RBC Bank Offers Tips for Canadian Students Attending U.S. Schools

RBC Bank, the leading provider of banking solutions for Canadians visiting or staying longer-term in the United States, is helping Canadian students kick off a successful new semester at universities across the U.S. by offering tips to minimize the costs and headaches associated with managing expenses across the border.

Each year, the number of Canadian students attending university in the U.S. increases. More than 28,000 Canadian students headed south for their studies during the 2013-2014 academic year. This is a 5.5 percent increase from the previous year according to the International Institute of Education.

Banking in the U.S. can be complex and expensive for these students. On average, tuition at schools in the U.S. is more expensive than at comparable universities in Canada. For the 2013-2014 academic year, the cost of tuition at the University of Chicago was $45,945 USD – more than triple the tuition at McGill University in Montreal ($14,561 USD). With increasingly steep costs to manage, it is more important than ever for Canadian students to understand how they will pay for college and manage everyday expenses.

Following these tips will make the process easier for the duration of their time in the U.S.:

· Determine financing: Paying for university can be a daunting task. Determine how much you will pay for college and whether you need to apply for student loans or scholarships. Don’t forget to take exchange rates between Canada and the U.S. into consideration! Consider transferring the money you will need for tuition sooner rather than later, as the exchange rate may worsen before you’re ready to head down for school

· Reach out to your school and peers: Find out if your school has support for international students. You may find the school and your friends have tips of their own, including recommended reading and tools to help you navigate the cross-border experience. Talk to people who have been in a similar situation, and find out what can be done before you move to ensure a smooth transition.

· Be sure to have the right documentation: Your passport needs to be current, and you may need additional documentation like your Social Insurance Number, citizenship card, or even banking and student enrollment information. Prepare a comprehensive package before you leave for school.

· Determine your financial and banking needs. Foreign transaction fees on Canadian credit cards are costly and wire transfers between the two countries add up quickly. But still, Canadian students must pay for tuition, books, housing and daily needs with U.S. dollars and checks. Students need to open a U.S. bank account with a financial institution to help minimize these costs.

“Managing school expenses can be difficult – particularly when you’re attending school in a country with a different currency,” said Alain Forget, director of U.S. business development at RBC Bank. “We minimize stress for students while helping manage costs they might not even anticipate. For example, we offer free and instant1 online transfers in U.S. dollars and one of the best foreign exchange rates at RBC Royal Bank, which can equal big savings for tuition payments that must be made in U.S. dollars.”

RBC Bank, a wholly-owned subsidiary of the Royal Bank of Canada, offers several capabilities that are ideally suited to Canadian students attending schools in the U.S. As a direct bank, RBC Bank suits the mobile lifestyles of cross-border students by offering them constant access to their accounts. With RBC Remote Deposit, students can make deposits anytime, anywhere, with a smartphone, tablet, or computer with a scanner – at no charge2. Students can also avoid foreign transaction fees by using an RBC Bank Debit card, and easily transfer funds from their RBC (Canadian) to their RBC Bank (U.S.) account with a single sign-in to RBC Online Banking.

For additional information about the financial implications of attending university in the U.S., visit www.rbcbank.com or visit a RBC Royal Bank branch.

About RBC Bank

RBC Bank (Georgia), N.A., a wholly-owned subsidiary of the Royal Bank of Canada, provides U.S. banking solutions to RBC consumer clients with a cross-border lifestyle, including snowbirds, expats, student, businesses and more. RBC Bank pioneered cross border banking and has been serving clients who visit, shop, study or relocate in the U.S. for more than ten years. Today, the Bank provides everyday banking, business banking and real estate lending solutions to Canadian clients in all 50 states. For more information, visit www.rbcbank.com.

1. Standard account charges may apply. Maximum transaction limits may apply and are subject to change. Availability of the money will depend on the time when it is sent from RBC Royal Bank or RBC Bank. Transaction may not appear on your RBC Bank (U.S.) account transaction history until the following day but will reflect the date of transfer.

2. Limits apply. A maximum of three deposits per day totalling no more than $3,500 in deposited items applies. You may transmit a maximum of nine deposits over any five consecutive business days totalling no more than $7,000 in deposited items. Contact us for higher limits if needed.

Equal Housing Lender. Member FDIC.

About RBC Royal Bank

Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. We employ approximately 78,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 39 other countries. For more information, please visit rbc.com.

RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2014, we contributed more than $111 million to causes worldwide, including donations and community investments of more than $76 million and $35 million in sponsorships.

Media Contact

Alex Huffman

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alex@largemouthpr.com

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