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Royal Bank of Canada

How to send an international wire payment in my RBC business account?

This article provides a clear guide on how to send wire payments to global suppliers/vendors using your RBC business account.

In this article, let's understand how to send an international wire payment on your RBC business account. Existing support articles on the RBC website can be unclear and lack a sense of direction. This guide aims to fill that gap, providing clear, concise instructions for managing wire transfers globally from your RBC business account.

RBC business banking allows you to send international and domestic wires directly from your account.

How to Access Wire Payments:

Navigate to Business Accounts > Pay Bills and Transfer Funds > Wire Payments to set up wire payments for vendors globally.

Setting Up an International Wire Transfer:

  • Stage 1: Select the recipient's country and enter their bank information, including account number and branch details.
  • Stage 2: Enter the SWIFT BIC or bank name and city details. Note that some of this information might not be readily available. Choose how the payment will be delivered to the recipient's account.

  • Stage 3: Verify the recipient's information and confirm the payment, including the amount and any associated fees.

Wire fees: This is where most banks profit significantly, and RBC is no exception. Expect hefty wire fees for global transactions, and here are a few details:

Can you eliminate Wire fees with Finofo?

On average, Canadian businesses spend $35 per transfer in wire fees for international transactions. These unnecessary costs cut into a company's profits.

Finofo is a stronger alternative to banks, eliminating wire fees entirely. Traditional wire transfers impose a double burden: they’re slow, taking 2-3 days, and both sender and receiver face fees just to move money from point A to point B.

With Finofo, you can completely eliminate wire fees. You can send and receive money seamlessly from unique bank accounts in more than 50 countries.