About bank
Incorporated in 1869 as a regional bank, the Royal Bank of Canada has eventually grown into a diversified financial services company. In 2001, the bank launched its global master brand, RBC.
Today, RBC is one of the biggest Canadian banks and is among the largest banks in the world based on market capitalization. RBC has operations in Canada, the U.S., and 27 other countries (including 17 countries in the Caribbean) and serves 17 million clients.
Features
Royal Bank of Canada offers a wide range of financial products and services, including personal and commercial banking, investment banking, wealth management, business advisory, and so much more.
RBC provides clients with a variety of ways to bank — from a computer, a mobile device, at an ATM, or in person.
RBC offers Canadians who live, travel, shop, and work in the U.S. cross-border banking solutions. This way, Canadians can get access to US bank accounts, US credit cards, US mortgages, and US lines of credit while being in the US.
Being committed to protecting the environment and building a sustainable future, RBC offers climate-focused banking. The initiatives in this area include loans for electric vehicles, energy-saver loans, and investing opportunities aligning with a climate-focused approach.
Pros and cons
There are numerous advantages of working with the Royal Bank of Canada. Here are the main pros of RBC bank:
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A wide range of financial products and services for individuals and businesses
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Different ways to bank — web, mobile, ATM, or in-person
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Services provided in up to 200 languages
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Cross-border availability
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Lots of physical locations
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Money protection is ensured by coverage from the Canada Deposit Insurance Corporation
Still, just like any other financial institution, RBC has certain cons to be aware of:
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A limited number of countries served
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Relatively low-interest rates on savings accounts
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Certain financial products and services involve fees that can add up
Products
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Personal loans and lines of credit. With loans and lines of credit from RBC, you can find a borrowing solution to meet your needs and budget. You can use the funds to achieve any of your goals — making a major purchase, renovating your home, or getting out of debt.
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Car loans. For clients planning to buy cars & trucks, RVs, boats, or business vehicles, RBC offers convenient and flexible car loans.
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Chequing accounts. With chequing accounts from RBC, there’s no minimum balance needed — even to save on fees.
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Investment and savings accounts. Savings accounts from RBC provide opportunities to achieve your saving goals. These accounts offer competitive interest rates and involve no monthly fees or minimum balance.
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Accounts for students and youth. Starting from 13 years old, students can open a bank account and enjoy unlimited debits in Canada and other great benefits for no monthly fee. For kids up to 12 years old, there is an option to open a savings account.
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Accounts for newcomers to Canada. Newcomers to Canada can open a bank account at RBC that is right for their needs: a personal, a student, or a business account. RBC representatives can serve clients in up to 200 languages.
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Mortgages. RBC provides mortgages of the following types: fixed-rate mortgages, variable-rate mortgages, investment property mortgages, and vacation home mortgages. In addition, you can renew or refinance your mortgage.
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Credit cards. RBC offers credit cards in a range of categories — travel, rewards, cash back, low interest, student, and business. Some of the cards offer more benefits with an annual fee, while others have no annual fee at all.
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Mutual Funds, ETFs & Stocks. With RBC, you can invest in a pool of stocks, bonds, securities, and exchange-traded funds professionally managed for you. “Do-it-yourself” investors can choose from a variety of direct investment options.
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Insurance. RBC clients have access to affordable and valuable insurance solutions — in particular, creditor and travel insurance.
Services
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Financial planning. With financial planning services from RBC, clients can set a plan for the future and prepare for important life events — marriage, parenthood, or retirement.
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Wealth management. For individuals, business owners, corporations, and institutions, RBC can prepare a wealth management plan tailored to their complex needs and goals.
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Payment processing. Through payment processing services from RBC, businesses can make and receive payments, and manage cash flow with ease.
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Business advice. RBC provides clients with advisory services on starting, growing, and exiting a business.
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Direct investing. RBC clients can access the platform with all information and tools needed to invest with confidence.
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Investor and treasury services. RBC offers specialist asset servicing, custody, payments, and treasury services to financial and other institutional investors worldwide.
