Introduction

Many people are turning to Tax-Free Savings Accounts (TFSA) as a versatile way to save for both short and long-term goals. As a TFSA holder with RBC (Royal Bank of Canada), you enjoy both flexibility and freedom, especially when it comes to moving your money. If you wish to transfer funds from your TFSA to a Chequing RBC account, there are three convenient methods to do so: online banking, through the RBC mobile app, or by calling RBC's customer service. This guide will walk you through detailed instructions for each option.

Transferring Funds through Online Banking

With RBC’s online banking, you can easily move money from your TFSA to your chequing account from the comfort of your home. Here are the steps you need to follow:

• Navigate to RBC’s official website and log in to your online banking account.
• From the Online Banking Home, click on the 'Transfer Funds' button.
• Select your TFSA account as the 'From' account. Then, select your chequing account as the 'To' account.
• Enter the amount you wish to transfer, then click 'Submit.' Ensure that you have enough funds in your TFSA to avoid running into any issues.
• Review your instruction, then confirm your transaction. A transfer receipt will be shown for your records.

Note: Transfers between RBC accounts are usually immediate. However, they may take up to 2 business days during high-traffic periods.

Transferring Funds using the RBC Mobile App

The RBC Mobile app brings banking to your fingertips, allowing you to carry out various transactions such as making a TFSA to chequing account transfer. Follow these steps:

• Download the RBC Mobile app from Google Play or Apple App Store.
• Login with your RBC Online Banking credentials.
• Tap on the 'Transfers' icon.
• Tap on 'Between RBC Accounts' and select your TFSA as the 'From' account and your chequing account as the 'To' account.
• Type in the amount you wish to transfer.
• Tap 'Submit' to initiate the transfer.

Note: Mobile app transfers are typically immediate but may take longer during peak times.

Transferring Funds via Customer Service

If you’d prefer to speak with a person or have questions about your transfer, you can always contact RBC's customer service to assist you with the process. Here’s how:

• Call RBC’s customer service at 1-800-769-2511. They are available 24/7 for your convenience.
• After confirming your identity, inform the representative that you would like to transfer funds from your TFSA to your chequing account.
• Provide the representative with your account details and the amount you wish to transfer.
• After they process your transaction, they will provide you with a confirmation number as a record of your transfer.

Note: Transfers made through customer service may take 1-2 business days to process.

Conclusion

Transferring funds from your TFSA to your chequing account with RBC is a straightforward process, whether through online banking, the RBC’s mobile app, or customer service. Remember to consider any potential tax implications and withdrawal limits associated with TFSAs before making large transfers. For more personalised advice, reach out to an RBC representative or a financial advisor.