Compare · Payments
TuringDock vs RBC
Honest comparison of two ways to pay an international supplier. RBC is a world-class Canadian retail and commercial bank. Their international wire product is built for occasional one-off transfers, not for the rhythm of a manufacturer placing 10–40 international POs a year.
| Attribute | RBC | TuringDock |
|---|---|---|
| FX markup | 2.5–3% above interbank | 0% (interbank rate, locked at PO issuance) |
| Wire fee | $30–50 per international wire | Near zero |
| Settlement time | 2–5 business days | Same or next business day |
| Tracking | Confirmation email when sent. No status until landed. | Real-time status in TuringDock and Slack |
| Where the payment lives | Separate portal, separate workflow. Manually re-enter PO reference each time. | Inside the PO record. One click to send. PO updates automatically. |
| Failure recovery | Phone the business banking line. Hold music. Days. | Inline error with the supplier bank's reason. Retry from the PO. |
| Total cost on a $500K Shenzhen PO | ~$15,000 | ~$500–1,500 |
What RBC does well
RBC is the largest bank in Canada and one of the most stable financial institutions in the world. For Canadian-domestic banking, business deposits, and Canadian-currency operations, the Big 5 banks (RBC, TD, BMO, Scotia, CIBC) remain the obvious choice.
RBC's commercial banking relationships also extend to lending products, treasury services, and FX hedging instruments at scale that TuringDock does not replicate.
Why TuringDock
The Big 5 banks were not designed to be the operating layer for an international supply chain. Their wire products are bolted-on consumer-grade portals; the per-transfer cost (FX markup + wire fee) eats real margin on every supplier payment; and the lack of integration with your PO workflow means information is duplicated across two systems.
TuringDock moves payment initiation inside the purchase order. The FX rate is locked at PO issuance, the transfer settles same or next day at interbank rates, and the PO record updates automatically. On a typical $500K Shenzhen PO that's roughly $13,500 of savings, plus same-week delivery instead of next-week.
Common questions about TuringDock vs RBC
- What's the FX markup at RBC vs TuringDock?
- RBC's standard outbound wire applies a 2.5 to 3% markup on top of the interbank FX rate for small-business accounts. TuringDock Payments applies 0% markup — the interbank rate that reaches your supplier is the same rate banks see when trading with each other. On a $50,000 USD payment that's roughly $1,250 of margin RBC was keeping that TuringDock returns to you.
- Are there wire fees with TuringDock?
- No. RBC charges $30 to $50 CAD per outbound international wire on top of the FX markup. TuringDock Payments has zero per-wire fees in the premium tier.
- How fast does a TuringDock supplier payment settle?
- Same business day for major corridors (USD, EUR, GBP, JPY). RBC's standard timeline is 3 to 5 business days. Faster settlement means your supplier ships sooner, which means your customer order ships sooner.
- Can I keep my RBC business account?
- Yes. TuringDock Payments doesn't replace your operating account; it sits alongside as the international-payments rail. Your CAD operating banking (payroll, GST/HST remittance, day-to-day) stays at RBC. International supplier payments route through TuringDock at PO issuance.
- Is TuringDock a bank or a fintech?
- TuringDock isn't a bank. The payment rail runs on a licensed fintech infrastructure partner (currently in public beta with the first cohort). The MRP layer + the rate-lock UX is what TuringDock owns and operates; the actual money movement is provided by partners who hold the necessary banking partnerships and regulatory licenses in Canada, the US, and the supplier-side jurisdictions.
See it for yourself. The free tier is genuinely free.