Royal Bank of Canada SWIFT/BIC code

What ROYCCAT2 means for a payment to Royal Bank of Canada

Whether you are given ROYCCAT2 or ROYCCAT2XXX, it is the same address for Royal Bank of Canada in Canada. A SWIFT code tells the sending bank exactly which bank should receive the money, a bit like a postal address for banks. It comes up mainly when dealing with transfers between countries.

On this page you can read what the code means, when it matters and which other details a transfer to or from Royal Bank of Canada requires. Remember that the BIC just identifies the bank, not the account: the IBAN or account number takes care of that.

When will the money arrive at Royal Bank of Canada?

There is no single delivery time: many land within a day. Payments made after the cut-off time or on a weekend or public holiday often start the next business day. Sometimes a bank wants to know about the purpose of a payment, which can hold things up.

A growing number of banks are connected to SWIFT gpi for faster and traceable payments. Each gpi transfer carries a unique transaction reference, the UETR that banks can use to trace it. Money transfer services usually provide a status online showing how far the money has got.

If the money does not arrive after a few business days, the person who paid should start with their own bank rather than Royal Bank of Canada. Request from the sender the payment receipt including the reference.

How up to date is this code?

The directory on GoldexPay is compiled from publicly available sources and is updated regularly. Institutions reorganise, change names and retire codes – a directory can be a step behind. The figures on this page reflect what is in our directory and not on information from Royal Bank of Canada itself.

Treat the information here as a handy check, and let the details from the recipient or Royal Bank of Canada have the final say. GoldexPay is not affiliated with Royal Bank of Canada, we only compare transfer services. If you notice a mistake, we appreciate a short note via the contact page.

Why Royal Bank of Canada has an 8- and an 11-character code

The structure of a BIC is always the same: a bank code of four letters, a two-letter country code and a two-character location code, plus an optional branch code. That gives you ROYCCAT2 for Royal Bank of Canada.

XXX at the end of ROYCCAT2XXX does not stand for a missing value or a mistake: it stands for the main office of Royal Bank of Canada. Certain payment forms ask for 11 characters, and then you simply add XXX behind ROYCCAT2.

Type the code in one piece, in capitals and without spaces, exactly as shown here. Look out for the letter O and the digit 0 and I versus 1, a common source of typos.

Watch out for payment fraud

One of the most common tricks works like this: you receive a message saying that a contact now has a new bank account and that the next payment should go there. That ROYCCAT2 is a real code does not mean that a request mentioning it is genuine – fraudsters use real bank codes as well.

Before paying, verify changed bank details through a phone call on a number you know, not one from the message. Urgency and secrecy are warning signs; a genuine business can wait for you to check. Acted too fast? Call the bank you paid from straight away and ask them to start a recall.

Recipients are targeted too: one known trick is an overpayment followed by a request to refund the difference. Do not act before the money is actually in your account and check with Royal Bank of Canada if anything seems off.

Incoming international payments to Royal Bank of Canada

If you expect money from abroad, give the sender everything they need in one go. In practice that means: your full name as registered with Royal Bank of Canada, your account number or IBAN, the SWIFT/BIC code ROYCCAT2XXX (or ROYCCAT2) and, often, your address.

You can add Royal Bank of Canada and Toronto too. A typo in your account number can be harder to fix than you might think.

Do not be surprised if the amount credited is below the amount on the sender’s receipt. Fees for incoming transfers differ per bank. Agree with the sender who covers the fees.

Which of the 12 codes of Royal Bank of Canada do you need?

With 12 codes, Royal Bank of Canada belongs to the banks that use separate codes for parts of the organisation and departments. The main code remains ROYCCAT2XXX.

In most cases you do not need to pick a branch: transfers addressed to ROYCCAT2XXX reach Royal Bank of Canada correctly. Only use a branch code when your contact explicitly asks for it, for example on a letter or invoice.

If you are not sure, check with the recipient for the exact BIC in their bank details. Codes can change when banks reorganise, so a code from an old document is not always valid.

Is ROYCCAT2 still correct? How to check

Ask the recipient to send you their bank details straight from a recent statement. If the code you have does not match ROYCCAT2 or ROYCCAT2XXX, do not guess – contact the recipient or Royal Bank of Canada.

With a wrong code, the payment may be delayed, be returned or end up costing more, and tracing it can take weeks. Remember the IBAN: an error there can be more difficult to correct than a wrong code.

A validity check in your banking app merely tells you that the IBAN is valid. If your bank offers it, a name check on the recipient gives extra certainty. Sending a small amount first can be worth it for a large first payment despite the extra fee.

International transfers from Royal Bank of Canada: the real cost

The price of an international transfer is made up of more than one component. There is the transfer fee, sometimes charges from correspondent banks along the way and, above all, the margin on the exchange rate.

Most of the cost usually sits in the exchange rate, rather than in the fee: the bank converts using an exchange rate with a margin built in. Compare the rate you are offered against the mid-market rate – the rate you find on financial news sites; the gap is what conversion costs you.

Money transfer services often offer rates closer to the mid-market rate with clearer fees. Before your next transfer, take a minute to compare the total cost via GoldexPay rather than accepting the bank’s rate by default. You can always use your account at Royal Bank of Canada.

The Canadian Dollar and what conversion costs you

Canada uses the Canadian Dollar (CAD). Money sent in a different currency is exchanged into CAD, and whoever converts it chooses the rate. You rarely see a separate charge for the conversion.

Where the conversion happens affects how much arrives, since every bank sets its own rate. Transferring the money directly in CAD often prevents a second conversion – as long as your own rate is good.

The rate for CAD changes throughout the day and quotes are often valid only for a short time. For recurring payments, small differences in the rate make a real difference over a year.