How to Manage Your Money in Canada
Canadian banking products, processes and terms may be different from what you’re used to. Here are some of the key things you’ll want to know about banking in Canada.
- Types of
Bank Accounts - Debit Cards
vs Credit Cards - Accessing
Your Accounts - Managing Your
Everyday Finances
Types of Bank Accounts in Canada
In Canada there are two main types of accounts: chequing accounts and savings accounts. Having both a chequing and a savings account can help you manage your money, budget for expenses and save for your goals.
Chequing Account
Opening a chequing account is recommended as one of the first things to do when you arrive in Canada – or even before you get here. It offers a safe place to keep your money and a convenient way to access it.
- Designed for day-to-day banking, paying bills and making purchases
- You can deposit and withdraw your money at any time
- Chequing account balances do not usually earn interest
At RBC, you can choose from several chequing accounts.
Did you know?
A chequing account goes by different names in other countries. “Chequing account” is a North American term (in the U.S., it is spelled “checking” account). You may also hear it referred to as a “deposit account” or a “transaction account.” In England, India, China or Australia, these accounts may be called “current accounts.”
Savings Account
A savings account is a good place to set money aside that you don’t want to spend right away.
- Ideal for money you don’t need to use right now
- Account balances earn interest
- You can still access your money when you need it
We offer a number of savings accounts, including the RBC High Interest eSavings account, available in both Canadian and U.S. dollars.
Tip!
A savings account helps keep your money for the future separate from your everyday spending.
Debit Cards vs Credit Cards
There are two main types of payment cards in Canada – debit cards and credit cards.
Debit cards:
When you open a bank account in Canada, you receive a debit card (we call this a Client Card at RBC). It helps you access your money online, at stores, from RBC branches, ATMs and telephone banking.
Credit cards:
Let you borrow money up to a set credit card limit. You’re not spending your own money immediately, but borrowing it from the card issuer. Using a Canadian credit card responsibly can help you build a strong credit history.
Here are some of the key features of both types of cards:
Debit Cards
-
Linked to your chequing account:
Every time you make a purchase, the money is immediately deducted from your account balance. -
Optional overdraft protection available:
You may incur fees and interest if you opt for overdraft protection in the case you overdraw your account. -
Ideal for everyday spending:
In Canada, you can use your debit card to pay for groceries, gas, dining out or other purchases. -
Use in-store or online:
A Virtual Visa Debit card lets you shop online from your account. -
Earn Avion points, savings and rewards:
Every time you shop when you enrol your bank account in the RBC Value Program.
Credit Cards
-
Borrowed money up to your credit limit:
Purchases are billed to you on a monthly statement – you’re not paying for them immediately out of your account. -
Build a credit history:
Using a credit card and making payments on time can help you build a credit history in Canada.
Learn more -
Use in-store or online:
Credit cards are widely accepted in Canada and around the world. -
Earn Avion points, savings and rewards
every time you shop. Choose from a wide variety of credit cards, best suited for your needs.
Accessing Your RBC Bank Accounts
There are many ways to access the money in your RBC bank account. Here are a few of the most common ways:
On Your Mobile Phone
Check your balances, pay with your mobile device, send money, redeem rewards, and so much more.
Explore Mobile apps
On Your Computer
Stay on top of your banking from home or work. Pay bills, transfer funds, send money and more – everything you need to manage your money is in one place.
Discover online banking
At the ATM
RBC has over 4,200 ATMs across Canada (opens in new window). In addition to being located at bank branches, our ATMs are in shopping malls, airports, gas stations and many other places.
Simply use your RBC Royal Bank Client Card at any RBC ATM to access your money. (You can also access your account from other banks’ ATMs, but there may be a fee to use that ATM.)
At the Branch
Visit an RBC Royal Bank branch (opens in new window) during business hours to make withdrawals, pay bills and transfer funds.
Find a branch (opens in new window)
On the Phone
Use our self-serve automated services or get expert advice on a range of products and services designed to help you achieve your goals.
Contact usManaging Your Everyday Finances
Whether you need to pay a bill, deposit a cheque or make a purchase, you want to be able to get it all done easily.
Here’s how RBC helps you manage your day-to-day money needs.
Pay Bills
Easily pay your bills in the way that’s most comfortable for you.
- Using the RBC Mobile app
- With RBC Online Banking
- At an RBC ATM or branch
- By cheque: Learn how cheques work in Canada (opens in new window)
Deposit a Cheque
Whether you receive a cheque from your employer, the government or a family member, it’s easy to deposit the funds and access them from your account.
Mobile cheque deposit: With the RBC Mobile app, you can take a picture of your cheque on your phone or tablet and immediately deposit it into your account – 24/7. All deposits made prior to 6 p.m. on business days are deposited to your account on the day you make your deposit.
