What is Royal Foreign Exchange Withdrawal?

What is Royal Foreign Exchange Withdrawal?
By:
Banking Jul 17, 2024 3 min read
What is Royal Foreign Exchange Withdrawal?

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Royal Foreign Exchange Withdrawal is a transaction that shows up on statements for RBC clients that indicate a foreign exchange withdrawal.

It can also appear concerning an account withdrawal by a collection agency that RBC Is working with.

Typically, it is more associated with foreign exchange transactions with an RBC bank account.

Why Do I Have a Royal Foreign Exchange Withdrawal in My Account?

If you see a Royal Foreign Exchange withdrawal in your RBC account, it likely means that you recently completed a foreign exchange transaction.

This can mean that you purchased foreign currency with money from your account.

There have also been some reports that withdrawals from collection agencies that RBC works with could appear as a Royal Foreign Exchange withdrawal.

In this situation, the collection agency is most likely operating in another country.

What to Do If You Have a Royal Foreign Exchange Withdrawal?

If you are aware of the transaction, then there isn’t anything to do about it.

But if the Royal Foreign Exchange withdrawal is a surprise to you then you need to escalate the matter.

Calling RBC’s customer service is a good start although you can also make your way to an RBC branch to make your inquiry.

If the Royal Foreign Exchange withdrawal happens to be a collection agency then it is best to consider paying off your debt as soon as you can.

Otherwise, the collection agency will continue to garnish your bank account until your debt is paid in full.

Can I Get the Foreign Exchange Withdrawal Refunded?

Only if the Royal Foreign Exchange withdrawal was deemed to be either a mistake or fraudulent activity.

If your situation falls under either of these scenarios there will be an investigation by RBC.

If completed in your favour, you will receive a refund to your account.

If the Royal Foreign Exchange transaction was a collection agency, then you will not be able to get the withdrawal refunded.

These collectors are legally allowed to withdraw funds from your account to pay off any outstanding debt that they have been hired to collect based on agreements you previously signed.

Yes, RBC Foreign Exchange Withdrawals are usually related to a foreign currency transaction.

Typically, this means an RBC client has purchased foreign currency using funds from their Canadian dollar account.

If you are travelling or need to withdraw funds in another currency, you would use your RBC account to make a Royal Foreign Exchange withdrawal.

An RBC Foreign Exchange Withdrawal can be made either online or in person at any RBC branch.

If you make the order online, you will pick up the foreign currency at an RBC location and the amount will be debited from your RBC account.

Frequently Asked Questions

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What happens if I have an overdue credit card payment at RBC?

After a number of months, RBC may charge the debt off and could hire a collection agency to recover funds, sometimes directly from your bank account.

What does Royal Bank's collection agency do?

Royal Bank’s collection agency deals with clients that have outstanding debts like an unpaid credit card balance. RBC has an internal collection team and also works with external collectors, especially if you are located in another country.

What is RBC royal foreign exchange deposit?

The RBC Royal Foreign Exchange deposit appears on your bank statement if you or someone else deposited sold foreign currency to RBC and deposited the proceeds into your RBC account.

Contributors

Baggio Ma
AUTHOR

Baggio Ma

Baggio has been investing for nearly a decade, using the perspectives gained from his work experience in the private, public, and non-profit sectors to shape his investment outlook. He has a specific interest in the potential of emerging disruptive technologies and their impact on the future.

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