Royal Bank of Canada (RBC): Overview and Account Opening Guide

Royal Bank of Canada (RBC) is the largest bank in Canada and one of the most valuable financial institutions in North America. Founded in 1864, RBC has grown into a diversified global bank with over 17 million clients worldwide.

As of 2025, RBC is ranked among the top 15 banks globally by market capitalization, with strengths in retail banking, wealth management, and institutional financial services. RBC is especially well-regarded for its stability, customer service, and cross-border solutions for clients in both Canada and the United States.

Bank Profile

• Founded: 1864
• Headquarters: Toronto, Canada
• Market Cap (2025): ~USD 275 billion
• Global Presence: 35+ countries, including the U.S., U.K., Singapore, and the Caribbean
• Key Services: Personal and commercial banking Wealth management and private banking Insurance services Capital markets and corporate advisory Cross-border banking for Canadian–U.S. clients

Why Choose RBC?

• Canada’s most valuable and trusted bank
• Strong cross-border solutions for Canada–U.S. clients
• Leader in wealth management and private banking
• Strong digital banking and customer service reputation
• Global presence in key financial hubs

Account Types Available

1. Personal Accounts Everyday checking and savings accounts Multi-currency accounts (CAD, USD, etc.) Credit cards and mortgages
2. Business Accounts SME banking with specialized industry solutions Corporate accounts with treasury management Trade finance and cross-border services
3. Private Banking Available to high-net-worth individuals (USD 1–2 million+ in assets) Tailored wealth planning, investment portfolios, and estate solutions Family office services for ultra-HNWIs

Account Opening Requirements

For Individuals (Canadian Residents):

• Government-issued ID (passport, driver’s license, or permanent resident card)
• Social Insurance Number (SIN)
• Proof of address (utility bill, bank statement, or lease)

For Non-Residents / Foreign Clients:

• Valid passport
• Proof of overseas address (bank or utility statement)
• Tax identification number (FATCA/CRS compliance)
• In some cases, proof of ties to Canada (employment, study, or property ownership)

For Corporate Accounts:

• Articles of Incorporation / Certificate of Formation
• Business Number (BN) or tax registration
• Proof of registered office address
• Identification of directors, officers, and shareholders

Step-by-Step Account Opening Process

1. Initial Contact Schedule an appointment online or at an RBC branch in Canada or abroad. For private banking, clients are typically onboarded through dedicated relationship managers.
2. Document Submission Provide identity, residency, and financial records. Corporate clients must submit business registration and shareholder details.
3. Compliance Review RBC conducts KYC and AML checks, especially for international clients.
4. Approval Timeline Personal accounts: 3–5 business days Business accounts: 1–2 weeks Private banking: 3–5 weeks
5. Account Activation Clients receive account details, debit/credit cards, and online/mobile banking access.

Advantages & Considerations

Advantages

• Canada’s most stable and globally recognized bank
• Strong cross-border banking (Canada–U.S.)
• Trusted wealth management and private banking platform
• Competitive digital banking services

Considerations

• Non-resident account opening can be restrictive without Canadian ties
• Higher minimum thresholds for premium accounts
• Limited branch presence outside North America compared to U.S. giants

Frequently Asked Questions (FAQ)

Q1: Can foreigners open an RBC account remotely?
A1: Non-residents may open accounts under specific programs, but most must visit a branch or show ties to Canada (property, study, or work).

Q2: Does RBC operate in Singapore?
A2: Yes. RBC Singapore primarily serves wealth management and institutional clients, not retail customers.

Q3: What is the minimum deposit for a standard account?
A3: For basic checking accounts, minimum deposits can start as low as CAD 25–100. Private banking requires USD 1M+ in assets.

Internal Link

• Link from Global Top 20 Banks by Market Cap 2025 → “Royal Bank of Canada (RBC)” anchor text
• Related banks: [Toronto-Dominion Bank Guide], [Bank of America Overview], [UBS Private Banking Account Opening]

Royal Bank of Canada, RBC, account opening, Canadian banks, private banking, wealth management, corporate banking

About the Author

Helen Lili – Editor, Research Lead
Helen leads tariff analysis and product change tracking. She maintains the normalized dataset that powers our comparison tables and ensures each claim links back to a dated primary source. Read more articles