• 6 Posts
  • 14 Comments
Joined 1 month ago
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Cake day: February 5th, 2025

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  • More information on my experience:

    • After opening the Canadian account over the phone, I then drove up in person to the closest branch to me and verified my identity with my passport and my drivers license. They finalized opening the account and gave me a temporary card that I used when I got back home to set up the online banking and begin the next step of opening the RBC US bank account, which I probably could have just done while I was there in hindsight.
    • I then opened an RBC US Bank account in Premium Checking. This gives me unlimited transfers cross-border at no cost that are instant vs paying $100+ in transfer fees for international wires or funding transfer apps like Wise/Revolut.
    • It took 2 business days to verify my identity for the US account; it took 1 business day for micro-deposit verification for my external US accounts to transfer money to the RBC US account. There is a cap of $9000 per day to transfer from your external US accounts to your RBC US account. There is a $25K limit per day to transfer from RBC US to RBC Canada unless you call them and they will do it for you up to $250K (man I wish I had that issue). I was informed that if time is of the essence, transferring domestic wire is fastest, though you’ll be charged $15 on their end to receive and whatever on your sending bank’s side to actually send, and that will take around 5 business days, at which point you can instantly transfer with them over the phone in full. Doing international wires costs more money and can 7-14 business days. I was advised against writing myself a check since doing so with newer accounts could have it put on hold and would take more time.