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My Royal Bank of Canada RBC Online Banking Account Review

Updated on February 17, 2013
RBC Royal Bank Logo
RBC Royal Bank Logo | Source

RBC Intro

Royal Bank of Canada or RBC is Canada's largest public listed bank as measured by both assets and market capitalization. As of February 2011, Royal Bank of Canada has a market cap of 79.2 Billion. The RBC Bank is listed at Toronto Stock Exchange (TSX: RY) and New York Stock Exchange (NYSE: RY). Royal Bank of Canada is also known as Banque Royale du Canada in French. Royal Bank of Canada is one of North America’s leading diversified financial products and services. RBC provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. The RBC also has more than 78,000 employees who serve close to 18 million personal customers, businesses, public sectors and institutional clients through offices in Canada, the U.S. and 51 other countries (China, Hong Kong, Singapore, United Kingdom, Spain, Brazil, UAE and more). It also has the largest retail banking network in Canada with more than 1,000 branches and 3,900 ATM bank machines. RBC main online website can be accessed on


RBC Details

RBC Royal Bank was founded in 1864 at Halifax, Nova Scotia, Canada. The current headquarters are located at Toronto, Ontario, Canada and Montreal, Quebec, Canada. The RBC Bank CEO currently is Gordon Nixon. RBC Royal Bank also has a subsidiary bank operated under RBC Bank name (previously known as RBC Centura); RBC Bank has various local branches in southeastern part of USA especially in North Carolina, Georgia, Virginia, South Carolina and Florida.

The RBC is organized into 5 business segments: Canadian Banking, Wealth Management, International Banking, Capital Markets and Insurance. Canadian Banking provides services through its personal banking, business financial services, cards and payment solutions and insurance businesses. RBC Capital Markets provides corporate and investment banking, trading and sales, and research to corporate & institutional clients in North America and select global markets.

RBC Wealth Management is largely comprised of RBC Dain Rauscher, the wealth management arm of RBC in the U.S. With > C$12 billion in mutual fund assets under management. The Canadian wealth management business is the leading mutual fund provider among Canadian banks. RBC focus in wealth management is on high net worth customers. International Banking offers personal and business banking and retail brokerage services in the US, the Caribbean, and other international countries.

Merger & Acquisition

RBC recently acquired the following companies or banks:

  • BlueBay Asset Management for £963 million in 2010
  • Phillips Hager & North for C$1.32 billion in 2008
  • Alabama National BanCorporation for US$1.64 billion in 2008
  • AmSouth Bank for US$1.50 billion in 2007
  • Flag Financial Corp in 2006

Note: RBC will sell its Liberty Life Insurance Co unit for US$628 million - Pending

RBC Personal Banking

For Personal Banking products & Services, RBC offers 4 main financial products / services:

  • RBC Everyday Banking – include banking accounts, savings accounts, student banking, online banking, mobile banking and more
  • Borrowing & Credit – Credit cards, Mortgage Loans, Loans & Lines of Credit, and Home Equity Loans
  • Investment Services – RRSPs and TFSAs, Mutuals Funds, GICs, REPs, Wealth Management and other investing service
  • Insurance – RBC Auto Insurance, RBC Home Insurance, Travel Insurance, Mortgage, and Loan Insurance

RBC Online Banking

To access your RBC on line banking account, you need to sign up for the online service. You will need to supply the following for security purposes:

  • Your client card number or credit card number
  • Your account number
  • Your recent RBC Royal Bank Credit Card statement if you have credit card
  • Information on your RBC Royal Bank mortgage payment if you have mortgage account

Inside RBC Online Banking

Click thumbnail to view full-size
Account OverviewmyFinanceTrackerTransfer FundPay Bill Online
Account Overview
Account Overview | Source
myFinanceTracker | Source
Transfer Fund
Transfer Fund | Source
Pay Bill Online
Pay Bill Online | Source

RBC Online Transaction

RBC online banking is free of charge. Customer can do the following financial transaction through RBC Royal Bank website ( or RBC Bank USA website (

