TLDR
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Manual payment and reconciliation processes may lead to errors and delays, limit cash visibility and introduce risks to the organization and client experience.
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Connected financial systems can automate more of the payment journey, strengthen controls and give finance teams more timely, useful information.
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Offering multiple ways to pay and building scalable payment infrastructure each help businesses better serve customers and suppliers as their needs evolve.
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Modernization starts with understanding where processes are consuming time, where payment information is stalled and where cash is being held up – and engaging your banking partner early to help determine what comes next.
In our Treasury Management series, RBC speaks with Canadian businesses and the finance specialists who advise them about how money moves through a modernized operation – and what leaders are learning about managing cash flow, risk and payments.
Canada’s payment landscape is evolving quickly. But behind the scenes, even large, sophisticated companies still rely on manual processes. Spreadsheets, data entry and matching payments and invoices by hand remain part of the work of moving and reconciling money.
The challenge is that manual processes come with trade-offs. They can increase the potential for errors, slow reconciliation and make it harder to get a timely view of cash – challenges that become more pronounced as a business grows and payment volumes increase. They can also create organizational risk when critical processes depend on the knowledge of a few people and affect the client experience when incoming payments can’t be identified or applied quickly.
For finance teams, the cost is also measured in time. When people are downloading information from banking portals, moving data between systems and manually matching payments to invoices, they’re effectively doing work that connected systems can do for them.
The opportunity behind streamlined payments and collections is meaningful on several levels. By connecting financial systems and automating more of the payment journey, businesses can reduce the time spent determining who paid what, while gaining faster access to information, stronger controls and a clearer view of their cash.
The cost of staying manual: Five risks for businesses
Manual processes can work well enough for a long time. But as a business grows, so does the volume of information moving through its finance function – more payments, more suppliers, more customers and often more systems. Processes that previously felt manageable can gradually become a source of friction and risk.
While the specific challenges vary by business, Graham Sullivan, Senior Director of Client Integration and Transaction Banking at RBC, says several themes come up consistently.
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More opportunity for error
Every manual step creates another opportunity for something to go wrong.
“For accounting teams, it can mean more errors when journal entries are recorded and more time spent correcting and re-entering them,” says Sullivan. And as transaction volumes grow, so does the amount of processing work required – and the potential for errors along the way.
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Timeliness and delays
Manual processes can also create a lag between when something happens and when the finance team knows about it. Information may need to be downloaded from a banking portal, transferred into another system and reconciled before it can be used.
If a customer pays several invoices in one lump sum without enough information attached to identify them, for instance, the payment may sit as unapplied cash while someone works out where it belongs. Until that happens, the business has a less complete picture of what has been collected and what remains outstanding.
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Organizational risk
Disconnected systems can create different versions of the financial picture across a business. Accounting may have one spreadsheet, procurement another and accounts payable another still. “For a treasurer to really get a holistic picture of the organization, they need to go out and reach into each of those sheets and try and pull that information together,” Sullivan says.
Beyond the time involved, this fragmentation can make it harder for different functions to work from the same up-to-date information.
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Key-person risk
Manual processes can become closely tied to the people who built and manage them. Over time, employees develop workarounds, spreadsheets and routines that may not be fully documented elsewhere.
“Often, manual processes are nuanced and built through experience, trial and error,” says Sullivan. “So, if someone were to leave the organization or even go on vacation, it can cause a disconnect in the function.”
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Client experience
Internal payment friction doesn’t always stay internal. When an incoming payment can’t be identified or applied promptly, a customer who has already paid could receive an unnecessary follow-up or collections notice.
Together, these risks can affect how quickly a business understands its financial position, how reliably it can act on that information and how easily its processes can scale – while consuming valuable finance capacity.
What drives payment modernization
For some businesses, the need to modernize becomes obvious as transaction volumes grow and manual work becomes difficult to sustain. For others, the catalyst is a broader change in the business, such as an expansion, system upgrade, or a shift in how customers and suppliers want to pay and be paid.
The business has outgrown its processes
A process that works for hundreds of transactions may not work nearly as well for thousands. As a company adds customers, suppliers, locations or markets, payment volume and complexity can increase quickly – without necessarily adding the finance capacity to manage them.
Customers and suppliers expect more flexibility
Suppliers may have specific requirements around payment methods and timing, while customers increasingly expect convenient ways to pay. Sullivan recommends giving customers and suppliers as much choice as practical, while building the infrastructure to manage those choices efficiently.
“Typically, we recommend offering as many payment methods or payment rails as possible to give clients the best experience and then building a robust system that can help treasury and payment teams make smart decisions based on the nature of the payment.”
A technology change creates an opportunity
Modernization doesn’t always start with payments. A company may be moving systems to the cloud, replacing an Enterprise Resource Planning (ERP) system, or undertaking a wider digital transformation. Rather than rebuilding the same manual processes around a new system, this creates an opportunity to ask: What could we connect or automate while we’re making the change?
The business wants greater control
Efficiency isn’t the only reason to integrate. Greater connectivity can also give businesses more control over how payments are initiated, approved and processed – particularly when they work with multiple financial institutions with different portals and approval processes.
“Having a fully integrated system gives you much more granular control over your internal systems,” Sullivan says. “It allows you to apply much more scrutiny to the payment process and the approval process.”
What changes when your financial systems connect?
In a manual environment, people often act as the connection between systems. They download information from one place, upload it somewhere else, enter data and bring together information from different sources.
Connecting those systems changes this flow. Information can move directly between a company’s financial systems and its bank, reducing the number of manual steps required to initiate payments, receive information and reconcile transactions.
An application programming interface (API) is one way to make that connection. In simple terms, an API allows two systems to communicate and exchange information in a standardized way. “Instead of having to go into a web portal, log in, download information, copy it and put it into another system, the API allows you to operate within your own controlled system,” explains Sullivan.
The same principle applies when a company connects its ERP system – its broader system of record for financial and operational information – or a treasury management system (TMS) -which focuses on managing treasury activities – with its banking partners.
Once those connections are in place, businesses can automate more of the payment journey:
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Initiate: Payment instructions can flow from the company’s systems to its bank without employees manually re-entering or uploading information.
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Control: Authorization rules can be built into the process, helping ensure payments receive the appropriate approvals before release.
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Inform: More information can travel with a payment, helping businesses and their customers or suppliers understand what the transaction relates to.
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Reconcile: Incoming payments can be matched against invoices and recorded more quickly, reducing the manual work required to determine who paid what.
What can a connected finance team do differently?
When routine processes are automated and information moves more freely between systems, teams spend less time gathering, entering and reconciling information – and more time using it. The impacts are different depending on the role.
Treasury: See the big picture sooner
Instead of reaching into separate systems and spreadsheets to assemble a picture of the organization, a treasurer can access a more consolidated, current view of cash and payments. This visibility helps support decisions about how much cash the business needs to hold, where excess cash could be put to work and when financing may be required.
To learn more about how greater visibility into cash can support liquidity decisions, read
How Canadian Business Can Optimize Liquidity and Working Capital for Strategic Advantage.
