What are Bank Drafts?

What is a Bank Draft?

A Bank Draft is a physical means of providing payment to a third party. Funds are immediately taken from your RBC bank account in exchange for the draft, guaranteeing the funds for the recipient.

Bank drafts can be used to make a payment to a third party, both in Canada and abroad¹ and are available for a fee of $9.95 each. Some banking packages include a number of free bank drafts per year, so be sure to review your account features prior to requesting one.

Currencies available for bank drafts: CAD, GBP, and EUR.

To order a bank draft², go to any RBC Royal Bank branch in Canada.

Other Ways to Send Money

Interac e-Transfer

Looking for a quick and simple way to send money to others in Canada? Send an Interac e-Transfer, all you need is the recipients email address or cell phone number. It’s FREE^{5, 6} for all personal chequing accounts and can be done in RBC Online Banking³ or in the RBC Mobile app³.

Learn about Interac e-Transfer

Set up a Direct Deposit

Direct Deposit is a convenient, reliable, quick way to deposit funds directly into someone’s account. All you need is the recipient’s name and account information. A great alternative to cheques with instant access to funds, no holds, and no risk of lost or stolen cheques.

Learn about Direct Deposit

International Money Transfer

Skip going to the branch to send money overseas. Send up to $2500 CAD per day to almost anywhere in the world with new flexible tiered pricing ranging from $6 or $10 per transfer⁴.

Learn about International Money Transfer

U.S. dollar drafts cannot be sold to non-RBC clients. U.S. regulations require financial institutions to know with whom they are dealing before any transaction is completed.

RBC is not able to cancel or stop a Bank Draft. If lost or stolen, a replacement or refund will need to be requested, and a Bond of Indemnity may be required from the purchaser.

RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc. RBC Online Banking is operated by Royal Bank of Canada.

International Money Transfers are available for a $6 fee for transactions of $1000 or less, or a $10 fee for transactions over $1000. Excess debit transaction fee may also apply depending on the account. Additional service fees by any intermediary and receiving bank may apply. Currency conversion fees may also apply. The financial institution on the receiving end of the transaction may have other requirements.

There is a limit of 999 free Interac e-Transfer Transactions per Month per Account; for every Interac e-Transfer Transaction over the limit, you will be charged $1.00.

Interace-Transfer Transactions expire 30 days after they are sent and cannot be claimed by the recipient after this time. You have 15 days after the Interac e-Transfer Transaction is sent to cancel without charge. A $5.00 Interac e-Transfer Transaction Reclaim Fee is charged when a recipient does not accept it before it expires and the sender does not cancel the transaction before the 15-day cancellation period.