Can I Buy Bitcoin with RBC?

Yes, RBC Bank account holders can invest in Bitcoin by using Canadian crypto exchanges registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as Money Services Businesses (MSB). Customers can transfer Canadian dollars directly from their RBC accounts to platforms that comply with strict anti-money laundering (AML) requirements.

How to Buy Crypto with Royal Bank of Canada

RBC customers can buy digital assets through regulated exchanges. Kraken is registered as a MSB with FINTRAC in Canada ‍under Payward Canada, Inc. (MSB Registration No. M19343731). The exchange supports CAD deposits via Interac e-Transfers, wire transfers, Canada Post, SWIFT and Credit Union Atlantic. Users can access over 290 cryptos for spot and futures trading.

Here’s a simple guide to purchasing crypto using your RBC Bank account:

1. Create Account: Visit Kraken’s official website and register a new account. Complete the KYC procedure by providing valid identification to activate your account.
2. Deposit Funds: Once your account is verified, go to the “Funding” section. Choose your preferred deposit method to transfer Canadian dollars from your RBC Bank account.
3. Select Asset With funds in your Kraken account, explore the platform to find the cryptocurrency you want to purchase.
4. Execute Trade: Enter the amount you’d like to buy, carefully review the transaction details, and confirm the trade to complete your purchase.

What are the Fees?

When purchasing cryptocurrency through an exchange, it’s important to understand the fees associated with deposits, withdrawals, and trading transactions.

Kraken is an affordable option, with free CAD deposits available via Interac e-Transfer and bank wire. Kraken’s trading fees are competitive, starting at 0.16% for spot trades, which is considerably lower than platforms like Coinbase, where fees can reach up to 2%.

Withdrawal fees vary by cryptocurrency and are influenced by each token’s specific network fees. Reviewing these costs before initiating a transaction ensures a clear understanding of potential expenses.

RBC Bank Cryptocurrency Policy

RBC does not offer direct crypto trading through its banking services. However, it permits transfers to platforms registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as Money Services Businesses (MSB). Although the bank does allow bank transfers to exchanges, users cannot use their credit cards for crypto purchases. 

Canada’s regulatory framework for crypto exchanges requires compliance with anti-money laundering (AML) and know-your-customer (KYC) requirements, enhancing security for investors. In line with its digital strategy, RBC has also shown interest in blockchain technology. 

About Royal Bank of Canada

‍Royal Bank of Canada (RBC) is Canada's largest bank by market capitalization, serving over 17 million clients across 29 countries. It offers personal and commercial banking, wealth management, insurance, investor services, and capital markets products. 

Some of its products include the RBC Signature No Limit Banking account, RBC Direct Investing for self-directed investors, and the RBC Avion Visa Infinite credit card, known for its travel rewards.

Bottom Line

RBC Bank users can buy Bitcoin, Ethereum, and other cryptocurrencies through Kraken. This platform provides access to over 290 digital assets, supporting spot and futures trading options. Kraken also offers staking services, allowing users to earn returns of up to 28% APY.

When investing, always opt for regulated exchanges, review associated fees, and stay updated on RBC Bank’s guidelines regarding cryptocurrency transactions.