Frequently Asked Questions

You may be wondering...

Our dedicated team of Business Banking Advisors will provide you with personalized service and support. 


Why should my business bank with RBC Bank (U.S.)?
As a Canadian business owner with operations in the U.S., you know the key to success – having the right people, the right solutions and the right support – which is why having a trusted banking partner in the U.S. is so important. RBC Bank offers a U.S. Business Banking Package with convenient banking solutions to provide a simple and secure way to bank between the U.S. and Canada. 

The U.S. Business Banking Package helps you to effectively manage your cross-border business operations and from wherever you are. You can make deposits, withdrawals and payments, and manage payroll and merchant services in the U.S. Plus you'll reduce the need for costly wire payments, as you can automatically convert currency and instantly transfer funds for free1 between your U.S. and Canadian RBC Business Banking accounts through RBC Bank (U.S.) Online Banking.


Do I need to be a Royal Bank of Canada client to use Business Banking?
Yes, the RBC Bank Business Banking Package is offered exclusively for RBC Royal Bank business clients to support their U.S. business banking needs.

As an RBC Royal Bank client, you'll enjoy a single sign-in to online banking when you link your Canadian and U.S. Business Banking accounts through RBC Online Banking. It also gives you the freedom to set up one-time or recurring payments to U.S. vendors. You’ll also be able to view account details and transactions for up to 12 months with Online Banking and have access to eStatements for up to 24 months.

 

Is it difficult to transfer money to my Canadian RBC Royal Bank account with the U.S. Business Banking Package? How long does a transfer take?
With just a few clicks, you can convert your currency and instantly2 transfer funds between the U.S. and Canada within Online Banking. Best of all, your funds are automatically converted to U.S. dollars and show up immediately.  

 

I want to reduce expenses for my business. Is the U.S. Business Banking Package worth the cost?
One international wire transfer typically costs about $75. That fee adds up quickly when you conduct business on both sides of the border. With a low monthly fee of $150, RBC Bank’s Business Banking Package pays for itself after just two cross-border transfers. And that doesn’t even account for all of the other benefits the account offers.

 

Can I save money outside of my U.S. Business Banking Package checking account?
Your U.S. Business Banking Package comes with a Business Money Market Savings account3 (high-interest savings). By transferring excess funds from your business operating account to the Business Money Market Savings account, you’ll earn a competitive rate of interest. It’s a smart way to keep funds in U.S. dollars all while earning interest.

You can also benefit from foreign transaction fee savings when you make payments or manage payroll and merchant services in the U.S., and when you use your RBC Bank Visa ‡ Debit card to get cash and pay for U.S. purchases.

 

Is my information secure with RBC Bank (U.S.)?
Protecting your privacy and safeguarding your financial information is a cornerstone of our business and will always be one of our highest priorities. Your information is protected by multi-level security features and encryption. RBC Bank proactively monitors your RBC Bank Visa Debit card for fraud. If a card is lost or stolen, you’re insured against unauthorized transactions.

 

How do I enroll in RBC Bank (U.S.) Online Banking?
Once your account has been activated, you will receive your account number and RBC Bank Client Identification Number (CIF) by phone. Your dedicated U.S. Business Banking Advisor will help you enroll in Online Banking & Bill Pay.

 

Can my Business Banking account accept ACH payments?
If you receive regular payments, such as payments from U.S. vendors or customers, you may instruct your payers to electronically deposit the funds from these payments directly into your account. To establish direct deposits, simply request a Direct Deposit Authorization Form from your U.S. Business Banking Advisor or call 1-844-624-8251.

 

How can I deposit checks in my Business Banking account?
RBC Bank provides multiple options for you to deposit into your U.S. Business Banking account.

  • U.S. Remote Deposit4
    • Deposit checks drawn on U.S. financial institutions in U.S. dollars into your account using your smartphone or your personal computer with a scanner. With U.S. Remote Deposit, you create images of the front and back of the checks you wish to deposit, then electronically transmit them to us for deposit into your account.
  • Direct Deposit
    • If you receive regular payments, such as payments from U.S. vendors or customers, you may instruct your payers to electronically deposit the funds from these payments directly into your account.
  • Deposit by Mail
    • You will receive postage-paid envelopes you can use to mail checks you wish to deposit in your U.S. Business Banking account.
    • Simply endorse your check(s), complete a deposit slip, place both in the postage-paid envelopes and drop in the mail.

 

What fees are associated with U.S. Business Banking?
Click here to view the fees.

‡ All other trademarks are the property of their respective owners. Cards are subject to credit approval.

1 Standard account charges may apply. Maximum transaction limits may apply and are subject to change. Availability of the money will depend on the time when it is sent from RBC Royal Bank or RBC Bank. Transaction may not appear on your RBC Bank (U.S.) account transaction history until the following day but will reflect the date of transfer.

2 Availability of the money will depend on the time when it is sent from RBC Royal Bank or RBC Bank. Transaction may not appear on your RBC Bank (U.S.) account transaction history until the following day but will reflect the date of transfer.

3 Federal law requires that no more than six preauthorized or automatic transfers (including online and telephone transfers) to other accounts you have with us or to third parties may be made from the Money Market Account during any statement cycle. Excessive preauthorized transfers may result in fees being charged and/or a conversion of your account to a different account type.

4 Limits apply. A maximum of three deposits per day totalling no more than $3,500 in deposited items applies. You may transmit a maximum of nine deposits over any five consecutive business days totalling no more than $7,000 in deposited items. Contact us for higher limits if needed.