RBC (Royal Bank of Canada) is one of the largest and most established banks in the country, trusted by millions for its wide range of financial products, including RBC credit cards Canada, chequing and savings accounts, mortgages, and investment solutions. Known for its strong presence and digital features like RBC mobile banking, the bank offers robust day-to-day banking tools and RBC global money transfer services. However, despite its convenience, many Canadians find RBC’s fees for international transfers, account maintenance, and certain service charges to be on the higher side. Whether you’re looking for better exchange rates, more flexible mobile apps, or lower banking fees, there are now several RBC money alternatives in Canada that offer a more affordable and tech-forward approach to personal finance. In this guide, we’ll explore the top alternatives to RBC and help you choose the right one based on your financial goals and digital banking needs.
What is RBC?
The Royal Bank of Canada (RBC) is a cornerstone of Canadian banking, with a legacy stretching back to 1864. Originally founded in Halifax, RBC has grown into one of the largest financial institutions in North America, serving millions of individuals, businesses, and global organizations. It operates more than 1,200 branches across the country, offering a full suite of services including everyday banking, investment accounts, business solutions, and RBC credit cards Canada.
RBC also plays a strong role in the international banking space, providing tools like RBC global money transfer and RBC send money internationally services that support clients in over 200 countries. The bank’s reputation is built on scale, security, and legacy—but it’s not always the most cost-efficient choice. Between international transfer fees, RBC mobile banking limitations, and customer concerns about RBC customer service responsiveness, many Canadians are starting to explore modern alternatives with better rates, digital innovation, and lower fees.
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5 Best RBC Alternatives in Canada
RBC (Royal Bank of Canada) is widely available across the country and offers a broad range of services through its branches and RBC mobile banking app. It supports everything from daily banking and credit cards to RBC international bank transfer options like RBC Global Money Transfer. While convenient, RBC’s services often come with high monthly account fees, foreign exchange markups, and complex fee structures for international transactions. If you’re looking for simpler, low-cost, and mobile-friendly alternatives, these five Canadian platforms provide excellent value. Each one is built for modern banking needs offering free accounts, competitive rates, and digital-first tools.
KOHO
Overview:
KOHO is a Canadian fintech platform offering prepaid Visa cards with built-in budgeting and cashback tools. Designed as a mobile-first alternative to traditional banks like RBC, KOHO allows users to spend, save, and send money all from a clean, user-friendly app. KOHO accounts are free to open, and you get access to real-time spending insights, savings goals, and free Interac e-Transfers. KOHO also offers a credit-building program and premium perks with KOHO Extra, including waived foreign exchange fees and higher cashback rewards.
Key Features:
- Free Interac e-Transfers
- Cashback on purchases
- Budgeting and credit-building tools
Fees:
Standard plan is free; KOHO Extra: $9/month
Why Choose KOHO?
Great for Canadians who want smart money tools, rewards, and zero monthly fees in a mobile-first experience.
PayPal
Overview:
PayPal is a trusted name in global payments, offering Canadians the ability to send and receive money internationally and shop online with ease. Unlike RBC Global Transfer, PayPal doesn’t require you to input banking information for the recipient—just an email address. Transfers funded by your bank account are free within Canada, though international transactions incur service fees and exchange rate markups. PayPal also supports business payments, invoicing, and currency conversion, making it ideal for freelancers or remote workers.
Key Features:
- Global payment network
- Buyer/seller protection
- No recipient bank info required
Fees:
Free domestic (bank-funded); ~3.9% + FX fees for international transfers
Why Choose PayPal?
Ideal for users needing quick, flexible money transfers with global reach and brand recognition.
Tangerine
Overview:
Tangerine, backed by Scotiabank, offers a no-fee chequing account that includes unlimited Interac e-Transfers, a cashback credit card, and a full-service digital banking platform. Unlike RBC’s monthly fee structure, Tangerine accounts come with no monthly charges, making it a cost-effective option for everyday banking. While it doesn’t directly compete with RBC’s international transfer tools, Tangerine pairs well with third-party apps like Wise for global payments. The Tangerine app is sleek and provides access to savings, investments, and loan products.
Key Features:
- No monthly fees
- Free Interac e-Transfers
- Cashback credit card
Fees:
Free banking; FX and wire transfer fees apply for international transactions
Why Choose Tangerine?
