A closer look at the Royal Bank of Canada's wire transfer fees

Whether it's domestic or international, wire transfers are a secure and reliable way to send large amounts of money.

RBC offers wire transfer services in multiple currencies. But with fees, exchange rate markups, and possible extra charges, the cost can add up quickly and impact how much your recipient actually receives.

In this guide, we’ll break down RBC’s wire transfer fees, including what you’ll pay to send and receive money, plus any hidden costs. We’ll also take a look at Wise, which offers the mid-market exchange rate, fees as low as 0.48%, and free payment traceability.

How much does RBC charge for sending wire transfers?

RBC’s wire transfer fees for outgoing wires start at 45.00 CAD¹ when sending from your canadian dollar account.

Fees for sending wire transfers from your RBC account

If you’re sending money to a country that requires an International Bank Account Number (IBAN) (such as those in the EU, Saudi Arabia, UAE, and others), failing to provide an IBAN may result in extra fees:

These fees can increase your transfer costs, so always provide all necessary details before sending a wire payment.

Fees for tracing completed payments

If you need to trace a completed wire transfer, RBC charges fees¹ based on the account type. These fees apply for each bank that's contacted, meaning you may need to pay additional charges on top of your wire fee if intermediary banks are involved. A 5% GST is also applied to these services.

These charges only apply if the wire transfer has already been delivered as instructed. If the payment is still in transit or has not been received, tracing is free of charge.

Fees for cancelling or modifying wire payments

If you need to cancel or amend a wire transfer after it has been sent, RBC charges a fee¹ based on the account type. These fees apply per bank that needs to be contacted, meaning there may be additional costs if intermediary banks are involved. A 5% GST is also applied to this service.

Before requesting a cancellation or modification, make sure all recipient details are correct to avoid additional costs. If the funds have already been received, reversing the transaction may not be possible.

Send secure transfers without excessive fees with Wise

If you want a cost-effective and transparent way to send money internationally, Wise provides a secure alternative to wire transfers. With low fees starting at 0.48%^*, Wise makes sure that more of your money reaches its destination.

Why choose Wise for international transfers?

• Get the mid-market exchange rate that banks use to trade in currencies at wholesale rates.
• Low and transparent fees starting from 0.48%, so you know exactly what you’ll pay.
• Real-time tracking—check the status of your transfer anytime on the Wise app or website at no extra charge.
• Free same-currency transfers—send payments to other Wise accounts in over 10 currencies without any fees.
• Security and peace of mind—biometric verification ensures only you can access your account, while 2-factor authentication adds an extra layer of security.
• Large transfer verification—Wise follows strict security protocols to verify large transactions, ensuring your money is protected and in good hands.

Use our interactive calculator to see exactly how much your transfer would cost with Wise before you hit ‘send’.”

How much does RBC charge for receiving wire transfers?

Receiving a wire transfer into your RBC account may come with fees, depending on the amount and where the payment is coming from. Transfers from other RBC Royal Bank units within Canada are free, as are incoming wire payments from other financial institutions under specific limits. If the transfer amount exceeds these limits, fees apply.

Meet Wise: Receive money from abroad without overpaying in fees

With a Wise account, you can receive money from abroad without hidden fees or unfair exchange rates. Wise provides you with local account details in over 10 currencies, including CAD, USD, EUR, and SGD, making it easy to get paid like a local—whether it’s from clients, employers, or family overseas.

It’s also free to receive same-currency payments from another Wise account with no limits. And when currency conversion is needed, Wise uses the mid-market exchange rate (the one you usually see on Google) with no added markups. This means you get more of your money, unlike banks that often include a hidden margin in their exchange rates.

The only times you pay fees² for receiving money with Wise are:

Final Thoughts on RBC Wire Transfer Fees

RBC offers wire transfers in multiple currencies, but frequent transfers can quickly become expensive—whether you’re sending, receiving, or modifying a payment.

With outgoing fees starting at $45 CAD, additional charges for missing IBANs, and costs for tracing or cancelling payments, it's important to keep track and check the total cost before making a transfer.

If you're looking for a cheaper and more transparent alternative, Wise offers international money transfers at the mid-market exchange rate, with fees starting at 0.48%. Plus, with Wise, you can receive money in multiple currencies with no hidden markups. So, before you make your next transfer, compare your options to see what works best for you.

Sources:

1. Additional Account Services - RBC Royal Bank
2. Wise Fees & Pricing: Only Pay for What You Use
   Sources verified on 21 February 2025