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Understanding the Table:
The comparison table above helps you see the total cost of your Royal Bank of Canada currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of available providers, simply enter your details and click ‘Get Rates’.
RBC, also known as the Royal Bank of Canada, is one of the largest banks in Canada and a leading financial institution globally. The bank offers a wide range of financial products and services to individuals, businesses, and institutions, including personal and commercial banking, investment and wealth management, insurance, and capital markets services.
When you get a quote for your Wire Transfer from RBC on their website or in-app, you can also see the RBC exchange rate, but it can be difficult to then calculate how much markup you are being charged.
While RBC do publish their exchange rates here - Foreign Exchange Currency Converter, they do not reveal the markup on these rates.
Our research shows that on average, RBC markup for foreign exchange rates is somewhere between 3 - 7.5%, depending on the amount you're sending, where you're sending it to and which currency will be received.
While all banks in Canada charge this markup, the extra amount being charged is much higher than it would be with a global money transfer specialist.
Sending money to the Eurozone can be an expensive business, more so if you aren’t even aware of all the hidden fees. Money transfer companies and banks profit by charging you fees and a normally hidden margin on the exchange rate.
Using your Bank to make international wire transfers to India can be especially expensive – often 5% to 10% worse than using a foreign exchange specialist to send to the Eurozone bank accounts or pay a Euro invoice.
The table below shows Royal Bank of Canada Canadian dollar (CAD) Send Money exchange rates with the percentage of margin being charged from the current market mid-rate :
| Currency route | Mid market rate | Royal Bank of Canada Send Money Rate | Cost% |
|---|---|---|---|
| CAD - AED | 2.6816 | 2.6069 | -2.8% |
| CAD - AUD | 1.1243 | 1.0912 | -2.9% |
| CAD - CHF | 0.6002 | 0.5842 | -2.7% |
| CAD - CZK | 15.88 | 15.41 | -3% |
| CAD - DKK | 4.7799 | 4.6512 | -2.7% |
| CAD - EUR | 0.6404 | 0.6209 | -3% |
| CAD - FJD | 1.6433 | 1.5908 | -3.2% |
| CAD - GBP | 0.5397 | 0.5233 | -3% |
| CAD - HKD | 5.7282 | 5.5741 | -2.7% |
| CAD - INR | 62.64 | 60.50 | -3.4% |
| CAD - JPY | 105.77 | 102.44 | -3.1% |
| CAD - MXN | 13.95 | 13.57 | -2.7% |
| CAD - NOK | 7.3845 | 7.1736 | -2.9% |
| CAD - NZD | 1.2142 | 1.1801 | -2.8% |
| CAD - PHP | 40.82 | 38.97 | -4.5% |
| CAD - SAR | 2.7383 | 2.6624 | -2.8% |
| CAD - SEK | 7.0416 | 6.8399 | -2.9% |
| CAD - SGD | 0.9403 | 0.9162 | -2.6% |
| CAD - USD | 0.7301 | 0.7139 | -2.2% |
RBC uses different bank codes depending on the currency and location of the sending bank. Here are some of the most common bank codes used for receiving foreign wire transfers:
SWIFT Code: ROYCCAT2: This code is used for receiving wire transfers in Canadian dollars (CAD) from foreign banks.
Transit Number and Institution Number: These codes are used for receiving wire transfers in Canadian dollars (CAD) from banks located within Canada.
ABA Routing Number: 021001088: This code is used for receiving wire transfers in U.S. dollars (USD) from banks located within the United States.
CHIPS UID: 0163: This code is used for receiving wire transfers in U.S. dollars (USD) from foreign banks that are members of the Clearing House Interbank Payments System (CHIPS).
Fedwire ABA Routing Number: 026004093: This code is used for receiving wire transfers in U.S. dollars (USD) from banks located outside of the United States.
It's important to note that specific bank codes may vary depending on the currency and location of the sending bank, and it's recommended to confirm the correct codes with RBC before initiating a wire transfer. Additionally, RBC may charge fees for receiving wire transfers, so it's important to check the current fees and policies before initiating a transaction.
RBC offers several credit cards with different foreign transaction fees. Here are some examples:
RBC Avion Visa Infinite Card: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
RBC Cash Back Preferred World Elite Mastercard: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
RBC Visa Platinum: This card charges a foreign transaction fee of 2.5% of each transaction in Canadian dollars.
It's important to note that credit card terms and conditions can change, so it's always a good idea to check the current fees and policies before applying for or using a credit card for foreign transactions.
If you wish to save on exchange rates and foreign ATM fees then you should consider the Wise multi-currency card.
The Royal Bank of Canada CAD to EUR exchange rate is 0.6209. This is -3% compared to the latest CAD-EUR mid-market rate 0.6404.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Canadian dollar (CAD) to Euro (EUR) rates from different sources before making a conversion.
The above Royal Bank of Canada - Loonie to Euro comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Royal Bank of Canada and other foreign exchange providers against the latest CAD-EUR mid-rate and the possible savings of using various providers.
Looking at the full comparison table the best CAD to EUR exchange rate is 0.6372 from OFX, -0.5% from the mid-market rate 0.6404. The next best rate is 0.6367 from Wise, -0.58% from the mid-rate. Then XE with 0.6366 is -0.59% from the mid-rate.
The Western Union rate is 0.634 which is -1% from the mid-rate.
Among the banks the TD Bank rate is 0.6642 at 3.7% the Scotiabank rate is 0.6169 at -3.7% and the Royal Bank of Canada rate is 0.6209 at -3% compared to the mid-rate 0.6404.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like Royal Bank of Canada often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.
View a full list of exchange rates by selecting your Base (from) currency: