Hi revh;
That’s the basic idea, though you’ll probably have to use mysqldump vs. xtrabackup. There are a lot of good guides out there on this (it’s a fairly common activity), so I would start with the below and then do some extra Googling if you need some additional information:
[url]https://engineering.gosquared.com/migrating-mysql-to-amazon-rds[/url]
-Scott