Has RBC lost their minds over currency exchange?

Business Forum Personal Finance
1

So, here’s the story. Last month, my brother from Europe was visiting, and we decided to swap his 2,000 Swiss francs for Canadian dollars at RBC’s downtown Toronto branch. Should have been simple, right?

We went in, and things immediately got odd. They demanded ID for a transaction under $3,000, which they usually don’t. My brother didn’t have his ID on him, so I offered mine. Then, the whole staff seemed to go into detective mode, inspecting his francs for nearly 30 minutes! Even the manager came over with a magnifying glass. Finally, they completed the exchange but not without changing the CAD amount three times. We got the cash and a receipt and headed out.

Fast forward two weeks later, RBC calls and says, “Hey, remember those francs? We shouldn’t have accepted them. Could you return the Canadian dollars and get the francs back?” I was floored. My brother had already left, and the cash was spent.

A week later, the manager calls again, insisting we pick up those francs because “they shouldn’t have gone through.” They even went as far as blocking that amount on my RBC account since I’d used my ID.

Am I missing something here, or is this just RBC’s way of trying to backtrack on a completed deal? What do you think—is this worth challenging, or is there some policy I don’t know about?

2

If you’re looking for help, check these links for complaints:

Also, someone mentioned FCAC—they have the power to issue penalties.

3

@Blake
Spot on advice. Definitely file a complaint. RBC’s system should have flagged the transaction if it wasn’t allowed. This mess isn’t your responsibility, and the branch should own the mistake.

4

Small math error here: 2,000 Swiss francs actually convert to over 3,000 CAD. No wonder they asked for ID.

5

Bin said:
@Blake
And here’s the FCAC link again for anyone else wondering: FCAC link. They have real authority and can issue penalties.

Thanks! Didn’t know they could actually penalize banks.

6

@Blake
Might be worth posting on Twitter too. I’ve had success getting quick responses from companies that way.

7

@Blake
Start with RBC’s own complaint process before escalating.

8

Poe said:
@Blake
Start with RBC’s own complaint process before escalating.

True, the ombudsman’s only an option after you’ve given RBC a chance to fix it.

9

@Blake
Honestly, RBC’s complaint line feels like a black hole. All they do is send a generic response back. They’ve become distant with regular customers.

10

Zach said:
@Blake
Honestly, RBC’s complaint line feels like a black hole. All they do is send a generic response back. They’ve become distant with regular customers.

It’s a formality, sadly. They just want you to try everything internally before going higher.

11

Zach said:
@Blake
Honestly, RBC’s complaint line feels like a black hole. All they do is send a generic response back. They’ve become distant with regular customers.

I was wondering if it’s just me. It’s like the people affected don’t even matter anymore.

12

Zach said:
@Blake
Honestly, RBC’s complaint line feels like a black hole. All they do is send a generic response back. They’ve become distant with regular customers.

They probably just hope people give up. But yeah, you’re right.

13

Honestly, just tell them, ‘You own them now. Here’s the closest TD branch if you want to exchange them!’

14

Sidney said:
Honestly, just tell them, ‘You own them now. Here’s the closest TD branch if you want to exchange them!’

If it’s the branch downtown, TD is literally across the street!

15

@Ren
Honestly, pick up the francs, walk to TD, exchange, open a new account and close your RBC one.

16

Oakley said:
@Ren
Honestly, pick up the francs, walk to TD, exchange, open a new account and close your RBC one.

Agreed! Many banks offer promos for new accounts too. Last time I switched, I got $500 for a year with them.

17

@Lex
The post didn’t mention why they had such an issue with the francs. I wonder what triggered RBC.

18

Rye said:
@Lex
The post didn’t mention why they had such an issue with the francs. I wonder what triggered RBC.

Yeah, OP skipped why RBC was so suspicious. I bet they were out-of-circulation notes or something.

19

@Ren
TD, specializing in all your ‘interesting’ transactions.

20

@Ren
Only the best money for TD.