  • Access your account information any day and any time (i.e. 24 hours a day, 7 days a week)
  • Manage and view all your personal and business accounts in one website
  • Access multiple accounts such as checking, savings, credit card, mortgage loans and loan accounts
  • Update your personal information including address and email using online form
  • With My View Account Aggregation, customer can get access to other financial institutions or banks accounts
  • Download information to most personal accounting software programs such as Quicken, Money and more
  • Access images of your canceled checks with ease
  • Transfer funds between RBC Royal Bank or Royal Trust Canadian or U.S. dollar personal accounts
  • Set up automatic or recurring transfers using Bill Pay system
  • Create customized names for your accounts for easy identification
  • Send secure e-mails to RBC Bank customer service and web support
  • Pay bills to virtually anyone whenever and wherever using Online Bill Pay
  • Receive and pay bills electronically from participating merchants
  • Check account balances on Royal Trust accounts or RBC Royal Bank
  • View Canadian and US online banking accounts on one page
  • Use RBC International Remittance
  • Access to your investment account such as buy and sell Royal mutual fund
  • Apply for another new account such as deposit account or loan or investment account
  • Access financial calculators and tools to help you make wise financial decisions
  • Get access your accounts at RBC Dominion Securities for wealth management
  • Report any suspicious financial activities or unauthorized transaction in your RBC online banking account
  • Apply for HomeProtector insurance and LoanProtector insurance

RBC Mobile Banking

For mobile access, RBC also two ways to access your banking accounts such as smartphones app (BlackBerry and iPhones or iPad or iPod Touch) and RBC Mobile Web Banking. Customer can access mobile banking to do the following financial transactions

  • View your account balances or activity or transaction history
  • Pay bills instantly
  • Execute transfer funds between RBC accounts
  • Send Interac Email Money Transfers to friend or family member
  • Find RBC branches and ATMS for RBC Smartphone Apps user only

Banking Accounts

In Canada, Checking account is known as Banking Accounts. There are 5 main Banking Accounts

  • RBC Day to Day Banking – Free with MultiProduct rebate otherwise $4 per month, 15 free debits transaction per month, $3 per month for overdraft protection
  • RBC No Limit Banking - Free with MultiProduct rebate otherwise $10.95 per month, unlimited debits transaction is included, overdraft protection for fee
  • RBC Signature No Limit Banking - $9.95 with MultiProduct rebate otherwise $13.95 per month, unlimited debit, free overdraft protection
  • RBC VIP Banking – include premium credit card, $30.00 with MultiProduct rebate otherwise $22.50 per month, unlimited debits and free overdraft protection
  • US Personal Banking - $2 monthly fee, no free rebate for monthly fee, 6 debits transaction per month, $3 per month for overdraft fee

Online Saving Accounts

RBC offers 4 main saving accounts

  • RBC High Interest eSavings – 1.25% interest rate, free online banking
  • RBC Enhanced Savings – tiered interest rate
  • RBC Day to Day Savings - tiered interest rate
  • RBC US High Interest eSavings – 0.15% interest rate, free online banking

RBC Direct Investing

RBC Royal Bank offers various direct investing accounts.There are 6 main direct investing accounts such as Tax Free Savings Account, Investment account, retirement savings account, RESP account, Retirement income accounts and non personal account. For trader or investor, you can trade stock or ETF from as low as $6.95 - $9.95 per trade.

To qualify, for this low trade commissions, such as

  • $6.95 per trade – execute 150+ trades per quarter
  • $9.99 per trade – has $50,000 of combined account balance or execute 30-149 trades per quarter

Otherwise, it is $28.95 per trade (up to 1,000 shares)

RBC Mutual Funds

RBC also offers various mutual funds products. The funds were grouped as follow

  • Money Market Fund: 5 different funds include RBC Canadian Money Market Fund, RBC Premium Money Market Fund, etc
  • Fixed Income Funds: 10 funds include RBC Bond Fund, RBC Global Bond fund, RBC Emerging Markets Bond Fund, etc
  • Managed Payout Solutions: 3 funds include RBC Managed Payout Solution, etc
  • Balanced Funds and Portfolio Solutions: 18 funds include RBC Select Balanced Portfolio, RBC Balanced Growth Fund, RBC Target 2015 Education Fund, etc
  • Canadian Equity Funds: 7 funds include RBC Canadian Equity Income Fund, RBC Canadian Index Fund
  • North American Equity Funds: 3 funds include RBC North American Dividend Fund, etc
  • US Equity Funds: 10 mutual funds include RBC US Equity Fund, RBC US Index Fund and more
  • International Equity Funds: 6 funds include RBC European Equity Fund, RBC Asian Equity Fund, etc
  • Global Equity Funds: 9 mutual funds include RBC Global Energy Fund, RBC Global Dividend Growth Fund, etc

