How to Withdraw RRSP from RBC: A Comprehensive Guide
If you're having trouble figuring out how to withdraw your Registered Retirement Savings Plan (RRSP) from the Royal Bank of Canada (RBC), you've come to the right place. This comprehensive guide will walk you through the process with step-by-step instructions using three different methods—online banking, mobile app, and customer service call. Each one comes with its pros and cons, ensuring that you find a process that suits your preferences best.
Introduction to RRSP from RBC
A Registered Retirement Savings Plan (RRSP) is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.
How to Withdraw RRSP from RBC through Online Banking
One of the quickest ways to withdraw your RRSP from RBC is through their online banking platform. The process is simple, user-friendly, and can be completed from the comfort of your home. Here's how to do it:
- Log in to the RBC online banking platform.
- From your account Summary page, click on the RRSP account from which you wish to make the withdrawal.
- Select the option for 'Withdraw Funds'.
- Choose the amount you wish to withdraw and select 'Next'.
- Review your withdrawal details and, if everything looks correct, select 'Confirm' to authorize the withdrawal.
Withdrawing RRSP from RBC through Mobile App
If you find yourself constantly on the go and prefer banking on your mobile device, you can conveniently withdraw your RRSP from RBC through their mobile app, too. Here's the step-by-step procedure:
- Open the RBC Mobile app on your device and sign in.
- From the home screen, select 'Accounts'.
- Select your RRSP account.
- Tap on 'Transfer' and then 'Withdrawal'.
- Enter the amount you want to withdraw, choose the account where the money should go, and tap 'Next'.
- Review the details, and if all looks correct, confirm your withdrawal.
Withdrawing RRSP from RBC through Customer Service
If you need help or feel more comfortable speaking with a representative, you can withdraw your RRSP from RBC by calling their customer service. The process may take slightly longer, but a representative will guide you through each step. The number to call is 1-800-769-2511.
Conclusion
Whether you prefer the convenience of online banking, the flexibility of a mobile app, or the reassurance of speaking with a customer service representative, RBC offers several methods for withdrawing your RRSP. Assess your personal preferences and requirements to determine the best method for you. Regardless of your choice, this guide is here to help you navigate the process with ease.