International Remittance Agreement

Important InformationImportant Notice

The terms and conditions of this Agreement apply when you send an RBC International Remittance® payment in Online Banking. You must review this Agreement and confirm your acceptance of its terms and conditions by checking the “Confirm” checkbox and selecting “I Agree”.

You can print a copy of this Agreement at this time. In addition a copy of this Agreement is available in Online Banking under the link labeled “Legal” in the Web page footer.

  1. Definitions. In this Agreement the following terms have the following meanings:

    Account” means any available personal deposit account you have with us and may access from time to time to send an IR;

    Beneficiary” means a person who is the intended recipient of an IR and whose name and information you have provided;

    Beneficiary Bank” means the bank you have indicated as the bank at which the Beneficiary should receive the IR;

    Intermediary Bank” means any financial institution in the SWIFT network, through which an IR Message passes before it reaches the Beneficiary Bank;

    IR” means an international remittance or payment made from your Account using the IR Service;

    IR Service” means the RBC International Remittance ® feature in Online Banking that allows you to send funds from certain Accounts to a Beneficiary at the Beneficiary Bank, through the SWIFT network;

    IR Message” means the payment instructions related to the IR sent through the SWIFT network;

    Online Banking” means our online banking service;

    Sender” means a person, including you, who initiates an IR;

    SWIFT” means the Society of Worldwide Interbank Financial Telecommunications, an electronic communication system used by us and other major financial institutions globally, to send and receive payment and message instructions to each other around the world, and includes its successors and assigns;

    We”, “us” and “our” means Royal Bank of Canada and our subsidiaries and affiliates; and

    You” and “your” mean the person who is using the IR Service.
  2. Introduction. This International Remittance Agreement (the “Agreement”), applies when you send an IR and is in addition to the terms and conditions of the Electronic Access Agreement, the agreement you accepted in order to access or use the services and features offered through Online Banking
  3. Initiating an IR. If you have agreed to send an IR, we will immediately withdraw the IR amount specified from your Account and send an IR Message to pay this amount to the Beneficiary at the Beneficiary Bank.
  4. Foreign exchange. If you request that the IR be made in a foreign currency, we will convert the funds into that foreign currency after withdrawal from your Account. The rate of exchange will be our rate, established at the time the funds are converted. We make no representations or warranties that the IR will be received by the Beneficiary in the currency you have indicated, since we have no control over the actions of any Intermediary Bank or the Beneficiary Bank.
  5. IR Fees. Our fee for the IR Service will be displayed before you proceed with the transaction and will be withdrawn from your Account. This service fee is non-refundable. Additional fees or charges may be deducted from the IR amount by any Intermediary Bank and the Beneficiary Bank.
  6. No Cancellation of an IR. Once you have agreed to send an IR, the IR may not be cancelled or stopped.
  7. Timing of Receipt – We make no representations or warranties on the timing of the delivery of the IR to the Beneficiary.
  8. No Interest. Once the amount of the IR has been withdrawn from your Account, we will not pay interest on these funds to any Sender or Beneficiary, including during the time when the IR Message is in transit and the funds are neither in the hands of the Sender or the Beneficiary.
  9. Inquiries. If you need to make an inquiry regarding the IR, additional charges will apply, unless an error has been established on our part or the part of the Beneficiary Bank.
  10. Receiving an IR. The Beneficiary may claim or decline the IR at the Beneficiary Bank.
  11. Declined, Unclaimed or Incomplete IR. If the IR is declined, the Beneficiary fails to claim it or the IR is not completed for any reasons beyond our control, you may ask us for a refund and we shall use our best efforts to secure a refund from the Beneficiary Bank and return those amounts to you. We will not attempt to secure a refund of any service fees charged by Intermediary or Beneficiary Banks. If we are successful and the funds are returned in Canadian dollars, we may attempt to redeposit the value of such IR into the Account from which the funds originated or, at our sole discretion, either deposit the value of such IR into another one of your Accounts or hold the funds in one of our branches. If the funds are returned in a foreign currency, we will convert them into Canadian dollars first. The rate of exchange will be our rate, established at the time the funds are converted.
  12. Providing the Beneficiary Information. If you send an IR, you are responsible for providing correct information relating to the Beneficiary, including the name and address of the Beneficiary, the name and address of the Beneficiary Bank, the Beneficiary’s bank account number, if applicable, and any other information we may require. If you make an error in the Beneficiary information, you should notify us immediately and we will use our best efforts to have the error corrected. Any request to have Beneficiary information corrected will only be considered if the IR has not yet been received, or if it has been received, the recipient assents to the correction and, if need be, to the return of the funds.
  13. Status of IR. You are responsible for notifying the Beneficiary that the IR has been sent and verifying that it has been received by the Beneficiary.
  14. Limits and Jurisdiction. A third party may set limits on the IR, including the amount of money you are allowed to send, the amount of money the Beneficiary is allowed to receive or the currency in which the funds are received when you use the IR Service. The IR is subject to the laws of the jurisdiction in which it is processed.
  15. Liability. We will not be responsible for any loss, damage, delay or inconvenience suffered or incurred by you except in a case where there has been negligence on our part and in any such case we will not be liable for any indirect, consequential or exemplary damages (including but not limited to loss of profits), regardless of the cause of action.
  16. Privacy. In the IR Message, you will be identified as the Sender and certain personal information may be revealed to third parties, including the information provided on the Beneficiary. Since the IR Message will travel and the payment may be processed outside of Canada, the information may be subject to the laws of the jurisdiction in which the information is located or processed.
  17. Severability. If any provision of this Agreement is found to be invalid or unenforceable, this will not affect the validity or enforceability of the other provisions of this Agreement.
  18. Conflict. If there is a conflict between a term in this and any other agreement, the terms of this Agreement will apply to the extent necessary to resolve the conflict.
  19. Governing Law. This Agreement will be exclusively governed by the laws of the Province or Territory in which you live. If you live outside of Canada, this Agreement will be exclusively governed by the laws of the Province of Ontario. You and we agree that the courts of the Province or Territory specified above shall have jurisdiction over each us for the determination of any matters arising out of this Agreement.
  20. In Quebec. You have requested that this Agreement and any related documents, including notices, be written in English. Vous avez demandé que cette convention et tout document y afferent, y compris tout avis, soient rédigés en anglais.