RBC GBP bank account review & alternatives
If you’re looking for a way to hold, receive and manage your money in British pounds, you might be considering the RBC GBP account. Accounts have no minimum balance and no monthly fee, but do have a couple of drawbacks, including no debit card which can make travel payments and withdrawals trickier.
This guide walks through the pros and cons of the RBC GBP account, and also touches on accounts from alternative providers such as Wise and OFX which offer a flexible alternative which supports CAD, GBP and other foreign currencies, all in the same account.
What is an RBC GBP account?
RBC offers a GBP account called the RBC British Pound eSavings account.
This is an interest earning personal account which has no minimum balance and no monthly fee.
You can deposit and withdraw GBP in cash over the counter at an RBC branch, and receive payments to the account in British pounds.
RBC also offers business accounts in GBP, which have their own features and fees. This guide focuses on the RBC British Pound eSavings account for personal use.
RBC GBP account review
RBC offers a GBP account for personal customers - other services are also available for business customers, which focus on international treasury management.
With your RBC GBP personal account you can receive and hold GBP payments, and earn interest on your balance. You’ll also be able to deposit and withdraw GBP in cash over the counter, with no monthly fee to pay and no minimum balance.
There’s no debit card with this account which limits its usefulness for travellers, and international transfers to others can have pretty high fees.
Foreign currencies: GBP only
Fees & exchange rates: No monthly fee, exchange rates include a markup
International transfers: Available in branch only, from 27 GBP transfer fee
Debit card: Not available
Pros and cons of RBC GBP account
| RBC GBP account pros | RBC GBP account cons |
|---|---|
✅ No minimum balance or monthly fee ✅ Deposit and withdraw GBP in cash ✅ Send and receive GBP payments ✅ In branch wire transfers offered | ❌ International transfer fees are high ❌ Exchange rates are likely to include a markup |
How does the RBC GBP account compare in Canada?
RBC is one Canadian bank which has GBP account options for its customers - but there are also some alternative providers which have flexible, cheap solutions for anyone who wants to receive, hold, exchange and manage GBP alongside other currencies. Here’s a quick comparison of RBC versus a couple of alternatives, Wise and OFX.
| RBC GBP bank account | Wise Account | OFX | |
|---|---|---|---|
| Best features | No monthly fee, no minimum balance Deposit and withdraw GBP in cash over the counter | Hold and exchange 40+ currencies, with linked debit card Receive payments in foreign currencies easily | Receive business payments in 7 currencies Use with PSPs and marketplace sites |
| Opening fees and requirements | No opening fee, no need to have any other RBC products If you’re not already an RBC customer you must open your account in a branch | No opening fee for personal customers, 42 CAD fee for business customers Available for personal and business customers in Canada and many other countries | No opening fee, available for business customers in Canada and many other countries |
| Interest | Variable - 0.25% at time of research | Not interest bearing | Not interest bearing |
| Minimum balance and limits | No minimum balance, usually no limit on the amount you can hold or receive | No minimum balance, usually no limit on the amount you can hold or receive | No minimum balance, usually no limit on the amount you can hold or receive |
| GBP account details | Available | Available | Available |
*Details correct at time of research - 8th October 2024
The RBC GBP account holds GBP only, whereas the other accounts we’ve featured here also allow you to hold other currencies in the same account. This may make them more appealing to some customers.
On the other hand, the RBC GBP account is interest bearing, which can be handy for anyone looking to save and diversify investments in a foreign currency. Ultimately, which account is best for you will depend on the specific features which are important to you - we'll dig into more details about each option next.
RBC foreign currency account alternatives
Here’s a closer look at some of the important considerations about the RBC GBP account versus Wise and OFX.
We’ll look at features and fees, and give a bit more detail about each right after the table to help you decide if any might suit your specific needs.
| RBC GBP Personal account | Wise Account | OFX | |
|---|---|---|---|
| Eligibility | Personal customers in Canada | Personal and business customers in Canada and many other countries | Business customers in Canada and many other countries |
| Opening fees | None | None for personal customers, 42 CAD fee for business customers | None |
| Monthly fees | None | None | None |
| Exchange rates | Exchange rate includes a l markup | Mid-market rate | Exchange rate includes a small markup |
| Interest | Variable - 0.25% at time of research | Not interest bearing | Not interest bearing |
| Conversion fees | Included in exchange rate offered | From 0.33% | Included in exchange rate offered |
| GBP account details | Available | Available | Available |
| Linked debit card | Not available | Available | Not available |
Wise Account
The Wise Account is available for Canadian customers looking for a personal or business account product which holds GBP alongside many other currencies.
Accounts offer a linked Wise debit card which can make this a convenient option to spend online and in person, and currency exchange uses the mid-market exchange rate with low conversion fees from 0.33%.
Business customers get similar perks to personal customers, plus some extras like batch payment solutions and cloud accounting integrations with Wise Business Account.
Foreign currencies: 40+ currencies for holding and exchange, ways to get paid in select currencies with local and SWIFT account details
Fees & exchange rates: No ongoing fees, mid-market exchange rates
International transfers: Available to 160+ countries, from 0.33%
Debit card: Available
Learn more: Wise Account Review
OFX Global Currency Account
If you need an account for your business, the OFX Global Currency Account is a popular option. You can hold, receive and exchange 7 major currencies including GBP and CAD, and use your account details to take customers payments or to get paid through PSPs and marketplace sites.
This makes it a good choice for online sellers working with international customers. There’s no debit card with this account, but you can send or withdraw your funds whenever you want to - with no fee for higher value transfers.
