Making deposits in the U.S.
For Canadians traveling to the U.S. for an extended stay, you’ll most likely need the ability to deposit funds into your U.S. checking or savings account. In today’s highly mobile environment, depositing funds is more convenient than ever. But it’s always good to be prepared when you’re coming south.
Before you travel, check with your financial institution to see if they offer these deposit options and whether there are fees.
- Online funds transfer between your Canadian and your U.S. bank accounts, with or without fees. Be sure to check how long it will take for the funds to get into your account and be available to you. There are limits to how much money you can transfer at any one time.
At RBC Bank, our online banking allows you instant and free¹ funds transfers between your RBC Royal (Canadian) and your RBC Bank (U.S.) accounts.
- ATMs (Canadians call them ABMs). You can use your U.S. debit card to deposit U.S. currency and checks drawn on U.S. banks at many ATMs. To deposit a check, you must endorse it on the back with your signature. There usually is a wait period of a number of days before funds are available. Some banks charge transaction fees to use their ATMs. You may see a screen letting you know about their surcharge. As a client of RBC Bank, you have access to thousands of no-fee² ATMs that accept deposits.
- Remote deposit³. If your U.S. bank offers remote deposit, you can use your smartphone or computer and scanner to scan images of the check and transmit them to the bank instead of sending the actual check to the bank. You first will need to download the bank’s remote deposit application and establish a personal identification number (PIN) for secure sign-in. To make a deposit, the check must be endorsed by signing your name on the back, and you must send images of both the front and the back. There may be a fee for this service.
RBC Bank offers U.S. Remote Deposit at no charge.
- Direct deposit. You can electronically deposit money into your U.S. bank account by setting up direct deposits of regularly scheduled payments that are issued to you, such as a pension or a paycheck. The organization paying you may have a direct deposit form, or the banking institution may have one.
- Wire transfers. At many financial institutions, wire transfer fees can be significant, and they can be higher for international wire transfers. Make sure you are aware of the fees specifically charged to either send or receive a wire transfer.
- Funds transfers between U.S. banks. Your bank may allow you to register accounts you own with other U.S. financial institutions so you can make online transfers. There may be a fee for this service.
- U.S. mail (U.S. Postal Service). While it is the slowest way to make a deposit, you can deposit checks (but not cash) by mailing them to your financial institution. Most U.S. financial institutions allow you to deposit only U.S. currency checks drawn on a U.S. bank.
For RBC Bank’s no-fee deposit options, click here.
1 Standard account charges may apply. Maximum transaction limits apply and are subject to change. Availability of the money will depend on the time it is sent from RBC Royal BankTM 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 the transfer.
2 Standard account fees and transaction limitations will apply.
3 Limits apply. A maximum of three deposits per day totaling no more than $3,500 in deposited items applies. You may transmit a maximum of nine deposits over any five consecutive business days totaling no more than $7,000 in deposited items. Contact us for higher limits if needed.