A great all-around banking alternative for Canadians who want zero-fee, feature-rich digital banking.
Simplii Financial
Overview:
Simplii Financial is the online banking division of CIBC, offering Canadians a no-fee digital bank with robust services and global money transfers to over 130 countries. Unlike RBC, Simplii doesn’t charge account fees and allows you to send money internationally with no transfer fees a major plus for users sending frequent remittances. Simplii also offers high-interest savings, credit cards, and full mobile access, making it a complete replacement for RBC’s everyday and international banking features.
Key Features:
- No-fee chequing account
- Free global money transfers
- Backed by CIBC
Fees:
No monthly fees; FX rates apply for international transfers
Why Choose Simplii?
Best for users seeking international transfer tools with zero banking fees and a trusted backing.
EQ Bank
Overview:
EQ Bank combines high-interest banking with affordable international transfers powered by Wise. Unlike RBC, which uses traditional FX markups, EQ Bank clients can send money abroad using Wise’s mid-market rates, which are typically much better. You also get no monthly fees, free Interac e-Transfers, and one of the highest interest rates on daily banking in Canada. EQ Bank doesn’t offer credit cards, but for savings, bill payments, and international banking, it’s a powerful alternative.
Key Features:
- Wise-powered international transfers
- High-interest hybrid account
- No monthly fees
Fees:
No monthly fees; Wise fees (~0.35%–1.5%) for international transfers
Why Choose EQ Bank?
Perfect for Canadians who want to earn interest, bank for free, and send money globally at real exchange rates.
Comparing the Best RBC Alternatives for Canadians
If you’re looking to simplify your finances, cut costs, or find a better way to manage money transfers and daily banking, several modern alternatives now compete with the RBC Royal Bank of Canada. While RBC Canada offers robust tools and international capabilities like RBC Global Money Transfer, its fees, exchange rate markups, and rigid structures may not suit everyone. In this section, we compare the best RBC alternatives for Canadians, covering their domestic and U.S. transfer costs, core advantages, and bonus features to help you find a better fit for your financial lifestyle.
| Alternative Name | Best For | Cost to Send Money in Canada | Cost to Send Money to the U.S. | Extra Perks |
| KOHO | Budgeting, cashback, and prepaid use | Free | 1.5% FX (waived with KOHO Extra) | Cashback rewards, savings tools, credit building |
| PayPal | Global online transfers and business | Free (bank-funded) | 3.9% + 2.5%–4% FX markup | Buyer/seller protection, fast global payments |
| Tangerine | No-fee digital banking | Free | Standard bank FX/wire fees | Cashback credit card, integrated savings and investing |
| Simplii Financial | Daily banking + international transfers | Free | Free to 130+ countries | No account fees, CIBC-backed, international remittance tool |
| EQ Bank | High-interest banking + Wise transfers | Free | 0.35%–1.5% (via Wise) | High interest, no monthly fees, real FX rates with Wise |
FAQ
How to transfer money from CIBC to RBC
To transfer money from CIBC to RBC, log into your CIBC online banking, select “Interac e-Transfer” or “Bill Payments,” and add your RBC account as a payee using the correct transit and account numbers. You can also link accounts using external transfer features if both accounts are under your name. Transfers are typically completed within minutes via Interac.
Does RBC have Global Money Transfer?
Yes, RBC offers Global Money Transfer, a feature that allows clients to send money internationally to over 200 countries. This service is available through RBC Online Banking and RBC Mobile Banking, and is typically free of transfer fees. However, foreign exchange markups still apply, which may affect the amount received.
Is it safe to use RBC alternatives for online banking?
Absolutely. Many RBC alternatives in Canada like EQ Bank, KOHO, and Simplii Financial are backed by major institutions or insured by the CDIC (Canada Deposit Insurance Corporation). These platforms use bank-level encryption, two-factor authentication, and strong privacy policies, making them safe for everyday banking and money transfers.
Can I open a bank account in Canada without using RBC?
Yes, you can open a Canadian bank account without using RBC. Trusted alternatives like Tangerine, Simplii Financial, EQ Bank, and KOHO offer free online account setup, no monthly fees, and excellent digital features. These options are ideal for newcomers, students, or anyone looking for mobile-friendly, low-cost banking solutions outside traditional banks.
