How to Transfer Funds from a TFSA to a Chequing Account with RBC

In today's fast-paced digital age, managing your finances remotely with the Royal Bank of Canada (RBC) is not only convenient but seamless too. For RBC clients looking to transfer funds from their Tax-Free Savings Account (TFSA) into their chequing account, RBC offers three simple methods: Online Banking, Mobile App, and Call Customer Service. In this guide, we will provide step-by-step instructions on how to transfer funds using each of these methods.

Option 1: Online Banking

With RBC's secure Online Banking service, you can manage your TFSA and other banking activity from your desktop or laptop. Here's how you transfer funds from your TFSA to your chequing account:

• Log into your RBC Online Banking account.
• From the 'Accounts Summary' page, select 'Transfer Funds'.
• Select your TFSA as the 'From' account and your Chequing account as the 'To' account.
• Input the amount you wish to transfer and verify the details before hitting 'Submit'.

Once the transaction is complete, the transferred amount will reflect in your chequing account balance. Please note that any withdrawals from your TFSA can only be re-contributed in the following calendar year aside from your annual maximum contribution limit.

Option 2: Using the Mobile App

The RBC Mobile App is perfect for clients who prefer managing their finances on-the-go. Transferring funds from your TFSA to your chequing account using the RBC Mobile App is quick and easy:

• Open your RBC Mobile App and log in to your account.
• Tap the 'Transfer' icon from the main dashboard.
• Select your TFSA as the 'From' account and your Chequing account as the 'To' account.
• Enter the amount you wish to transfer and verify the details.
• Once you are sure all the information is correct, click 'Transfer'.

The transferred funds should immediately appear in your chequing account balance. Remember to take into account the tax-free contribution rules while using your TFSA.

Option 3: Call RBC Customer Service

If you prefer human assistance or are unable to access online services, you can always call RBC's Customer Service to make a transfer. Follow these steps:

• Reach out to RBC Customer Service at 1-800-769-2511.
• Follow the automated prompts, which will guide you to an RBC representative.
• Once you’re speaking with a representative, request them to transfer funds from your TFSA to your chequing account.

The funds transfer will be processed by the representative, and they'll confirm the transaction before ending the call. This option may not instantaneously reflect in your Chequing account but is a reliable backup when Online or Mobile Banking is not accessible.

Whichever method you choose, transferring funds from your TFSA to your chequing account has never been easier with RBC's diverse range of options. Just remember that while withdrawals from your TFSA are tax-free, the amount you remove will affect your contribution room for the year.