Accounting: Spend less time correcting and re-entering
When information flows directly between systems, controllers and accounting teams may spend less time manually making journal entries, identifying mistakes, backing them out and entering them again. Sullivan describes the benefits simply as “much faster processing” with fewer manual errors – giving accounting teams more capacity for analysis, reporting and other higher-value work.
Accounts payable: Make payments with greater control
For accounts payable, connectivity can simplify how payments are created and processed. An integrated file format can also allow multiple payment types to flow through one standardized connection rather than requiring a separate build or process for each. That can make it easier to add payment capabilities as business requirements change.
For businesses operating internationally, those efficiencies can become increasingly valuable as the number of currencies, markets and payment requirements grow.
To learn more about managing the cost and complexity of payments across currencies, read Closing the Gap on FX Exposure: Best Practices for Your Finance Team.
Accounts receivable: Turn payments into usable information sooner
Receiving a payment is only part of the job. The finance team also needs to know who sent it, what it is for and which invoices should be applied against it.
When richer information travels with a payment and reconciliation is more automated, accounts receivable (AR) teams can identify and apply cash faster. The result is less unapplied cash and a more accurate view of what has been collected and what remains outstanding.
AR teams are then freed up to focus on work that may have been pushed aside by reconciliation, such as invoice issuance and collections.
Across each of these functions, there is a common thread: finance professionals spend less time acting as the link between disconnected systems and more time working with the information these systems provide – helping the business make faster, better-informed decisions about its cash.
Building a payment system that can scale
Modernizing payments can solve the challenges a business faces today. But the right infrastructure can also make it easier to accommodate what comes next, whether that means higher transaction volumes, new payment methods, additional banking relationships, or expansion into new markets.
One connection can support multiple payment types
With an integrated approach, businesses can consolidate different payment types through a standardized file rather than building a bespoke process for each one, making it easier to offer payment choice to clients without adding the same level of complexity behind each method.
Richer data makes payments more useful
The information that travels with a payment can be just as valuable as the payment itself.
ISO 20022, a global financial messaging standard, enables richer, more structured information to accompany payments. Details such as invoice and remittance information also make it easier for businesses to identify transactions and automate reconciliation.
For accounts receivable, better information can help turn incoming funds into usable, reconciled cash sooner. For the broader organization, this provides better data on how money is moving through the business.
Prepare for faster ways to move money
Canada’s payment infrastructure is evolving, too. Real-Time Rail (RTR) is being introduced as a new payment system that will enable Canadian-dollar payments to move between participating financial institutions in real time, with immediate confirmation and richer payment information.
For businesses, the opportunity goes beyond speed. Real-time payments have the potential to provide greater visibility into payment status and new ways to manage transactions and cash flow.
To learn more about what Real-Time Rail could mean for Canadian businesses.
The Food Dudes: Modernizing payments as the business evolved
When Eric Choy joined The Food Dudes’ finance team in 2018, paying suppliers was largely a manual process. The Toronto-based hospitality company would receive invoices, batch them and write between 100 and 200 cheques each month.
“That was our industry,” says Choy, now CFO of The Food Dudes. “Very manual, with a lot of room for error – and about 10 per cent of those cheques would get lost in the mail.”
The pandemic accelerated a shift that was already underway. Signing cheques in an office became impractical, while suppliers began adopting their own electronic payment processes. Some wanted direct deposit, others pre-authorized payments, wires or e-Transfers.
Electronic payments also gave the company greater control over timing. One meat supplier, for example, required payment by a specific day – a payment initiated on a Friday that didn’t arrive until Monday wasn’t sufficient. Electronic payments gave the finance team greater ability to manage that timing.
On the receivables side, however, moving money electronically solved only part of the problem. A wedding or large event may be paid for by several family members, with payments arriving separately – and in different forms. If a large deposit arrives without identifying information, the finance team could spend hours determining which client and invoices it belongs to.
“We need the reporting to tell us who paid as part of a particular amount – the name, the company name, the invoice number, anything that can help,” Choy says. “Anyone can take an electronic payment. It’s the reporting tools that let us identify where the money came from.”
That information is particularly important for a company with highly seasonal revenue. Major events can create significant gaps between when expenses are incurred and revenue is received. When The Food Dudes work the Honda Indy, for example, roughly half of the company’s costs may be paid in June, the event takes place in July and payment arrives weeks later.
Understanding those cycles – and having visibility into the company’s cash position – allows The Food Dudes and its RBC team to plan around them. RBC has previously arranged a temporary increase to the company’s operating line tied to the Honda Indy commitment, helping bridge the working capital gap. For Choy, the combination of flexible payment capabilities, useful reporting and timely financial information is what makes modernization valuable. It helps the business understand where their money is coming from, where it is going and what it means for the operation.
How can a business get started?
The benefits of payment modernization may be clear, but getting there can take time. Businesses may be working with legacy systems, inconsistent data, limited IT capacity and processes that have evolved over the years. Rather than trying to transform everything at once, businesses can start by understanding the current environment and preparing the foundations for change.
Five ways to prepare for payment modernization
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Map the current process
Identify how payments and information move today, including manual hand-offs, delays and workarounds.
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Prioritize the pain points
Look for the areas consuming the most time, creating the greatest operational risk or limiting access to timely information.
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Get your data ready
Integration depends on clean, consistent data. Review payment and beneficiary information early and identify what needs to be standardized or remediated. Data cleanup can be a significant part of implementation, particularly for businesses with large vendor files.
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Assess your internal resources
Determine whether your team has the technical capacity and institutional knowledge required – and where outside support may be needed.
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Engage your bank early
Bring your banking partner into the design process to understand what is possible, identify constraints and align technical requirements before implementation begins.
Map before you modernize
“Before you start looking at solutions, take the time to map how payments work across your business today. Look at where your people are spending the most time, where information gets stuck and where manual processes are creating risk. Then bring your banking partner into the conversation early. The better you understand the problem you’re trying to solve, the better you can design a solution around what your business needs.”
— Graham Sullivan, Senior Director of Client Integration and Transaction Banking, RBC
How RBC can help
Modernizing payments typically brings together treasury, finance, technology and banking teams, making early alignment especially important.
“A lot of the time, you don’t know what you don’t know,” Sullivan says. “If you’ve never worked with sophisticated connectivity between a bank and an ERP system, you may not know what’s possible. That’s why we encourage clients to engage with us early in the design phase. We can help with best practices, data management, key constraints and milestones – and work with their technical teams to understand what’s possible on both sides.”
For larger implementations, RBC can also provide a single integration contact to coordinate technical work across the different teams involved. Working through requirements and system compatibility early helps surface issues before they become implementation roadblocks.
A better way to move money
Payment modernization can involve complex technology, multiple systems and many teams. But Sullivan offers a useful way to keep the objective in perspective.
“At the end of the day, it’s just money going out and money coming in,” he says. “But there’s a lot of nuance in the ways we can do it – and the ways we can support our clients.”
When payments move with the right information, controls and connectivity around them, the benefits extend well beyond the transaction itself. Finance teams can spend less time managing the mechanics of moving money and more time putting that money and information to work for the business.
Managing Fluctuating Cash Flow?
