Private Banking

Private Banking
 
At RBC Private Banking our main priority is you and your family. By bringing all of our people under one roof you will benefit from a unique personalized service which is hassle-free and saves you time and money. You will also have a qualified and experienced expert manage your financial affairs.

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Our Private Banking philosophy revolves around our personal relationships with each of our clients. We take time getting to know you, your family and your goals.

Then, using our exclusive financial planning process, we’ll complete a multi-step analysis of your liquidity, debt and risk management, investments and estate plan. Next, we distil this understanding of you and your family into a wealth plan that addresses your needs today and helps you create the path to a better future.

Finally, we engage internal and external experts to bring every aspect of your plan to life.

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As a Private Banking client your Private Banker will be the first in line to deliver your Private Banking experience. Your Private Banker is supported by a dedicated Private Banking Associate and a credit solutions team. Collectively, their purpose is to help you achieve your goals while assisting you with the ongoing management of your finances.

Our Private Banking team works individually with each client, drawing upon the full resources of RBC to create sophisticated banking and tailored credit solutions, for individuals and families who are dealing with multiple income streams and often require complex solutions.

Our Client Profile

Private Banking clients are typically business owners, wealthy families, executives or professionals with USD$1,000,000 or more in investable assets or business volume (including mortgages) and/or family income of at least USD$300,000 per annum.

Each client receives ongoing, tailored Private Banking solutions, created by a dedicated team and encompassing a minimum monthly fee.

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As a Private Banking client you will experience the highest level of care, which includes:

  • Personalized service at our Private Banking Centre
  • A dedicated relationship manager – your Private Banker – who acts as your advocate throughout all areas of RBC and accepts your instructions by telephone, fax or email and setting-up of permanent instructions
  • Credit facilities designed specifically for the high net worth client, such as customized structuring of credit facilities and higher limits on RBC personal and business credit cards. Your credit vehicles may include:
    • Line of Credit facility
    • RBC Rewards Visa Platinum for Private Banking with no annual membership fee
    • Customized structuring of credit facilities with preferential pricing
    • Financial solutions for complex credit needs
    • Leveraging debt to increase net worth
    • Flexible long/short term lending solutions
    • Financing on second homes, construction or investor properties
    • Letters of credit
  • Private Banking Day to Day Banking Account PLUS a combination of any three of the following accounts for one flat monthly fee:
    • Day to Day Savings
    • RBC Enhanced Savings
    • RBC VIP Banking
  • In addition to the four (4) accounts comprising the basic Private Banking package, each dependent child within your household under the age of 18 and/or each full time student under the age of 25 is entitled to a free RBC Leo’s Young Savers Account or Student Banking Account, as part of your Private Banking package.
  • Specially designed Private Banking personalized cheques & debit card
  • Customized daily limits at Automated Teller Machines (ATM) and Point-of- Sale (POS) terminals
  • Free rental of a small safe deposit box or equivalent discount on a larger safe deposit box
  • International access to ATMs and POS through RBC Royal Bank Visa Debit
  • No service charges on:
    • Standing orders
    • Certificate of account balance / certificate of interest paid
    • Additional bank statements
    • Local and foreign currency drafts
    • Renewal/replacement of debit card

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We understand that keeping track of “the big picture” can be challenging when you’re busy leading an active life. That’s why the RBC Private Banking model provides you with a dedicated Private Banker, who is also an accredited financial advisor, supported by a dedicated Private Banking Associate and a Credit Specialist, to do it for you.

Each member of your team understands your complete financial picture and works closely with you to achieve your goals.

Combined Excellence

The unique advantage of having both a Private Banker and a Credit Specialist working close together is that you can be put on the fast track to responsive high-end credit vehicles.

Their combined expertise can help you to leverage credit to grow wealth, create personal equity in your company, acquire or diversify investment holdings, purchase real estate, provide financial assistance for family members or consolidate your existing lending. 

Comprehensive Approach

While remaining your primary point of contact, your Private Banker is also able to draw upon the extended support of a diverse group of RBC professionals.

Instead of having to deal with multiple service providers, should you require the specialized services of an investment specialist or a commerical banker, that person will be included as part of your financial team.

Commitment to meet all of your high net worth needs

At RBC we take great pride in knowing that we’ve served generations of families. Our goal is to be your partner through all the stages of your financial life, and to create the vision you see for yourself, your family and your future.

We know you have choices when it comes to your financial partners and we will work to continually earn your business.

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If you prefer to take a more active role in your investments, your Private Banker will work with you and partner with financial management experts and investment advisors to match your needs and the discretionary investment management you require.

You will have an unparalleled selection of investments to choose from – everything from government bonds, corporate bonds, international equities, mutual funds and derivatives. 

Your Private Banker will help you choose which investments are right for your individual situation based upon your needs and preferences. Always keeping a watchful eye on your overall wealth management strategy, your Private Banker can captain a tailor-made team of specialists to meet your needs.

To keep things simple and personal, your Private Banker can remain your key point of contact for all of your RBC relationships. 

The Private Banking Team provides:

  • Investment Management
  • Credit Strategies
  • Financial Literacy
  • Banking & Cash Management
  • Credit Capability
  • Other Services

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Owning a home in Caribbean makes excellent sense.  The Caribbean islands offer natural beauty, superb weather, world-class services, international accessibility and more.  You can choose the vacation home that suits you best from an attractive range of quality single-family residences, oceanfront estates, luxurious condominiums and elegant townhomes. 

Owning a piece of paradise will allow you to enjoy an outstanding island lifestyle and benefit from solid investment and tremendous potential for growth. 

RBC has the experts that can help make your dream purchase a reality and will guide you through the five easy steps to owning a piece of paradise:

  1. Find a local qualified Real Estate Agent to discuss the type of property you would like to own
  2. Identify a reputable local attorney to discuss costs and legal regulations
  3. Find an attorney in your country to review important legal and tax implications
  4. Contact a local insurance company/agent to learn more about the cost of insurance coverage for your new Caribbean home
  5. A local property manager to ensure that your home is properly maintained

RBC has been providing banking services in the Caribbean for more than 100 years and has helped hundreds of non-residents finance their vacation homes in the region.  You can get financing for up to 65% of the purchase amount and up to 15 years amortization.  RBC’s team of dedicated mortgage specialists will guide you through the entire mortgage process while ensuring your needs are met.

  
Requirements:
  • Current personal statement of affairs and if a company, we require audited financial statements for the last three years from a reputable Chartered Accounting Firm.
  • Satisfactory bank references of minimum of 3 years (2 minimum-originals) from banks acceptable to RBC Royal Bank. Total Debt Servicing Ratio is not to exceed 40%.
  • In some countries approval from the respective Central Bank &/or the Foreign Investment board may be required.
  • Proof of Income to service the debt (i.e. Employment Letters / Income tax return for the last two years).
  • Standard documentation for account maintenance at RBC Royal Bank, Credit Report, Sales Agreement, and Property Appraisal. Two forms of Government Issued ID for each Applicant
Collateral Security:
  • Registered First Charge over property. Stamped for full amount of the mortgage.
  • Title searched by lawyer approved by RBC Royal Bank
  • Property insurance coverage – all risks
  • Life insurance (May be Mandatory in some jurisdictions and Optional in others)
  • Co-signature/guarantee of spouse if applicable
  • In some countries Central Bank / Investment Board Approval may be required