RBC VIP Banking

Are you interested in learning more about RBC VIP Banking? We at Responsible Economy can help you understand its features, fees, interest rates, and more. Find out how it compares to the best chequing accounts available in Canada. Let’s get started!

Features

In this section, you can see all the features offered by the RBC VIP Banking:

Fees

The RBC VIP Banking account has a monthly maintenance fee of $30. This means that you will pay $360 per year for the account. However, you can get a discount on the monthly fee if you sign up for the Value Program and set up direct deposit, bill payments, or pre-authorized payments. The discount is up to $24 per month. You can also get an annual discount of $130 if you sign up for an RBC credit card.

Here, you have a list with all fees:

DescriptionFee
Online, Mobile and Telephone BankingFREE
eStatements or Monthly Paper StatementsFREE
Cross-Border DebitsFREE
Safe Deposit BoxUp to $60/year discount on regular fees
Non-Sufficient Funds (NSF) Fee1 NSF fee rebated every calendar year
Personalized ChequesFREE, with RBC VIP Style
Bank Drafts12 FREE/year, $9.95 each thereafter
Right Account GuaranteeIf you’re not completely satisfied within the first 4 months, we’ll refund your monthly fees for up to 3 months.
RBC VIP Banking fees

Rates

The RBC VIP Banking does not earn interest on account balances.

Welcome bonus

The RBC VIP Banking does not offer a welcome bonus.

Minimum deposit

The RBC VIP Banking has no minimum balance requirement.

ATMs

One of the best features of the RBC VIP Banking account is that you can withdraw cash without fees from ATMs all over the world. You can withdraw cash without paying anything from RBC ATMs in Canada or from any other ATM.

Wire transfers

Here you have the fees on incoming transfers:

ServiceFee
Incoming wire payment from an RBC Royal Bank unit located in CanadaFree
Incoming wire payment from Another Financial Institution worldwide $50.00 CAD/U.S. and underFree
Incoming wire payment from Another Financial Institution worldwide over $50.00 CAD/U.S.$17.00 CAD or $17.00 U.S. depending on the currency of the incoming wire payment
Credit Advice for incoming wire payments$5.00by telephone/fax
$3.00 by mail
RBC VIP Banking Incoming transfers

Here you have the fees on outgoing transfers:

ServiceFee
Outgoing payment within Canada or to other countries (most currencies)Starting at $45.00
(ask us for further details)
If an International Bank Account Number (IBAN) is not provided for a wire payment going to countries that use IBANsAdd $35.00
Inquiries and Tracing: If outgoing payment is not delivered as instructedFree
Inquiries and Tracing: If outgoing payment is delivered as instructedStarting at $25.00 plus GST
(ask us for further details)
Cancellation or amendment of outgoing wire paymentsStarting at $25.00 plus GST
(ask us for further details)
Debit advice / receipt of outgoing wire paymentsBy telephone/fax: $5.00
By mail: $3.00
RBC VIP Banking Outgoing transfers

Overdraft service

Overdraft fees can be waived.

Summary table

Here you have a summary table with all features:

FeatureDetails
Monthly fee$30
Interest Rate0%
Wire Transfers0$-$45
Minimum Deposit$0
ATMs$0 worldwide
Bonus$0
Overdraft ServiceYes
RBC VIP Banking features

Comparison with the best chequing accounts

We have compared the best chequing accounts you can open in Canada with the RBC VIP Banking:

Logo BMO Canada
  • $0 monthly fee with $4,000 balance.
  • Welcome bonus up to $450.
  • Unlimmited transactions.
  • More than 2,200 ATMs in Canada
TD Bank logo Canada
  • $0 monthly fee with $5,000 balance.
  • Welcome bonus up to $450.
  • More than 2,600 ATMs in Canada.
  • Unlimmited transactions.
RBC logo
  • $5-16,95 monthly fee.
  • Welcome bonus up to $599.
  • More than 4,200 ATMs in Canada.
  • Unlimmited transactions.
National Bank of Canada Logo
  • $0 monthly fee with $6,000 balance.
  • More than 2,300 ATMs in Canada.
  • No Welcome bonus.
  • Unlimmited transactions.

Requirements

To be eligible for the RBC VIP Banking account, you must:

  • Be at least 18 years old.
    • This is to ensure that you are an adult and can make financial decisions for yourself.
  • Be a resident of Canada.
    • This is to ensure that you are subject to Canadian law and regulations.
  • Have a valid Canadian social insurance number (SIN).
    • This is a unique identifier that is used by the government to track your financial activity.
  • Meet the minimum balance requirements.
    • This is to ensure that you have enough money in your account to cover the monthly fees.
  • Not have any outstanding debts to RBC.
    • This is to ensure that you are a good credit risk.

Pros and cons

here is a table summarizing the pros and cons of the RBC VIP Banking account:

ProsCons
No monthly fee if you maintain a balance of $6,000Monthly fee of $30 if you don’t meet the balance requirement
Unlimited transactionsNo interest on account balances
Free online, mobile, and telephone bankingFees for paper statements, safe deposit boxes, and non-sufficient funds (NSF)
Free personalized chequesFees for bank drafts
6 free bank drafts per yearOutgoing wire transfer fee of $45
RBC VIP Banking account advantages and disadvantages

Here is a more detailed explanation of each of the pros and cons:

Pros

  • No monthly fee if you maintain a balance of $6,000. This is a great benefit for customers who keep a high balance in their account.
  • Unlimited transactions. This means you can make as many transactions as you want without being charged a fee.
  • Free online, mobile, and telephone banking. This is a convenient way to manage your account from anywhere.
  • Free personalized cheques. This is a nice touch that makes your account feel more personal.
  • 6 free bank drafts per year. This is a useful benefit for customers who need to make frequent bank drafts.
  • Overdraft fees can be waived. This is a helpful feature for customers who occasionally overdraw their account.

Cons

  • Monthly fee of $30 if you don’t meet the balance requirement. This is a high fee, so it’s important to make sure you can maintain the balance requirement.
  • No interest on account balances. This means you won’t earn any money on the money in your account.
  • Fees for paper statements, safe deposit boxes, and non-sufficient funds (NSF). These are additional fees that can add up over time.
  • Fees for bank drafts. This is a common fee, but it can be avoided if you use the free bank drafts that are included with the account.
  • Outgoing wire transfer fee of $45. This is a high fee, so it’s important to only use wire transfers when necessary.

Overall, the RBC VIP Banking account is a good option for customers who want a premium chequing account with no monthly fee. However, it’s important to be aware of the balance requirement and the other fees that may apply.

Conclusion and opinions

After the analysis, we believe that the RBC VIP Banking account is not a competitive chequing account because it has a monthly fee of $30 ($360 per year) that is difficult to reduce, no interest, and no welcome bonus. On the other hand, you have unlimited withdrawals at any ATM in the world and free Interac-e-transfers.

Frequent questions

Here, we answer all the questions about RBC VIP Banking account:

Other RBC products

We’ve also provided a list of all the RBC products we have analyzed:

Interesting information about RBC

We have created a table with relevant information about RBC:

InformationDescription
Websitehttps://www.rbcroyalbank.com/
Instagramhttps://www.instagram.com/rbc/
Twitterhttps://twitter.com/RBC
Facebookhttps://www.facebook.com/rbc
YouTubehttps://www.youtube.com/user/RBC
Linkedinhttps://www.linkedin.com/company/rbc/
Interesting information about RBC

To conclude, you have more related content about chequing accounts:

Actualizado el día 7 September, 2023 por Alfredo Barandiarán

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