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As a frequent traveller to the US, you might be looking for a bank account that handles US dollars effortlessly and provides added benefits for your cross-border financial needs. That’s where the RBC US Personal Banking account comes into the picture.
The RBC US Personal Banking account is tailored for Canadians frequently handling US dollars or travelling to the US. It offers up to 6 free monthly debits, online banking, and no minimum balance.
However, it carries a $3.00 USD monthly fee and charges for debits exceeding the monthly limit. You can easily open an account through convenient methods like online, phone, or in-person at an RBC branch.
This chequing account is designed by (Royal Bank of Canada) RBC for those who frequently travel or conduct transactions in US dollars. It presents a range of features designed to simplify and streamline the management of your US currency. Let’s take a closer look.
RBC US Personal Banking Account features
Opening this chequing account offers customers numerous features, including:
- No minimum balance requirement.
- Enjoy up to 6 free debits per month, with an extra debit granted for every automated payroll deposit.
- The opportunity to save in US dollars when exchange rates are favorable.
- Access to online, mobile, and telephone banking ensures convenient account management from anywhere and at any time.
- Online banking comes with a 100% reimbursement guarantee for unauthorized transactions.
The pros of RBC US Personal Banking
Ideal for Frequent US Travelers
This account is perfect for individuals who frequently travel to the US. With a US dollar account, users can take advantage of favourable exchange rates and save their US dollars for future use. By eliminating the need for frequent currency exchange, significant savings can be achieved over the long term.
Convenient Access to Funds
The RBC US Personal Banking account allows you to access your funds through RBC Royal Bank branches in Canada and selected RBC ATMs. You can also access and manage your account online, making it easy to keep track of your finances on the go.
Robust Online Security
With RBC’s Security Guarantee, users can feel safe conducting their online transactions. This guarantee ensures you will be fully reimbursed for any unauthorized transactions made through RBC Online Banking, giving you peace of mind when handling your finances online.
The cons of RBC US Personal Banking
Monthly Fee Payable
One drawback of the RBC US Personal Banking account is the monthly fee of $3.00 USD. While this isn’t a large amount, it’s something to consider, particularly for those who may not use the account regularly.
Debits Exceeding Monthly Limit
The account provides 6 free debits per monthly cycle, with an additional debit for each automated payroll deposit. However, if the number of debits exceeds the monthly limit, there is a charge of $1.00 USD for each additional debit. For individuals with numerous transactions, these fees can add up.
Limited Availability of Cross-Border Debit
The RBC US Personal Banking account does not support cross-border debit, which might be a constraint for some users, especially those who wish to make frequent transactions across the border.
RBC US Personal Banking fees
Here’s a more detailed breakdown of the fees associated with the RBC US Personal Banking account:
- Monthly fee: $3.00 USD
- Debits exceeding the monthly limit: $1.00 USD each
- Overdraft Protection: $5.00 USD per month plus applicable interest
- Bank Drafts: $9.95 each, plus applicable Debit Transaction fee
- Personalized Cheques: Fees apply
- Safe Deposit Box: Fees apply
- Cheque Images returned with a paper statement: $2.50 USD per month
Please be aware that withdrawals of US cash can only be made at specific RBC ATMs. And services like Interac ATM withdrawals and Direct Payment purchases are not available with this account.
RBC US Personal Banking special offers
There are currently no special offers for the RBC US Personal Banking account. It is recommended to periodically check the RBC website for any upcoming promotions or special offers.
Other RBC chequing account options
RBC Bank provides a US-based banking solution for those considering extended stays in the US, allowing Canadians to handle daily financial transactions in US dollars.
This account can be particularly advantageous for individuals who reside, work, study, or frequently travel in the US. Further information about this service can be found on the RBC US Banking for Canadians website.
In addition to the RBC US Personal Banking account, RBC also offers a variety of other personal and business accounts tailored to meet different banking needs.
From high-interest savings accounts to student banking accounts and specialized accounts for seniors, RBC strives to provide a wide range of options to suit your individual needs.
How to open the RBC US Personal Banking Account
Opening this chequing account is a straightforward process. Follow these steps:
- Online Application: Visit the RBC website and navigate to the ‘US Personal Banking Account’ page. Click on the ‘Open Account Online’ button to begin the application process.
- Personal Information: You will be asked to provide some personal information, including your full name, contact information, Social Insurance Number, and employment details.
- Verification of Identity: As part of the account opening process, you may be required to provide a valid form of identification, such as a driver’s license or passport.
- Review and Submission: Carefully review all the provided information to ensure its accuracy. Once you have confirmed its correctness, proceed to submit your application.
- Account Activation: Once your application has been approved, RBC will provide you with an account number and instructions on activating your online banking.
If you prefer, you can also open an account via telephone. RBC’s phone lines are open 24/7. Alternatively, you can visit an RBC branch in person to open your account.
RBC US Personal Banking conclusion
The RBC US Personal Banking account can be an excellent banking solution for Canadians who frequently travel to the US or conduct transactions in US dollars. It offers a variety of features and benefits designed to make banking in US dollars more convenient.
Despite some minor drawbacks, its convenience, security, and efficiency advantages make it a worthwhile consideration for any frequent US traveller.
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