Solutions for Pre-Retirees
Thinking about retiring to the U.S or simply spending more time in the States? RBC Bank makes managing your finances on both sides of the border a breeze. Currency exchange is our specialty — and in one simple step you can automatically exchange and instantly transfer1 your money across the border at great rates by linking your U.S. and Canadian RBC accounts.
Our recommendation for you is Direct Checking + Visa‡ Signature Black Credit card.
√ Free and instant2 cross-border money transfers
√ No-fee cash withdrawals3 from thousands of ATMs
√ Avoid daily exchange rate fluctuations – checking account and credit card transactions are in U.S. dollars
√ No annual fee4 plus extensive travel insurance with your U.S credit card
√ Online Banking and Bill Pay with access to your U.S. and Canadian accounts through a single sign-in
√ Ability to earn RBC Rewards points on your credit card purchases. Pool your points with friends/family or transfer them to your Canadian RBC Rewards account5
We also recommend...
√ A U.S. mortgage6. Your retirement dream may include purchasing a home in the U.S. – but why wait until you’re retired to purchase that home? Real estate prices in the U.S. are generally less expensive compared to Canada and interest rates are low. Buy now and you’ll have a permanent home to stay at when you vacation in the U.S., plus you can rent it out and easily cover mortgage payments, U.S. taxes and homeowners association fees -- while building equity in your U.S. home.
Despite the low Canadian dollar (CAD), by financing your U.S. home you can avoid the one-time cost of currency exchange, and with RBC Bank, you have the option to pay off your mortgage with no penalty if the CAD improves. RBC Bank specializes in mortgage lending for Canadians and never charges a foreign national premium fee, which can add up to 3% on your mortgage rate. Learn more about our mortgage lending Canadians.
√ Saving for a down payment on a U.S. home or have excess U.S. dollars? Make them work harder with a Preferred Money Market high-interest savings account7. Earn more interest and have access to your money when you need it.
‡ All other trademarks are the property of their respective owners. Cards are subject to credit approval.
All loans and lines of credit are subject to approval.
1 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 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.
3 Standard account fees and transaction limitations will apply.
4 Additional credit card transaction fees will apply as follows: Balance Transfers - Either $10 or 3% of the amount of each transfer, whichever is greater (after the end of the introductory period, the maximum fee is $99). The Balance Transfer fee has no maximum during the introductory period (first 6 monthly billing cycles); thereafter, this fee will be a maximum of $99 per Balance Transfer. Cash Advances - Either $5 or 3.5% of the amount of each Cash Advance, whichever is greater. Foreign Transaction Fee - 1.5% of the U.S. Dollar amount of foreign transaction regardless of whether the transaction is made in U.S. Dollars or in a foreign currency (Exception: Puerto Rico and U.S. Virgin Islands). Late Payment Fee- up to $35. Returned Payment Fee - up to $35.
5 When transferring points, points are converted at a 2 to 1 ratio from RBC Bank to Royal Bank of Canada – meaning for every 2 RBC Rewards points transferred from your RBC Bank account, you will receive 1 RBC Rewards point from Royal Bank of Canada. Once points are transferred, points will be guided by the Terms and Conditions of the RBC Rewards Program at Royal Bank of Canada. For complete terms, conditions and restrictions that apply to the RBC Rewards program, please visit www.rbcbankrewards.com or call 1-888-257-6837.
6 Mortgages are subject to approval, including verification of acceptable income, credit worthiness and property valuations. Minimum and maximum property values and maximum loan-to-value ratios apply. Homeowner’s insurance is required for all loans and lines of credit, and flood insurance is required if the property is located in a Special Flood Hazard area. Escrows may be required. There are closing costs associated with these products.
7 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.