Personal Finance Bank accounts

How to close an HSBC Canada account

Piyush Singh

06.05.24 (last updated)

Read time 2 minutes

Are you looking to close your HSBC Canada bank account? Whether you want to switch banks or are just tired of paying service fees, closing an account with a large financial institution like HSBC can seem daunting. But fear not: it’s much simpler than it looks to HSBC Canada close account.

In this article, we will go through the steps you need to take to successfully close HSBC account Canada. We shall also look at Wise, a money saving alternative.

Important update: With RBC having acquired HSBC in Canada in March 2024, their accounts no longer exist. Looking for an alternative that's international, transparent and looking to save you money on cross currency exchange rates? Check out Wise

How To Close Your Account With HSBC Canada

HSBC Canada doesn’t have a specific way to close your account. However, they have many options for getting in contact with them that you can use to discuss closing your account. The main options are online chatting and over the phone. However, you can also send your concerns through the mail.

Online Chatting

Probably the easiest option is by chatting online with an HSBC associate. They offer:

Mobile chat on their app for iOS and Android users
Web Chat via their website
Apple Business chat for Apple users without the app

You should be prepared to verify your identity and have ready access to all your account information¹.

Over The Phone

General banking inquiries, like how to close an account, are taken by HSBC associates over the phone every day. If you are within North America, you can call 1-888-310-4722. If not, you should dial the call collect at 1-604-525-4722 during business hours, which are between 9 am and 9 pm EST, Monday through Friday¹.

If you own an HSBC Premier account and are in North America, you can call 1-866-233-3838 to address your questions. Calls outside of North America should be directed to their call collect number, 1-604-216-8800¹.

Small Business Banking Customers at HSBC can call 1-877-955-4722 with any questions. The line is open from 9 am to 7 pm EST, Monday to Friday¹.

By Mail

HSBC takes general banking enquiries at this mailing address:

885 West Georgia Street
Vancouver, British Columbia
V6C 3E9

The other options are much faster, but this is a good option for those without easy access to technology.

Are There Any Fees For Closing The HSBC Canada Account?

Yes, there are a few potential fees you can incur when closing your HSBC Canada account.

First of all, there is a 20 CAD fee associated with accounts that are closed within 14-90 days of opening. Accounts with a shorter life than 14 days are also granted a refund of the monthly fee if incurred. This implies that accounts beyond 14 days will not be granted a refund to their monthly fee².

Additionally, many HSBC accounts have fees related to transfers and withdrawals. No matter how much money you have in your account, you’re likely to want it moved to your new account or back in your pocket. So it’s highly unlikely that you will close your account for free.

Meet Wise - Your International Money Transfer Alternative

Wise could be your money transfer alternative, whether you spend locally or globally. While changing banks can be a tedious process, it has you covered. You can use this money service business with or without a bank account. You can also

Send money at the mid market rate - no more currency conversion fees!
No hidden fees - all about transparency
Hold and convert your money to 40+ currencies including CAD, USD, EUR and GBP, send to 70+ countries, receive in 9 currencies
Make the most of the Interac e-Transfer features on Wise
Spend like a local with the Wise card when you travel abroad
Use Google or Apple Pay to shop online using your phone

To start managing your money as a student, check out the Wise App on Google Play Store or the App Store!

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources:

Sources verified on: 26 September 2023

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.