Whatever creates the gaps in your cash flow – whether it’s seasonality, project cycles, or payment terms – RBC Treasury Specialists can help you see your cash position clearly, align how you pay and get paid with your suppliers and clients, and put financing in place before the gap opens.
Talk to your RBC Relationship Manager
Visit the Payment and Cash Management Solutions page for payment tools and solutions.
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You will continue to benefit from the rebate on your annual fee: i) until you close your Eligible Student Bank Account, or ii) until the Expected Graduation Year you have provided for your Eligible Student Bank Account, whichever comes first. Thereafter, you will no longer receive the rebate on the annual fee. If, for some reason, the Expected Graduation Year you have provided at the opening of your Eligible Student Bank Account differs from the one you have indicated on your credit card application form, the Expected Graduation Year you have provided at the opening of your Eligible Student Bank Account will prevail and be used for determining the expiry of this offer.
Additional cardholders (co-applicants and authorized users) are not eligible for this offer. Only one credit card annual fee rebate per Eligible Student Bank Account is allowed. This means that if this is a jointly held Eligible Student Bank Account, and each co-owner is also the primary cardholder of an Eligible Student Credit Card, only the Primary Owner of the Eligible Student Bank Account will be entitled to the credit card annual fee rebate.
As a sole or joint owner of an RBC Signature No Limit Banking (SNL) account and the primary RBC ION+ Visa cardholder, the $4 monthly fee ($48 annually) of your RBC ION+ Visa card will be fully rebated, every month, as long as your eligible credit card remains in good standing and you remain an SNL account owner. Additional cardholders (co-applicants and authorized users) do not qualify for the annual fee rebate, even if they are also owners of an SNL account. Only one credit card annual fee rebate per SNL account is allowed. Other conditions and restrictions apply. Royal Bank of Canada reserves the right to withdraw this offer at any time, even after acceptance by you.
Subject to credit approval. As a sole or joint owner of an RBC VIP Banking (VIP) account and the primary cardholder of one of the eligible credit cards listed below, the annual fee of that eligible credit card will be fully or partially rebated (as indicated below), every year, as long as your credit card remains in good standing and you remain a VIP account owner. Additional cardholders’ annual fee is also fully or partially rebated (as indicated below), every year, as long as your eligible credit card remains in good standing and you remain a VIP account owner. Only one credit card annual fee rebate per VIP account is allowed, which means that if you own a joint VIP account and each co-owner is also the primary cardholder of an eligible credit card, only the primary owner of the VIP account will be entitled to the credit card annual fee rebate. Other conditions and restrictions apply. Rebates that apply to eligible credit cards are: (i) partial rebate of $120 for the primary cardholder and $50 for the co-applicant on the annual fee of an RBC Avion Visa Infinite Privilege card, and (ii) annual fee fully rebated for the primary cardholder and the additional cardholders (co-applicant and authorized users) on any of the following cards: RBC Avion Visa Infinite, RBC Avion Visa Platinum, RBC Rewards Visa Preferred, RBC U.S. Dollar Visa Gold, RBC British Airways Visa Infinite, RBC Cathay Pacific Visa Platinum, RBC Cash Back Preferred World Elite Mastercard and WestJet RBC World Elite Mastercard.
RBC VIP Banking account comes with a choice of up to two additional Canadian dollar deposit accounts, to be selected among the RBC Day to Day Banking, RBC Enhanced Savings and RBC Day to Day Savings accounts, and one additional U.S dollar deposit account, limited to the U.S. Personal Account, with the monthly fees waived. Note: Due to system limitations all accounts must be opened by the client in the same geographic location or region to be recognized for this bundling feature. If you have questions, please speak to your branch.
Open an eligible business deposit account for your first business in Canada and receive a $50 bonus which will be credited to your new business deposit account within 90 days. Eligible business deposit accounts include: RBC Digital Choice Business account package, RBC Flex Choice Business account package and RBC Ultimate Choice account package. This offer is only available to Small Businesses registered in Canada by newcomers who have been in Canada for 5 years or less. This offer cannot be combined with any other offer. The account must remain open for at least 6 months from the date it was opened. If the account is closed within 6 months, Royal Bank of Canada reserves the right to recover the full cash credit. RBC can amend or withdraw this offer at any time without notice.
Must be enrolled in RBC Online Banking or the RBC Mobile app and have either a Canadian RBC Royal Bank chequing or savings account. Some restrictions may apply. Cannot send funds from a US dollar account, or the RBC High Interest eSavings account.
RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc. RBC Canada, Avion Rewards and RBC eGift are operated by Royal Bank of Canada. RBC Online Banking and Telephone Banking are provided by Royal Bank of Canada. Standard message and data charges apply. Transaction fees may apply for bill payments or fund transfers made through Online Banking and are separate from access fees.
Apple, Apple Pay, iPhone, iPad and MacBook Pro are trademarks of Apple Inc., registered in the US and other countries. Apple Pay and Touch ID are trademarks of Apple Inc. All other trademarks are the property of their respective owner(s). View the full list of Terms and Conditions for use of RBC Royal Bank credit cards and/or debit cards with Apple Pay.
For sole proprietorship registration, “$89 back” offer, and for incorporation, “$300 back” offer are each inclusive of any applicable taxes (“Offer”). Offer available when you register or incorporate with Ownr and apply and get approved for a new RBC business deposit account associated with the business registered or incorporated with Ownr (“BDA”) within 60 days (“Application Criteria”). Royal Bank of Canada (not Ownr or RBC Ventures Inc.) will in its discretion make approval decisions for all BDA applications. Once you complete the Application Criteria, you must log back into your Ownr account and click ‘Refund Me’. You will receive the Offer as a credit in your BDA within 7-10 business days of clicking ‘Refund Me’. To qualify for this Offer your BDA must remain open for a period of 1 year from the date it is opened but there is no minimum balance that must be maintained in your BDA. If you received this Offer then change or close your BDA within 1 year of the date it was opened, we reserve the right to debit from your BDA an amount equal to the value of this Offer (inclusive of applicable taxes), even if this places the BDA into overdraft. Offer may be revised or withdrawn at any time without notice.
Request Money is a feature of the Interac e-Transfer service. RBC business deposit accounts will incur an Interac e-Transfer fee of $1.50 for each funds request sent. Recipients of the request may have payment limits at their Financial Institutions.
ATM use outside Canada
Each account cash withdrawal at an ATM outside Canada displaying the PLUS System symbol and any fees that may be imposed by any third party for using the ATM are converted to Canadian dollars at an exchange rate that is 2.5% above the benchmark rate set by the payment card company when the transaction is posted. Exchange rates fluctuate and, as such, the rate applied will usually differ from the posted exchange rate at the time of the transaction.
ATMs – 3 withdrawals from other bank ATMs refunded per Monthly Cycle
ATM operator surcharge (also called a convenience fee) may apply. It is charged by a third party and added directly to the amount of your cash withdrawal. Totals are not cumulative, and if not used, may not be carried over into the next Monthly Cycle
ATM – Unlimited banking transactions including Interac and PLUS System network fees waived
ATM operator surcharge (also called a convenience fee) may be charged by other ATM operators. The convenience fee is not a Royal Bank fee and is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account they hold.