Watch a demo (opens in new window)At an RBC ATM: The ATM will walk you through your deposit step by step and you’ll get an instant receipt.
At an RBC branch: Visit any RBC branch during regular business hours to deposit your cheque with a customer service representative.
Learn about the Cheque Hold Policy in CanadaMake a Purchase
Make purchases big or small with the help of RBC. Here are the most common ways to buy:
With your mobile device: Pay for purchases up to $250 with your mobile device at any store that accepts contactless credit and/or debit payments.
With your debit card: Tap or insert your debit card in-store. Get a Virtual Visa Debit card to shop with debit online.
With a credit card: RBC credit cards are accepted worldwide in-store and online.
By cheque: Writing a cheque is a convenient way to make a purchase or payment when cash, debit or a credit card isn’t an option. Many of our bank accounts include cheques for free – and you can order them online or at your branch.
Withdraw Money
Need cash? It’s easy with RBC.
From an ATM: You can withdraw from any RBC ATM for free, as long as you remain within the transaction limit that comes with your account. If you use another bank’s ATM or a no-name ATM, they will charge you additional fees (newcomers can withdraw cash from other banks’ ATMs without incurring a fee from RBC). Many RBC ATMs also offer U.S. currency.
At an RBC branch: Visit an RBC branch to withdraw Canadian funds or for your foreign currency needs.
Fast, Simple Ways to Send Money
Whether you are sending money to a friend in Canada or family in another country, we offer secure and convenient ways to help you transfer funds with confidence.
Sending Money Within Canada
It’s easy to send money to anyone in Canada – all you need is their name and email address or mobile number. It’s fast and secure!
Send money within Canada:
Send, request and receive money any time by using the Interac e-Transferlegal disclaimer 3 service available in RBC Online Banking or the RBC Mobile applegal disclaimer 4. All you need is the recipient’s name and email address or mobile number. It’s easy, fast, and secure.
Sending Money Overseas
We know that for many newcomers, sending money to family or friends is important. We offer convenient ways to send the funds you need.
Send money almost anywhere in the world:
Send up to $50,000 per day to almost any country, including the U.S., Europe, India, China and the Philippines for $0 transfer fees with RBC International Money Transfer. Use RBC Online Banking or the RBC Mobile app to send money 24/7 – money is usually received within 2 business days.
Find the Right RBC Bank Account for Your Needs
Whether you plan to live in Canada permanently, start a business, study as an international student or work for a few years, we have an account for you.
Our Advisors Are Here to Help
Let us answer any questions you may have.
Need help in your language? Our phone services are available in up to 200 languages.
Call Us:
Toll-Free 1-866-756-1107
Collect: 1-506-864-2275
You must apply for the RBC Cash Back Mastercard by January 31, 2026, at an RBC Royal Bank branch, and be approved by us. You will earn an additional $10.00 back for every $100.00 (10% Cash Back Credit) in Net Purchases (including pre-authorized bill payments) charged on your RBC Cash Back Mastercard account within the first 3 months of account opening, up to a maximum total combined spend of $2,000 (“Welcome Bonus”). Thereafter, the standard Cash Back Credit earn rates of up to 2% on Grocery Store Purchases and up to 1% on other Net Purchases (that are not Grocery Store Purchases) apply. The Welcome Bonus is in addition to the standard Cash Back Credit earn rates. 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. The Welcome Bonus will appear on your next monthly statement after it was earned, and will be credited as set out in disclosure 35 (below). For complete details on the RBC Cash Back Program including standard earn rates and crediting of Cash Back Rewards, please refer to the RBC Cash Back Program Terms and Conditions at www.rbc.com/cashbackterms (PDF opens in new window). Offer applies to new RBC Cash Back Mastercard accounts only.
One offer per eligible account. Existing cardholders of any RBC personal credit card, applying for or transferring to an RBC Cash Back Mastercard card, are not eligible for this offer. This offer may not be combined or used in conjunction with any other offer except as otherwise set out. Royal Bank of Canada reserves the right to modify, cancel or withdraw this offer at any time. This offer may be revoked at any time if we suspect you may be manipulating or abusing it, or engaging in any suspicious or fraudulent activity, as determined by Royal Bank of Canada in its sole discretion.
“Eligible Personal Client” means a client who meets all of the following conditions:
- Is a newcomer to Canada having arrived in Canada within the last five years of the date an Eligible Personal Banking Account is opened. Must show proof of entry into Canada and provide supporting documents such as landing papers or permanent resident card;
- Is a resident of Canada and is of the age of majority in the province in which they reside as of the date that an Eligible Personal Banking Account is opened. Residence is determined by the jurisdiction (province or territory) where a person has their primary tax filing obligation based on their regular place of residence; and,
- Does not have an existing Personal Banking Account with us.
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, the RBC High Interest e-Savings account, or Foreign Currency Accounts.
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 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.