9 International Trading Questions Answered + What to Know to Get Started

Please note: Trading on international exchanges is gradually being made available to RBC Direct Investing clients. The capabilities discussed below will be available to all clients in late 2024. For a seamless trading experience please update the RBC Mobile app to the latest version.

Whether you're a pro or just getting started, trading internationally opens a world of opportunity. To help you get started, we've answered some questions about how international markets work. Plus, you can also find key considerations, including trading hours and currencies.

1. Which markets are available?

We’re gradually making a number of international stock markets available. Trading online is currently available for the Hong Kong Exchange, as well as major European markets (London, Paris and Frankfurt). For these markets, you can also access detailed quotes for listed securities.

Trading in other markets including Japanese, Singaporean, Australian, and smaller European markets will continue to be available by phone.

2. What type of RBC Direct Investing account do I need?

International securities can be purchased from any account type, including registered and margin accounts. However, only non-registered cash accounts can hold foreign currencies.

3. Which foreign currencies are available?

In non-registered RBC Direct Investing accounts, you can hold up to eight foreign currencies. The available foreign currencies are Hong Kong Dollar (HKD), British pound sterling (GBP), Euro (EUR), Swiss Franc (CHF), Singapore Dollar (SGD), Australian Dollar (AUD), New Zealand Dollar (NZD) and Japanese Yen (JPY).

4. How do I fund my account to place an international trade?

You can fund your account by transferring money from your RBC bank account online or through the mobile app. You can also fund your RBC Direct Investing account through non-RBC chequing or savings accounts by adding “RBC Direct Investing” as a bill payee.

RBC Royal Bank now offers foreign currency accounts in three currencies: HKD, GBP, and EUR. You can transfer funds from your foreign currency bank account into your RBC Direct Investing account.

Foreign currency transfers in from a bank account will be processed in real-time between 4:30 am and 3:00 pm ET, Monday to Friday (excluding holidays).

Foreign currency transfers out to a bank account or transfers between DI accounts will be processed in real-time between 9:00 am and 3:00 pm ET, Monday to Friday (excluding holidays).

Please note that there are some daily limits on how much you can transfer. Large-value funds being transferred out of your account may be reviewed before being processed.

5. How can I find and research international securities?

You can search and access detailed quote information and available research on international securities in the same way you would for Canadian and U.S. . Enter a keyword or symbol (Hong Kong securities have numerical stock codes, (e.g., Tencent Holdings is ‘700’) in the search bar on the top of the homepage on the RBC Mobile¹ app or in the top right corner of the online investing site to research and/or place a trade. The detailed quote page provides you with:

• Insights from Morningstar Research on European and Hong Kong securities.
• Market data quotes for securities trading on Hong Kong and major European exchanges (London, Paris and Frankfurt.)

You can also use the Trading Dashboard to access market data, investment research, news and trading – all in one view.  Find this all-in-one trading platform under the Trade & Transfer drop-down menu.

6. Can I access real-time quote data for international securities?

Real-time quotes are available for securities listed on the Hong Kong market, accessible after accepting all available exchange agreements. Quotes for securities listed on the London, Paris and Frankfurt markets are delayed.

To review and accept exchange agreements:

1. Click on Profile at the top right corner of the RBC Direct Investing website
2. Select View Profile and Account Settings
3. Click Manage Exchange Agreements in the Online Investing Preferences section
4. View and consent to all the available Exchange Agreements
   
   

7. What order types are available?

Currently, day market and limit orders placed during the respective market hours are available. At RBC Direct Investing, you can buy and sell securities online, through mobile or by phone.

8. Can I modify my international trading order?

Currently, you can’t modify an international trading order. If you want to make a change, you will need to cancel your existing order and submit a new order.

9. How long will it take for my order to appear in my account after it’s been placed?

Once an order to buy or sell securities has been placed in your account, the order status page will be updated in real-time and the Holdings page of the account will be updated accordingly. When an international market order is filled either fully or partially between 8:30 p.m. ET and 7 a.m. ET, you will not be able to see the transaction in real-time on the Activity page.

For currency exchange involving foreign currencies, the activity page will typically take two business days to update due to T+2 settlement. The converted balance will be available as part of your buying power immediately but not available to withdraw until two business days later.

What to Know to Get Started

When you trade on international exchanges, you may notice some differences when compared to trading on North American exchanges. Here are a few things to consider.

1. Fees: Commissions for international stocks are higher than those for North American markets, due in part to additional costs involved in participating in international markets. There can also be additional charges specific to different international markets, such as levies, trading fees and stamp duties. Find details on International Trading Commissions at RBC Direct Investing here. 
   
   
2. Exchange hours: Market hours for international exchanges may differ from your home markets. For example, the Hong Kong Stock Exchange (HKEX) takes a lunch break from 12-1 p.m.; so, market hours are from 9:30 a.m. to noon and 1 p.m. to 4 p.m. Hong Kong Time.
   
   
3. Board lots: A board lot is a standard number of shares that are determined based on two things: the exchange where the security trades and the stock price. Generally, on North American exchanges, a board lot for stocks priced at $1 or more is equal to 100 shares. On international exchanges, the required board lot size varies by security. For example, the board lot size for the HKEX can be between 50 and 100,000 shares, with 50 being the minimum share quantity. Only board lot buys are allowed on the HKEX; though sell orders don’t have to be in board lot sizes. You can find a security’s required board lot in a detailed quote.
   
   
4. Currencies: For non-registered cash accounts, the account dropdown on your Transfer Funds page will show Canadian dollar (CAD), U.S. dollar (USD), Hong Kong dollar (HKD), British pounds (GBP) and Euro (EUR) accounts. Foreign currency exchanges involving international currencies must use the base currencies of either CAD or USD.
   
   You can also place a trade in the foreign market from a CAD or USD account; however, you will incur foreign exchange in the trade, if the foreign security currency is different from the side of the account you choose.
   
   
5. Accounts eligible for international securities: International securities can be purchased in any account at RBC Direct Investing, but not all international securities are eligible for registered plans (learn about non-qualified investments) or margin accounts.
   
   
6. Taxes: Just like investing in your home markets, there can be special tax considerations when investing globally, based on the type of account you’re using, the type of investments you’re making and the country in which your investment originates. Consult with your own professional advisor to discuss your specific financial and tax needs.