In this article, let's understand how to send an international wire payment on your RBC business account. Existing support articles on the RBC website can be unclear and lack a sense of direction. This guide aims to fill that gap, providing clear, concise instructions for managing wire transfers globally from your RBC business account.
RBC business banking allows you to send international and domestic wires directly from your account.
Navigate to Business Accounts > Pay Bills and Transfer Funds > Wire Payments to set up wire payments for vendors globally.
Wire fees: This is where most banks profit significantly, and RBC is no exception. Expect hefty wire fees for global transactions, and here are a few details:
On average, Canadian businesses spend $35 per transfer in wire fees for international transactions. These unnecessary costs cut into a company's profits.
Finofo is a stronger alternative to banks, eliminating wire fees entirely. Traditional wire transfers impose a double burden: they’re slow, taking 2-3 days, and both sender and receiver face fees just to move money from point A to point B.
With Finofo, you can completely eliminate wire fees. You can send and receive money seamlessly from unique bank accounts in more than 50 countries.