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Small Business > Foreign Exchange

Foreign Exchange Services for Business

If your company buys or sells outside of Canada, you are already participating in the foreign exchange market. In simplest terms, foreign exchange consists of trading one currency for another, such as converting to or from U.S. Dollars, Euros, or any other foreign currency in order to make or receive a payment for your business.

By using RBC Royal Bank’s foreign exchange services, your business benefits by:

  • Being able to obtain the current foreign exchange rate for a specific currency ahead of time to ensure that the required amount is paid or received, resulting in zero shortfalls for you;
  • Taking advantage of the best exchange rate as foreign exchange providers in other countries often charge much higher rates than what we charge in Canada;
  • Working with knowledgeable advisors who can help you understand the factors affecting the value of the Canadian dollar versus other world currencies, and how to manage the risk involved in currency fluctuations.
  • Having access to more than 30 foreign currencies.

Foreign Exchange Products and Instruments – Spot Transactions

A spot transaction is the exchange of one currency for another at a specified rate (spot rate) for “immediate” settlement. Immediate settlement for Canadian and US dollars is done on the same or next business day. All other currencies generally trade based on a two day settlement period.

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Bank Draft Check
Certified Cheque Check
Transfer Between Accounts Check Check Check
Letters of Credit Check Check
Wire Transfers Check Check Check
Term Deposits Check Check Check
Cash Check

U.S. Business Deposit Account

If your business performs transactions in U.S. Dollars on a regular basis, consider opening a U.S. Business Deposit Account.

Learn More


Get better foreign exchange rates for your business

For more information about how our foreign exchange solutions can benefit your business

Call 1-800-769-2520


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