RBC Credit Cards

RBC has several different type of Credit Cards which offer rewards, travel point, low rate, no annual fee credit cards. The most popular cards are

  • RBC Visa Cash Back Credit Card – earn 5% cash back on grocery purchases, 1% for other purchase
  • RBC Visa Infinite Avion Card – 15,000 welcome points for new applicant, 1 RBC Rewards point per $1 spent on purchases, earn 25% more RBC Rewards points when you use the card to pay for travel
  • WestJet RBC World MasterCard – earn $100 WestJet dollars after first purchase, 1.5% in WestJet dollars on everyday purchases, 2% in WestJet Dollars when use to purchase WestJet flights or vacation packages
  • RBC Rewards Visa Gold – No annual fee, free additional cards, earn 1 RBC Rewards point for every $2 in purchases

The goods & bads

Pros of RBC Royal Bank:

  • Online website looks great and offers many great features such as RBC International Remittance
  • Offers mobile banking access
  • It provides convenient local branches and lots of ATM machines
  • Online banking is very user friendly
  • Provide access to other banks' accounts
  • Big bank with variety of great products
  • Access to US bank through RBC bank
  • Offer practice account for direct investing

Cons of RBC Royal:

  • No true free Banking Account
  • Fees on some financial services
  • Interest rate is low on savings
  • Lack personable customer service due to big bank
  • Direct investing fee is rather high for small investor

Other Customer’s Complaints

  • Phone customer service doesn't provide adequate information to solve issue on investment account
  • Customer can’t access to online banking
  • Issue with mortgage loans

Final Thoughts

Royal Bank of Canada offers variety of financial products such as Credit card, Saving, Banking account, mutual funds, insurance, and investment for its customer. Although, there is no true free Banking account, the account fee is reasonable for casual customer. Most of the account also offers an overdraft protection for a fee or free.

For long term investor, RBC also offers various types of mutual funds such as US Index fund or Canadian Index Fund and many more. The RBC Royal Bank offers RBC Direct Investing for its customer. The RBC Direct Investing can provide additional tools for customer to invest in stocks, ETFs or mutual funds. There are more than 50 different mutual funds offered by RBC Royal Bank. If you need a credit card, there are also various types of credit cards such as a no annual fee credit card or rewards credit card.

RBC could be your “one stop shop” bank for your financial needs.


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    • chan0512 profile imageAUTHOR


      5 years ago from Camarillo, CA

      Call customer service for support.

    • profile image


      5 years ago

      AAAARG!! i have trieed over an hour to pay bills, which I set up years ago when I opened the account

    • profile image


      6 years ago

      I think this is a great app transfer funds it awesome !!!!!

    • chan0512 profile imageAUTHOR


      6 years ago from Camarillo, CA

      Mike, Stewart,

      Sorry to hear your issue. Did you select the country selection when you first enter the website? If you have, it should always refer to the regional website such as Canada or USA.

      Or you can bookmark this link to make life easier.

    • profile image

      Stewart Miller 

      6 years ago

      signing into my bank accounts has become a pain.... im automatically referred to the USA Site every time i sign in. Why are you not looking after your Canadian Clients?

    • profile image

      mike Jackson 

      7 years ago

      signing into royal bank canada online is now all but imposible how about looking after your Canadian client who live in canada and pay all the bills everything nearly on the net refers to RBC us.

    • profile image

      robert spencer kerton 

      7 years ago

      i need to look at my bank account

    • profile image


      7 years ago

      If you live offshore why dont you open an RBC offshore account? Eg in the channel islands?

    • chan0512 profile imageAUTHOR


      7 years ago from Camarillo, CA


      Thanks for your kind words. I'll do review of Canadian Banks in future. I plan to do details review of all banks in the world. I learn a lot of stuff by doing this research and review. More to come.

      I agree if you live offshore ... depending on your location, I think HSBC may be one of the good choice for banking or some local banks may do as well.

    • siliconpalms profile image


      7 years ago from Sao Paulo

      Another great article! As a Canadian, this time I'm a little surprised that you'd review a Canadian Bank, since you're an American but never-the-less you've written a more complimentary review of RBC than I've ever read. Makes me feel like opening an account there - although I won't, since I live offshore. Keep up the great work!


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