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.
Is RBC Foreign Exchange Withdrawal Related to Foreign Currency?
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.
