Using a structural gravity model on a data set of 69 developed and developing countries over the period 1986-2006, we show that the trade-promoting role of financial development in the exporting country, especially intermediated finance, is magnified when this country faces high exporting costs, i.e. when there is no Regional Trade Agreement (RTA) between this country and the importing one. Finally, we also find evidence that the same trade-boosting effect and the same interaction with RTAs prevails for financial development in the importing country.