Autodeposit is a feature of the Interac e-Transfer service. There are no additional fees to register or receive funds via Autodeposit. Standard fees and charges, such as Regular account deposit fees, apply.
RBC will refund the Interac network access fee for RBC Signature No Limit Banking account holders, up to a maximum of 3 refunds per Monthly Cycle, if used. RBC will refund the Interac network access fee for RBC VIP Banking account holders, if used. ATM operator surcharge (also called convenience fee) charged by other ATM operators may apply. The convenience fee is not an RBC fee. It is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account they hold.
The interest rate is an annual interest rate and a simple interest calculation. Interest is calculated daily on the closing credit balance. Deposit interest is paid monthly to the account on the second business day of the following calendar month, backdated to the previous business day. Interest rate is subject to change at any time without notice. https://www.rbcroyalbank.com/rates/persacct.html
You will earn i) $2.00 back for every $100.00 (2% Cash Back Credit) in Grocery Store Purchases you make up to a maximum of $6,000 per Annual Period; ii) $1.00 back for every $100.00 (1% Cash Back Credit) in Grocery Store Purchases you make in excess of $6,000 during an Annual Period, unlimited; iii) $0.50 back for every $100.00 (0.5% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), other than Grocery Store Purchases, up to a maximum of $6,000 per Annual Period, and iv) $1.00 back for every $100.00 (1% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), other than Grocery Store Purchases, in excess of $6,000 during an Annual Period, unlimited. Grocery Store Purchases are purchases made at merchants classified by Mastercard’s “Merchant Category Code” as “grocery stores and supermarkets” (MCC 5411). Royal Bank of Canada (“Royal Bank”) cannot guarantee that any merchant, operating in whole or in part as a grocery store, is classified by MCC 5411 and in no event will Royal Bank be liable or responsible for any claims with respect to a grocery store purchase made at a merchant that is not classified by MCC 5411. To consult the list of participating merchants, please visit www.rbc.com/nofeecashback. For complete details, please refer to the RBC Cash Back Program Terms and Conditions at www.rbc.com/nofeecashback
You will earn 1.5 Avion points for every $1.00 in Grocery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions Purchases you make on your RBC ION Visa credit card at merchants classified by Visa’s “Merchant Category Code” (MCC). Depending on how certain merchants are categorized by Visa’s “Merchant Category Code” (MCC) they may not qualify as an eligible MCC. Eligible MCCs are listed as:
(i) “Grocery Stores and Supermarkets” (MCC 5411) are “Grocery Purchases”;
(ii) “Service Stations (With or without Ancillary Services)” (MCC 5541), “Automated Fuel Dispensers” (MCC 5542), “Taxicabs and Limousines” (MCC 4121), “Local and Suburban Commuter Passenger Transportation, Including Ferries” (MCC 4111), Electric Vehicle Charging” (MCC 5552) are “Rides, Gas & Electric Vehicle Charging Purchases”. Non-commuter passenger railway purchases and non-commuter bus line purchases do not qualify as part of “Rides, Gas & Electric Vehicle Charging Purchases”;
(iii) “Digital Goods Media – Books, Movies, Music” (MCC 5815), “Digital Goods – Games” (MCC 5816), “Digital Goods – Applications (Excludes Games)” (MCC 5817), “Digital Goods – Large Digital Goods Merchants” (MCC 5818), “Cable, Satellite, and Other Pay Television/Radio/Streaming Services” (MCC 4899) are “Streaming, Digital Gaming & Subscriptions Purchases”. The “Digital Goods – Games” MCC does not include games of chance and gambling.
You will earn 1 Avion point for every $1.00 on all other purchases (including pre-authorized bill payments) you make on your RBC ION Visa credit card.
Even though some merchants may sell Grocery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions merchandise, purchases made at these locations may not necessarily qualify as Eligible MCCs if the merchant is not classified as such by Visa. Also, you may make a purchase at a merchant that is not classified as an Eligible MCC but is located on the premises of a merchant that is classified as an Eligible MCC, in which case your purchase would not qualify as an Eligible MCC. We cannot guarantee that any merchant, operating in whole or in part as a Grocery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions merchant is classified as an Eligible MCC and in no event will we be liable or responsible for any claims with respect to a Grocery, Rides, gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions purchase made at a merchant that is not classified as an Eligible MCC. Avion points are earned on net purchases only; they are not earned on cash advances (balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the points earned by the amounts originally charged.
In cases where down payment is less than 20% of the value of a property, the maximum 30-year amortization will apply only to (i) all first-time home buyers provided they satisfy the definition of a first-time homebuyer, or (ii) all purchasers of newly built homes. In addition, if your down payment is less than 20%, you must pay a mortgage default insurance premium charged by a mortgage insurer. This insurance protects the financial institution if you ever default on your mortgage. Available for Conventional Newcomer Equity and Standard Programs. Default insured programs that do not fit within the qualifying criteria above will have a maximum amortization period of 25 years.
This is provided for informational purposes only and is not intended as legal or other professional advice. Automotive financing products are offered by Royal Bank of Canada and are subject to its standard lending criteria.
This information is in summary form and is intended for general guidance and information only. It is not intended to provide financial, legal or other advice. It should not be regarded as comprehensive or a substitute for professional advice.
This publication provides general information only and is not intended to provide specific advice. Not intended to offer services or solicit customers where prohibited by law. Automotive financing products are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some additional conditions apply. Offer may be changed or withdrawn at any time, without notice. Not available in combination with any other rate discounts, offers or promotions.
Income earned in a TFSA is tax-free in Canada. There are penalties if excess contributions are made. If a Canadian resident is subject to taxation on their world income in another country (e.g. based on citizenship), the TFSA income may not be tax-free in that country. U.S. taxpayers who hold TFSAs need to comply with U.S. tax requirements such as the annual filing on a timely basis of IRS Forms 3520 and 3520-A.
The TFSA only shelters foreign workers’ investment income from Canadian tax; seek professional advice regarding tax rules in other jurisdictions.
Income earned in an RESP is tax-deferred in Canada. There are penalties if excess contributions are made. If a Canadian resident is subject to taxation on their world income in another country (e.g. based on citizenship), the RESP income may not be tax-free in that country. U.S. taxpayers who contribute to RESPs need to comply with U.S. tax requirements such as the annual filing on a timely basis of IRS Forms 3520 and 3520-A.
Foreign workers and international students may begin contributing to an RRSP or RESP before obtaining or applying for permanent residency.
The maximum RRSP contribution limit for 2018 is $26,230; for 2017, it was $26,010.
ETFs, stocks and bonds may be purchased through RBC Direct Investing, our low-cost online investing and trading service for self-directed investors or RBC Wealth Management.
