With the Canadian Loonie weak against the U.S. Greenback, you may be wondering what you can do to offset the costs of foreign exchange. Here we cover a number of ways to help you make the most of your Canadian dollars.

Make use of free, convenient and instant cross-border transfers1

In one simple step you can automatically exchange and instantly transfer your money across the border by linking your U.S. and Canadian RBC accounts. You’ll not only save money by avoiding wire fees, but also get access to some of RBC’s best exchange rates.

Estimate how much money you’ll need for your time in the U.S.

Then, transfer it at one time to your RBC Bank U.S. checking or savings5 account. You’ll get a better rate when you transfer everything you need at once versus converting smaller amounts on multiple occasions. Plus, you’ll know your exchange rate up front and be ready to enjoy your time in the U.S. rather than trying keeping track of the fluctuating dollar.

Choose Premium Checking and receive one of RBC’s best exchange rates 

An RBC Bank Premium Checking account comes with one of RBC Royal Bank’s best currency exchange rates, saving you money with every cross-border transfer. With a Premium Checking account, you can also convert and transfer money for free1 directly from Canada to the U.S., earn interest on your balances, and make an unlimited number of transactions each month.

Avoid fees with an RBC Bank Visa‡ Credit card

With an RBC Bank Visa Credit card, you’ll avoid foreign transaction fees when you use it to pay for U.S. purchases. Not only will you save up to 2.5% when you leave your Canadian credit card in your wallet, you’ll pay no annual fee20, saving you even more.

Save on travel insurance

When you book travel with your RBC Bank credit card, you’re automatically protected with valuable insurance9 coverage at no extra charge—including travel accident, trip cancellation or interruption insurance, lost luggage reimbursement and more. Understand what you’re covered for and save on essential protection.

Put your rewards points to good use

When you use your RBC Bank Credit card, you’ll earn valuable RBC Rewards points on every dollar you spend. Use them to help pay your credit card bill or redeem them for travel, merchandise, gift cards and more.

Finance your U.S. dream home

There are many benefits to financing a U.S. property instead of renting when you are south of the border. U.S. properties are still generally less expensive than properties in Canada and financing a U.S. property is a cost-effective alternative to paying cash, lessening the one-time impact of foreign exchange.

And as the only national mortgage8 lender dedicated to helping Canadians purchase property in all 50 states, RBC Bank can help you stretch your dollars further:

  • We never charge a foreign national premium, saving you 1 to 3% on your mortgage rate
  • We’ll use your Canadian credit history and your full RBC relationship to help you secure your loan
  • You can repay your mortgage at any time with no pre-payment penalties
  • Your dedicated Cross-Border Mortgage Team will expertly guide you through the differences between the U.S. and Canada

Already own a home in the U.S.? Take advantage of the increased value in your U.S. home by refinancing8 

Take advantage of all the benefits that come with financing and unlock the equity in your home by refinancing your property. Use extra funds to cover your living costs while in the U.S., to fund your goals, or cover expenses in Canada

Learn more about refinancing your U.S. home with RBC Bank

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