Foreign currencies: 7 currencies supported for receiving, holding and exchange
Fees & exchange rates: No ongoing fees, exchange rates include a small markup
International transfers: 15 CAD fee for transfers up to 10,000 CAD in value, waived after that
Debit card: Not available
Related: Best GBP Accounts in Canada
How to open a GBP bank account with RBC
If you’re already a customer with RBC you have the option to sign into your online banking system and apply for your GBP account. Or, if you’d prefer you can go along to a branch to get your account opened for you.
If you don’t already have an account with RBC you only have the option of opening your GBP account in a branch. You can find your local branch online and book an appointment to make sure you don’t need to wait around too long. Or, if you’d prefer a digital account opening experience, check out an alternative like Wise which lets you sign up online or through the Wise app.
What documents you'll need
If you’re already a customer with RBC you may not need to provide documents again to open your GBP account - you’ll have completed the necessary verification step in the past when you opened your primary RBC account.
If you’re a new customer you’ll need to call the branch in advance to check exactly what’s needed to open your account and make sure you have all your paperwork prepared. Usually this will include:
Proof of identity, like your passport
Proof of address, like a utility bill in your name
Your Social Insurance Number
What is the eligibility for a RBC foreign currency account?
You can open a RBC GBP account if you’re a Canadian resident with proof of ID and address. There’s no minimum deposit requirement and there’s no need to hold any other RBC account or product before applying for this account.
However, if you’re not already an RBC customer you’ll need to head to a branch with your documents for verification before you can open your account.
Who is it good for?
The RBC GBP account could be a helpful product for many people including:
Anyone who needs to send and receive GBP payments
Savers looking to diversify their assets and earn interest on GBP balances
Customers who want to deposit or withdraw British pounds in cash in a bank branch
When is a GBP bank account needed?
Different GBP accounts have their own target markets which can mean they’re more suited to specific customer needs.
Some accounts - like the RBC GBP account - are aimed at people who want to save or invest, or those who need to send payments to the UK regularly for example.
Other accounts, like the Wise account come with linked debit cards can be handy for travel use. You may also ick a specialist travel card if you need a secondary spending method for travel, or a specific business account. Here’s a quick summary of some of your options:
RBC GBP account: Good for existing RBC customers who want to deposit and withdraw British pounds in cash at a bank branch, and for savers looking to earn interest
Wise account: Good for flexible services with low costs and mid-market exchange rates, with debit cards for ease of spending and withdrawals
OFX Global Currency Account: Good for online and ecommerce businesses receiving payments in GBP and several other major currencies
Canada Post Cash Passport: Good for a travel card with linked digital account you can use for overseas spending or as an emergency back up
How to use RBC GBP bank account
If you want to transfer money internationally from your RBC account, using a wire transfer, you may need to visit a branch to arrange a payment. Sending money from your GBP account to another account in your name may not have a fee to pay - but sending a wire to anyone else is likely to require you to pay a variable fee which starts from 27 GBP. You’ll need to ask the bank about the specific costs for your transfer as these may vary depending on the payment value and destination.
Funding methods
You can add money to your account by depositing cash in GBP at a bank branch, transferring from an account in your own name (including accounts in CAD), or by having someone send you a wire.
Fees apply for these services, including a charge for depositing cash, a currency exchange fee if you transfer money from a CAD account in your own name, and an incoming wire fee of 10 GBP.
Payout methods
You can transfer money to a bank account in your own name, or you can send money using a RBC wire transfer to accounts held by other people. Fees may apply, including currency conversion costs where needed.
How to use RBC GBP account abroad
The RBC GBP account does not have a debit card so you can’t use it while away to make cash withdrawals or to pay in stores. However, you can withdraw GBP in cash before you travel, at an RBC branch. You may need to order your cash in advance and wait up to 5 days for it to be delivered, depending on the amount you need. You can also access your online banking system when you travel, as long as you have internet coverage.
Supported currencies
The RBC GBP account only holds GBP, and deposits to the account must be made in GBP. If a different currency is sent to the account electronically, RBC will convert it using an exchange rate which may have fees added.
Related: How to open a UK bank account from Canada
Are RBC multi-currency bank accounts safe?
Yes. In Canada, RBC is properly licensed and regulated for all the services it offers, including foreign currency services. Your deposits are likely to qualify for CDIC protection - and accounts also come with built in security features to help keep customers safe.
Conclusion
Having a GBP account for yourself or for your business can be helpful if you need to transact in British pounds frequently. Some Canadian banks do offer GBP services and accounts, but they are likely to be targeted to specific customer niches. The RBC GBP eSavings account, for example, is interest earning, making it popular with savers. However, it’s not got a debit card which can be tricky if you want an account for travel use.
Use this guide to compare the RBC GBP account with a few other options, including alternatives like Wise and OFX, to decide which is best for your needs.
RBC British pounds eSavings bank accounts FAQs
Does RBC offer GBP accounts?
Yes. RBC offers a GBP account called the RBC British Pound eSavings account for personal customers. RBC also offers business accounts in GBP, which have their own features and fees.
Can I deposit GBP into my RBC account?
Yes. You can deposit GBP in cash at an RBC branch. You can also receive GBP transfers to your account, from an account in your own name, or using a wire transfer.
Does RBC charge international fees?
RBC charges international fees which vary depending on the service you need. Wire transfers can cost upwards of 27 GBP, and there are fees to deposit or withdraw cash over the counter, too.
Can I open a RBC pounds bank account as a Canadian?
You can open a RBC British Pound eSavings account to hold and earn interest on your GBP balance. This account is for personal customers and allows you to send and receive payments, but does not come with a debit card.