When you use Virtual Visa Debit to make a payment: a) The merchant performs an authorization on your personal deposit account at the time of the purchase and this authorization amount is immediately debited from that account. This process is followed by a settlement, typically 2-5 business days after authorization, which finalizes the amount of the purchase and, in some cases, reflects adjustments to the initial authorization amount. When this happens, a credit adjustment in the amount of the original authorization will be credited to your account, followed immediately by a debit adjustment that reflects the final settlement amount of your purchase. b) The funds are debited from your personal deposit account, which is the account you access with your RBC Royal Bank Client Card when you select the “Chequing” option on a point-of-sale terminal or at an ATM. If the account linked to the primary chequing position on your Client Card is changed before a payment has been settled, it may impact the processing of that payment if the merchant needs to adjust the initial authorization amount. The final settlement amount will be processed on the account that is linked to the primary chequing position on your Client Card at the time of settlement, even if a different account was debited for the authorization amount. Please see your RBC Royal Bank Virtual Visa Debit Agreement for further details.
Debit transactions made using your Virtual Visa Debit Number do not count against any monthly transaction limits applicable to your personal deposit account. Other account fees may apply. Please see the RBC Royal Bank Disclosures and Agreements related to Personal Deposit Accounts booklet or other applicable account agreement for further details.
When you use your Virtual Visa Debit Number for a transaction in a currency other than Canadian dollars, we will convert the transaction amount into Canadian dollars at an exchange rate that is 2.5% over a benchmark rate Royal Bank of Canada pays Visa International, a subsidiary of Visa Inc., on the date of the conversion. For most transactions, the authorization amount debited by the merchant at the time of purchase will be adjusted at settlement to reflect changes in the applicable exchange rate.
You will earn i) $1.00 back for every $100.00 (1% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments) and, ii) for the first 3 full monthly statement periods (approximately 3 months from the date your Account is opened), you will earn an additional $1.00 back for every $100.00 (1% Cash Back Credit welcome bonus, for a total of 2%) in Net Purchases you make (including pre-authorized bill payments), up to a maximum combined Cash Back Credit of $650.00 per Annual Period, when you use your RBC Business Cash Back Mastercard to pay. For clarity, the additional $1.00 Cash Back Credit welcome bonus will only apply for the first 3 full monthly statement periods in your first Annual Period. Provided your New Cash Back Balance is $25.00 or more, Cash Back Credits earned during the year will i) automatically be credited to your January Account balance and appear on your February monthly statement, and/or ii) be credited at any other time, upon request. Cash Back Credits are not earned on cash advances (including balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the cash back credits earned by the amounts originally charged. From time to time we may offer bonus cash back promotions and will disclose the terms and conditions in the offer details. For complete details, please refer to the RBC Cash Back Program Terms and Conditions at: www.rbc.com/cashbackterms. Royal Bank of Canada reserves the right to withdraw or amend this benefit at any time.
Each time you use your linked Eligible RBC Card to purchase any grade of gasoline, including diesel, at a Retail Petro-Canada Location, you will:
i) save three cents ($0.03) per litre at the time of the transaction. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases.
ii) earn a bonus of twenty percent (20%) more Petro-Points than you normally earn, in accordance with the Petro-Points Terms and Conditions
iii) earn a bonus of twenty percent (20%) more Avion Points than you normally earn for every $1 in purchases in accordance with the Avion Rewards Terms and Conditions Please allow up to ninety (90) days from the date the transaction is posted on your credit card statement for the bonus points to be deposited into Avion Rewards account. Authorized Users are excluded from earning Avion points bonus.
To participate in this offer, you must have an RBC debit or credit card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“Eligible RBC Card”). You must be enrolled in RBC Online Banking in order to link your Eligible RBC Card to your Petro-Points card. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases. Each time you use your linked Eligible RBC Card to purchase any grade of gasoline, including diesel, at a retail Petro-Canada location, you will save three cents ($0.03) per litre at the time of the transaction.
Petro-Canada and Petro-Points are trademarks of Suncor Energy Inc. Used under licence. All other trademarks are the property of their respective owner(s).
The annual contribution limit is $5,500. This limit will rise along with inflation in future years, in $500 increments. In addition, you can carry forward unused contribution room indefinitely. Previous contribution limits were $5,500 for 2016 and 2017, $10,000 for 2015, $5,500 for 2013 and 2014, and $5,000 for the years 2009 to 2012. Your TFSA contribution limit is tracked by the Canada Revenue Agency (CRA); if you are unsure of your limit, please check with the CRA.
To participate in this offer as an RBC business client, you must have an RBC client card or credit card issued by Royal Bank of Canada (excluding RBC Commercial Avion, RBC Commercial U.S. Dollar Visa, RBC Commercial Cash Back Visa, and RBC Commercial Visa) (“Eligible RBC Card”). When you participate in the Linked Loyalty Program as an RBC business client, you will only be able to link up to two (2) eligible business RBC credit cards and one RBC client card to a Petro-Points account. You must be enrolled in RBC Online Banking for Business in order to link. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases. For more information, visit rbc.com/linkbusiness .
Unlimited means there is no maximum cash back credits you can earn on Grocery Store Purchases and other purchases (up to your available credit limit) per Annual Period. For complete RBC Cash Back Program Terms and Conditions, please visit: www.rbc.com/cashbackterms
Includes electronic (digital) debit and credit transactions to the account, such as online bill payments, pre-authorized payments (PAPs) and point of sale (POS) transactions. Standard fees apply for other services, including cheques and cash deposited at RBC ATMs, Pay Employees & Vendors (PEV), Interac e-Transfer transactions and wire transfers not expressly included in the package when completed online. For full list of fees not included with the account review the RBC Digital Choice Business Account Package page.
Only includes outgoing Interac e-Transfer transactions sent on the RBC Online Banking for business platform. Excludes all other Interac e-Transfer services such as Autodeposit, Request Money, Request Money Fulfillment and Bulk Interac e-Transfer service.
There is a limit of 999 free Interac e-Transfer Transactions per Month per Account; for every Interac e-Transfer Transaction over the limit, you will be charged $1.00.
To get a short-haul flight to any adjoining province/state in Canada or the U.S., you will need a total of 15,000 Avion Rewards points, for a maximum ticket price of $350. To receive the 15,000 bonus Avion Rewards points which will appear on your first statement, your application form must be approved by us. Additional cardholder(s), as well as cardholder(s) with existing RBC Royal Bank travel rewards credit cards, applying for or transferring to an RBC Avion Visa Infinite card as of the offer eligibility period, are not eligible for this offer. This offer may not be combined or used in conjunction with another offer. All applicable taxes, service fees and surcharges are the responsibility of the traveller. For Air Travel Reward redemption details, visit https://www.avionrewards.com/travel/redemptionSchedule.html. Some restrictions apply. For complete terms and conditions that apply to the Avion Rewards program, please visit: http://www.avionrewards.com/ or call 1-800-769-2512. Royal Bank of Canada reserves the right to withdraw this offer at any time, even after acceptance by you.
Trip Cancellation insurance is subject to a limit of $1,500 for each Covered Person (to an overall maximum of $5,000 for all Covered Persons) per trip, and it protects eligible cardholders against the cost of non-refundable travel arrangements that were purchased with your RBC Avion Visa Business card if the trip is cancelled prior to your departure due to an unexpected or unforeseen covered risk. Trip Interruption insurance is subject to a maximum limit of $5,000 for each Covered Person, per trip, for a total maximum of $25,000. This coverage provides reimbursement for the non-refundable unused portion of your prepaid travel arrangements purchased with your RBC Avion Visa Business card, and interrupted due to a covered risk, including the extra costs of economy class transportation to your departure point. Please refer to the Insurance Certificate for complete details regarding these coverages.
