer services like Wise or Xe, as they often offer more competitive exchange rates with lower markups than traditional banks. Alternatively, opening an RBC Bank (U.S.) account allows for free and instant transfers with RBC's preferred rates.
7. How to increase my RBC international transfer limit? RBC may have a lower limit for first-time international transfers (e.g., $2,500). You can usually increase this limit to $10,000 or up to $50,000 CAD per day through a special authorization process with the bank, often by contacting them directly.
8. How to avoid intermediary bank fees for international transfers? Intermediary bank fees are often unavoidable for traditional international wire transfers. Using RBC's cross-border banking solution (transferring to an RBC Bank U.S. account) is the best way to bypass these fees entirely.
9. How to ensure the recipient receives the full amount sent? To ensure the recipient receives the exact amount, you might need to "pay all fees" upfront if that option is available. Otherwise, be aware that intermediary banks might deduct their charges from the principal amount.
10. How to open an RBC Bank (U.S.) account for easier transfers? Canadians can open an RBC Bank (U.S.) account by visiting an RBC Royal Bank branch in Canada or by contacting RBC Cross-Border Banking services. This allows for seamless and often free transfers between your Canadian and U.S. RBC accounts.
