RBC is the largest of the big five banks in Canada and has a heavy presence in all areas of banking, including through RBC foreign exchange. RBC currency exchange has made little effort to be competitive when it comes to RBC exchange rates which probably makes sense since they already have a very large captive audience for their foreign exchange services in their large account holder base. Let’s look more specifically at RBC exchange rates, including the RBC USD rate, offered through the RBC currency convertor.
A recent survey which looked at RBC exchange rates relative to the best available rate from a reputable foreign exchange dealer found that in every currency considered, the RBC exchange rate was worse than the alternative offer. Below is a table of some of the currencies from that survey and the savings associated with using the best available alternative which is Interchange Financial.