Coverage underwritten by Aviva General Insurance Company in the Province of Quebec and by RBC Insurance Company of Canada in the rest of Canada.
All insurance is subject to limitations and exclusions. Please refer to the insurance certificates included in your printed Welcome Kit for complete details or online at https://www.rbcroyalbank.com/credit-cards/cardholders.html
Interac e-Transfer Transactions expire 30 days after they are sent and cannot be claimed by the recipient after this time. You have 15 days after the Interac e-Transfer Transaction is sent to cancel without charge. A $5.00 Interac e-Transfer Transaction Reclaim Fee is charged when a recipient does not accept it before it expires and the sender does not cancel the transaction before the 15-day cancellation period.
An ATM operator surcharge (also called convenience fee) may be charged by other ATM operators. The convenience fee is not a Royal Bank fee. It is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of Account they hold.
When you use your Client Card to make a withdrawal in a currency other than Canadian dollars at an ATM outside Canada displaying the PLUS system symbol, we will convert the amounts withdrawn and any associated charges imposed by any third party for the use of the ATM to Canadian dollars when we deduct the funds from your Account. We will convert these amounts to Canadian dollars no later than the date we post the transaction to your Account at our exchange rate, which is 2.5% over a benchmark rate set by Visa International, a subsidiary of Visa Inc., and which Royal Bank of Canada pays on the date of conversion. This rate may be different from the rate in effect on the date your ATM withdrawal occurred or on the date of the transaction.
The length of hold will be four (4) business days after the day of the deposit if the cheque or other negotiable item is deposited in person with an employee at one of RBC’s branches or points of service and is in Canadian dollars, drawn on a Canadian branch of a Canadian financial institution.
The length of hold will be five (5) business days after the day of deposit if the cheque or other negotiable item is deposited in any other manner, such as at an Automated Teller Machine (ATM) or using our Mobile Cheque Deposit service, and is in Canadian dollars, drawn on a Canadian branch of a Canadian financial institution.
The length of hold will also be five (5) business days after the day of deposit if the cheque or other negotiable item is in U.S. dollars and drawn on a Canadian branch of a Canadian financial institution.
The length of hold will be fifteen (15) business days after the first business day of deposit if the cheque or other negotiable item is drawn on a U.S. bank and is deposited at a Canadian branch of a Canadian financial institution.
The length of hold will be twenty-five (25) business days after the first business day of deposit if the cheque or other negotiable item is drawn on a foreign bank other than a U.S. bank and is deposited at a Canadian branch of a Canadian financial institution.
Subject to credit approval. The variable annual interest rate will be determined based on information you provide on the application and any credit bureau information. The annual interest rate is based on the Prime Rate plus an additional premium that ranges between 2.9% and 11.9%. Your premium will be calculated on an annual basis and could only change once a year. Prime Rate means the annual rate of interest Royal Bank of Canada announces from time to time as a reference rate for determining interest rates on Canadian dollar commercial loans in Canada. Our Prime Rate in effect on the first business day of the month will be the Prime Rate we use for the purposes of calculating your annual interest rate for the statement period ending in that month, even if our Prime Rate has changed during the month. The Prime Rate may fluctuate from time to time. It can be found in all our branches or online at www.rbcroyalbank.com/rates
Debit transactions made using your Virtual Visa Debit Number do not count against any monthly transaction limits applicable to your personal deposit account. Other account fees may apply. Please see the RBC Royal Bank Disclosures and Agreements related to Personal Deposit Accounts booklet or other applicable account agreement for further details. You must request a Virtual Visa Debit card.
When you enroll your eligible RBC personal bank account into the RBC Value Program, you will be eligible to earn Avion Rewards points within the Avion Rewards Program as an Eligible Personal Banking Client, and any such points earned will be deposited into the Avion Rewards account tied to your enrolled account. Purchases from your account refers to using your RBC Client Card to pay for items at a merchant or service provider with the amount electronically debited directly from your enrolled account or using your RBC Virtual Visa Debit for purchases online. Avion Rewards points are governed by the Avion Rewards Terms and Conditions available on our website, or a copy may be provided to you by contacting us. For complete details on the Value Program, please see the Value Program Terms & Conditions
RBC Advantage Banking for students allows eligible full-time students to receive a full waiver of the standard Monthly Fee applicable to our RBC Advantage Banking account. Please refer to the section labelled “Rebates and Discounts: RBC Advantage Banking for Students” in the document entitled “Addendum to April 30, 2020 Personal Deposit Accounts Disclosures and Agreements”, which provides information specific to the RBC Advantage Banking account to supplement the information provided in the Personal Deposit Accounts Disclosures and Agreements document.
To be considered a full-time student, you must attend a primary or secondary school OR be enrolled in a program at the post-secondary level at a college, university or other educational institution (whether in Canada or not). If you are a post-secondary student, you must take at least 60% of the usual course load for the program in which you are enrolled in any particular semester. Proof of enrollment may be requested at our discretion. Students who are 25 years of age and older must provide proof of enrollment.
Your RBC Virtual Visa Debit is associated with your primary chequing account. This is the account you access with your RBC Royal Bank Client Card when you select the “Chequing” option on a merchant payment terminal or at an automated teller machine. RBC Virtual Visa Debit is not available to business clients.
RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc. RBC Mobile Student Edition is intended for clients under the age of 22. RBC Online Banking is operated by Royal Bank of Canada.
Arrive is powered by RBC Ventures Inc., a subsidiary of RBC.
We will rebate the standard NSF fee of $45.00 for your first NSF transaction in a given calendar year. You will be charged $45.00 for each NSF in the calendar year thereafter. You may not carry over unused NSF fee rebates from previous calendar years.
Up to 6,000 Avion Rewards points is a combination of 2,500 welcome Avion Rewards points exclusive to eligible newcomers, as outlined in note 71, and the digital bonus offer of up to 3,500 Avion Rewards points set out in note 87.
RBC Rewards+ Visa cardholders get our most popular $25 gift cards for 2,500 points. All rewards are subject to availability. The regular redemption rate for Avion Rewards members, other than RBC Rewards+ cardholders, is 3,500 Avion Rewards points for a $25 gift card for Amazon.ca, iTunes, Starbucks, McCafe and Cineplex. Point redemption values may fluctuate. For complete terms, conditions and restrictions that apply to the Avion Rewards program, please visit www.rbcrewards.com or call 1-800-769-2512. Please note that the redemption rate for gift cards not listed above, including Petro-Canada gift cards, is 3,500 Avion Rewards points.
Limited time offer must be fulfilled within 60 days from date of credit card approval. This offer is not transferable, may not be combined or used in conjunction with any other offer. Offer may be changed, cancelled or withdrawn at any time. Only the Primary Cardholder of an RBC Rewards+ Visa card is eligible for this offer and may receive a one-time bonus of 500 Avion Rewards points (“Bonus Points”) for each listed offer (each a “Bonus Offer”) up to a maximum of 3,500 Avion Rewards points. It may take up to 60 days after offer expires for the Bonus Points to appear on the credit card statement. Primary Cardholder can provide us their email address and sign up for eStatements through RBC Online Banking by visiting a branch or calling 1-800-769-2512.
To bank with RBC means you must hold any of the following RBC bank accounts (each an “Eligible Account”): RBC Day to Day Banking, RBC Advantage Banking,RBC Private Banking, RBC Signature No Limit Banking, RBC VIP Banking, US Personal Account, Ratelink Essential, Ratelink Preference, RBC Day to Day Savings, RBC Enhanced Savings or RBC High Interest eSavings. If you do not have an Eligible Account you may open one by visiting a branch.
Interac e-Transfer transactions are free for all RBC personal chequing accounts. US Dollar accounts are not eligible. A fee of $1.00 may be charged to the sender for Interac e-Transfers sent from RBC personal savings accounts listed as an Eligible Account (see note 18).
Deposits are subject to the same maximum deposit limits as well as release and payment amounts as deposits made at an RBC Royal Bank ATM. Cheques will also be subject to our Personal Banking hold policies.
Available only to newcomers (please see the eligibility requirements in above note 1). Annual fees will be waived for RBC Advantage Banking and RBC Signature No Limit Banking accounts (each an “Eligible Account”) for up to one-year rental (offer ends July 31, 2026) of a small safe deposit box (SDB), where such boxes are available. Standard safe deposit box fees are collected in advance in January for each calendar year. If you open, switch or are converted to an Eligible Account, the standard fee applicable to your eligible safe deposit box will be waived in full or in part for the current year, depending on the time when the box is opened, and in full for the following year. RBC VIP Banking account holders receive one small box free as a standard feature of that account type, so long as they maintain their RBC VIP Banking account in good standing; offer cannot be combined with any other safe deposit box offer. Offer is subject to change without notice
Guaranteed investment certificates are issued by Royal Bank of Canada, The Royal Trust Company, Royal Trust Corporation of Canada and Royal Bank Mortgage Corporation. Royal Bank of Canada, The Royal Trust Company, Royal Trust Corporation of Canada and Royal Bank Mortgage Corporation are members of Canada Deposit Insurance Corporation (CDlC). Deposits (such as deposits in a savings account, or GICs and other term deposits) with any of these institutions are eligible for CDIC deposit insurance coverage provided they are payable in Canada. For more information, including conditions of coverage, contact CDIC directly at info@cdic.ca or 1 (800) 461‑2342.
Quebec only: If a guaranteed investment certificate is with Royal Bank Mortgage Corporation or The Royal Trust Company, it is a deposit within the meaning of the Deposit Institutions and Deposit Protection Act (Quebec).
Please consult the Application Package documents for restrictions, limitations, and additional conditions that apply to all wire transfers sent by you to us, or returned by us to you.
All rewards are subject to availability and may change without prior notice. For complete terms, conditions and restrictions that apply to the Avion Rewards program, please visit: avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).
This information is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard.
This is for general information purposes only and should not be relied upon as a complete list of all considerations when looking to purchase a new vs. used vehicle.
Financing rates available at participating dealerships on select vehicles.
To receive a complimentary DashPass subscription for $0 delivery fees on orders of $15 or more at eligible restaurants when you pay with your Eligible RBC Credit Card, you must subscribe to DashPass by adding an Eligible RBC Credit Card, accept the DoorDash terms and conditions, and activate your benefit by clicking “Activate Free DashPass” before November 17, 2028 (“Offer Period”). If you are an existing DashPass subscriber and have already added an Eligible RBC Credit Card to your account you must activate your benefit by clicking “Activate Free DashPass” during the Offer Period. If you have been charged for DashPass you will receive a refund to the method of original payment, in the amount of the monthly subscription fee for the month you activate your complimentary subscription. For all clients, by clicking on “Activate Free DashPass” you agree to the DoorDash terms and conditions which can be found https://help.doordash.com/consumers/s/terms-and-conditions-ca?language=en_US.
The DashPass monthly subscription fee will be waived (“Complimentary DashPass Subscription”) and you will receive either a 3 month or 12 month Complimentary DashPass Subscription based on the Eligible RBC Credit Card you use to subscribe to DashPass. DashPass subscriptions purchased through third parties, including third-party payment accounts, or online or mobile digital wallets (like Apply Pay and Google Pay) are not eligible for the Complimentary DashPass Subscription.
Eligible RBC Credit Cards: Your Eligible RBC Credit Card may only be used with one DoorDash account to receive a Complimentary DashPass Subscription. Once you have received a Complimentary DashPass Subscription you cannot use the same eligible RBC Credit Card to obtain a Complimentary DashPass Subscription with another DoorDash account. Eligible RBC Credit cardholders include primary cardholders, co-applicants, authorized users, primary business cardholders and secondary business cardholders on an Eligible RBC Credit Card account.
View eligible RBC credit cards
You are only eligible for one 12 month Complimentary DashPass Subscription and one 3 month Complimentary DashPass Subscription during the Offer Period. The Complimentary DashPass Subscription commences on the date you subscribe to receive the Complimentary DashPass Subscription. You will be auto-enrolled into full-price membership at the then-current rate after the end of the 3 month Complimentary DashPass Subscription. Your RBC credit card account must be open and not in default to maintain the benefits of DashPass. In order to validate your credit card as an Eligible RBC Credit Card, Royal Bank may need to administer a $0.50 charge to validate your card enrollment. This charge will be reversed in 3 to 5 days once your account has been validated. For full details on the Complimentatry DashPass Subscription visit: rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf
DoorDash not Royal Bank of Canada, is responsible for (i) services and products provided through DoorDash; (ii) DashPass, including the DashPass Benefits, the administration of DashPass and (iii) the DoorDash terms and conditions. The Complimentary DashPass Subscription offer may be amended or withdrawn at any time. To learn more about DashPass, visit www.doordash.com/dashpass. For full DashPass for RBC Program Terms and Conditions, visit rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf.
DashPass is a DoorDash subscription service that offers unlimited deliveries for $0 delivery fee on eligible restaurant purchases (minimum order amount of $15.00 CAD before taxes and fees) at a monthly subscription fee of $9.99 CAD. To learn more about DashPass visit www.doordash.com/dashpass
Please note that it will take two (2) to three (3) business days for your payment to be credited to your credit card account and to adjust your available credit. Redemptions are final and cannot be cancelled or reversed once submitted. Not all Avion Rewards cards are eligible for these services. For details, visit the Avion Rewards Terms and Conditions.
Standard fees and charges apply for services and transactions exceeding the number included in the account package.
Includes cheques deposited through the RBC Mobile App, RBC ATM and ChequePro.
Offer Available to newcomers who are permanent residents, international students, or temporary resident workers who have arrived in Canada within the last 5 years, or RBC Student GIC clients. To participate in this offer, you must have an RBC debit or credit card which is issued by Royal Bank of Canada (“RBC Card”), or have enrolled in RBC Student GIC Program.
If your PhoneBox application is approved and you become a client of PhoneBox, Royal Bank of Canada (RBC) may receive one or more referral fee(s) from PhoneBox. RBC reserves the right to cancel this offer at any time for any reason at its complete discretion without notice.
RBC Student GIC clients are not required to sign up for the PhoneBox offer in order to participate in the GIC program.
Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. All other trademarks are the property of their respective owner(s)
Under the Newcomer High Net Worth Program, income from employment is not required in order to apply for an RBC mortgage; however, you must have, and be able to furnish proof of, Canadian income from another source, such as an eligible Canadian investment. All residential mortgages and lending products provided by Royal Bank of Canada are subject to its standard lending criteria. For additional information, speak to an RBC Mortgage Specialist.
You, and not Royal Bank of Canada, are responsible for verifying (including by seeking appropriate independent professional advice) that you are eligible to purchase a given residential property in Canada.
Fees may apply on the account from which the money has been transferred.
Transaction fees may apply for bill payments or funds transfers made through Online Banking and are separate from access fees.
Offer available July 3, 2025 – November 3, 2025 (“Promotional Period”)
This Promotional Offer is available to any Eligible Student Client without a Personal Banking Account with Royal Bank of Canada at the beginning of the Promotional Period or in the three-year period before the start of the Promotional Period, and who otherwise comply with the Terms of the Promotional offer. The Promotional Offer is AirPods 4 Reward with an Eligible Personal Banking Account.
To qualify for the AirPods 4 Reward you must open your first new Eligible Personal Banking Account by 9:00 PM EST on November 3, 2025 and complete two (2) of the following Qualifying Criteria by 9:00 PM EST on January 30, 2026 using your Eligible Personal Banking Account:
i. Register your Eligible Personal Banking Account for Interac Autodeposit and send or receive one (1) e-Transfer using RBC Online Banking or the RBC Mobile app.
ii. Request and obtain an RBC Virtual Visa Debit Card and make at least one (1) Qualifying Debit Transaction (as defined in the Note section below) with your Eligible Personal Banking Account.
iii. Transfer the full amount of your automated and recurring payroll direct deposit to your new Eligible Personal Banking Account. For greater certainty, this means that you will not qualify if you split your payroll deposit from one employer between your new Eligible Personal Banking Account and any other account. We reserve the right to determine what is considered payroll and whether any payroll deposit has been split. The first payment of each PAP must be debited and must clear from your new Eligible Personal Banking Account by 9:00 PM Eastern Time January 30, 2026.
iv. Set up one (1) pre-authorized monthly payment (“PAP”) – such as a pre-authorized eligible bill payment to a service provider (i.e. utility bill, gym membership) or pre-authorized payment to an RBC mortgage, loan, Royal Credit Line, or contribution to your RBC investment account – from your new Eligible Personal Banking Account. PLEASE NOTE: Any bill payments (pre-authorized or otherwise) made using a Virtual Visa‡ Debit will not qualify. The first payment of each PAP must be debited and must clear from your new Eligible Personal Banking Account by 9:00 PM Eastern Time January 30, 2026.
v. Make one (1) eligible bill payment to a service provider from your new Eligible Personal Banking Account. PLEASE NOTE: To qualify, the eligible bill payment must be completed through the RBC Mobile app or RBC Online Banking. Excludes any bill payment made in-person at an RBC Royal Bank branch with an RBC Advisor, and any bill payment made to an RBC credit card account, and any bill payment made using RBC Virtual Visa‡ Debit. The eligible bill payment must be debited and must clear from your new Eligible Personal Banking Account by 9:00 PM Eastern Time January 30, 2026.
NOTE: Qualifying Debit Transactions are defined as Bill Payments or purchase transaction using any of the following: your RBC Client Card, an RBC Virtual Visa Debit card associated with your Eligible Personal Banking Account, Interac Flash, Apple Pay, Google Pay, Samsung Pay. Transactions carried out at an RBC Royal Bank branch or through the RBC Royal Bank ATM network, and bank fee transactions, are not included as qualifying transactions for the purpose of option ii (above)
NOTE: You must be at least 14 years of age to obtain an RBC Virtual Visa Debit card. As such, option ii. (above) of this section is only available to individuals who meet this minimum age requirement; if you are below the age of 14 and participate in this Promotional Offer, you must select one of the other eligible transaction types described.
Starting August 11, 2025, we will notify you – by way of an email sent to the email address you have provided to us – when you have fulfilled the Qualifying Criteria and qualified for the Promotional Offer. This message will be sent at any time up to ten business days after we have determined that all Qualifying Criteria have been completed by you. The email message will contain a secure link that will permit you to visit a secure online store where you can order your Reward and confirm an address for delivery, as well as any other shipping details.
This offer may not be combined or used in conjunction with any other Personal Banking Account offers unless otherwise indicated. Royal Bank of Canada reserves the right to withdraw this offer at any time without notice, even after acceptance by you. Other conditions apply. For full details including defined terms visit rbc.com/airpodsterms.
Royal Bank of Canada may withdraw or amend this Offer at any time without notice. For full details including defined terms visit rbc.com/airpodsterms.
New subscribers only. $10.99/month after trial. Offer is available for new Apple Music subscribers with a new eligible device for a limited time only. Offer redemption for eligible audio devices requires connecting or pairing to an Apple device running the latest iOS or iPadOS. Offer redemption for Apple Watch requires connecting or pairing to an iPhone running the latest iOS. Offer good for three months after eligible device activation. Only one offer per Apple Account, regardless of the number of eligible devices you purchase. Plan automatically renews until cancelled. Restrictions and other terms apply.
This offer is not transferable. To take advantage of this offer, you must link one of your eligible RBC Royal Bank debit or credit card(s) ** (“Eligible RBC card”) to your Moi card to earn one (1) extra Moi point for every $2 spent (“Bonus Points”) at any Metro or Food Basics. Minimum spend of $60, calculated on the final price of your purchases after taxes, required (“Qualifying Purchase”). This offer may not be combined or used in conjunction with any other offers, and cannot be applied retroactively to previous purchases. Offer only applicable for members who have linked their Moi Rewards card to an eligible RBC debit or credit card for first time. Members who unlink and link again multiple times are not eligible for this offer. Qualifying Purchase excludes gift cards, tobacco products, Western Union, lottery, transit tickets, gift card purchases, prescription, prescription services and other professional Pharmacy services. Some products are not available online. Subject to Metro eCommerce Terms and Conditions. Details at https://www.metro.ca/en. **For a list of eligible RBC debit and credit cards (“RBC cards”) and ineligible purchases of the Avion Rewards and Moi Linked Loyalty program, please refer to the complete terms and conditions available at https://linkedloyalty.avionrewards.com/moi/linked-loyalty-terms-en.pdf. Metro Inc., not Royal Bank of Canada (“RBC”), is responsible for the sales, returns and terms and conditions applicable to your Qualifying Purchase. RBC reserves the right to cancel, modify or withdraw this offer at any time, even after you have activated it.
Receive 1 extra More Rewards point for every $1 spent (2X the base earn More Rewards points). To receive your bonus More Rewards points, you must scan your More Rewards card, pay with your linked RBC card at participating More Rewards grocery partners such as Save-On-Foods, Buy-Low Foods, Quality Foods, Nesters Market, Urban Fare and PriceSmart Foods. For a full list of participating retailers visit www.morerewards.ca.
