Your guide to Digital Commerce Bank’s personal account in Canada
This guide helps you understand online transfers at the Digital Commerce Bank in detail
Foreign currency account in HSBC Canada no longer available? Here are some alternatives
| Important Update: With RBC having acquired HSBC in Canada in March 2024, HSBC foreign currency accounts in Canada 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 |
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This article will cover alternative solutions to services offered by HSBC, such as Wise, a leading international money transfer platform.
| A bird's eye view of the guide: |
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Multi-Currency Options In Canada
Payoneer²
Payoneer is a global payment platform that assists businesses in sending and receiving money in multiple currencies. We'll look at their foreign currency accounts and global money transfer services.
Key Features
| Currencies Covered | 10 |
|---|---|
| Countries Covered | 190+ |
| Foreign Currency Conversion Fees | 0-1% fee for payments received via local bank transfer for USD transfers |
| Transfer Fees | Intermediary bank fees |
| Monthly/Annual Fees | 29.95 USD annual account fee>“If you don’t make a transaction via your Payoneer account or Payoneer card in any 12 months”³ |
| Account Creation/Registration Fees | Might apply for certain countries |
| Inactivity Fees | 29.95 USD annually after a year of inactivity³ |
| Business/Personal Accounts? | Business and Freelance accounts only |
What You Need To Know To Apply
- Eligibility: Must be over 18 years old and a business owner or freelancer
- How To Apply:
- Choose an “Account Type”
- Enter your company or personal details
- Enter other details requested by Payoneer⁴
Wise Multi-Currency Account⁵
Wise provides a multi-currency account that enables customers to hold and manage money in over 40 currencies, with interbank exchange rates and low fees. Let's take a closer look at the features of this account and what it has to offer.
Key Features
| Currencies Covered | Over 40 currencies |
|---|---|
| Countries Covered | 73 |
| Exchange rate | Mid-market or interbank exchange rate |
| Transfer Fees | Starting at 0.33% |
| Monthly/Annual Fees | No fees charged⁶ |
| Inactivity Fees | No fees charged⁶ |
| Business/Personal Accounts? | Both |
What You Need To Know To Apply⁷
- Eligibility: Must be old enough to have some form of photo ID and proof of address
- Verification Info: Submit a photo ID, proof of address, and/or a picture of you holding your ID
- How To Apply:
- Register online or in-app by entering your email, Google, Facebook, or Apple account info
- Submit your passport, national ID, and/or driver’s license
- Once verified, you can set up payments and see instant quotes for rates and delivery time
Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.
Multipass⁸
Multipass is a solution that enables individuals and businesses to hold multiple currencies in a single account. Let’s see how Multipass compares to other options available in Canada.
Key Features
| Currencies Covered | 70+ |
|---|---|
| Countries Covered | 200 |
| Foreign Currency Conversion Fees | No fees charged |
| Transfer Fees | No fees charged |
| Monthly/Annual Fees | 100+ GBP/month |
| Account Creation/Registration Fees | 500+ GBP |
| Inactivity Fees | None |
What You Need To Know To Apply
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Eligibility: Must be old enough to have the required documents
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Verification Info: Submit business registration/incorporation certificate, business owner(s) ID, proof of address for the business, and some additional documents
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How To Apply:
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Fill out the registration form and a Multipass specialist will guide you through the subsequent steps
MTFX⁹
MTFX is a leading foreign exchange and global payment solutions provider that offers competitive rates, fast transfers, and personalized customer service. In this article, we'll look at some multi-currency options they offer for businesses and individuals in Canada.
Key Features
| Currencies Covered | 100+ |
|---|---|
| Countries Covered | 140+ |
| Exchange rate | Real-time exchange rate |
| Transfer Fees | $15 for transactions less than $10,000 Free for transactions over $10,000¹⁰ |
| Monthly/Annual Fees | Zero monthly fees |
| Account Creation/Registration Fees | Free |
| Inactivity Fees | None |
| Business/Personal Accounts? | Mainly for business use |
What You Need To Know To Apply¹⁰
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Eligibility: A business or individual old enough to have a bank account
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Verification Info: Submit copies of your bank account and passport
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How To Apply:
-
Complete the online form on their website
Airwallex
Airwallex is a global fintech company that offers multi-currency account and payment solutions for businesses. With their competitive exchange rates and low fees, they are a popular alternative to HSBC's multi-currency account.
Key Features
| Currencies Covered | Approximately 1,000 currency pairs 64 currencies¹¹ |
|---|---|
| Countries Covered | 50+¹² |
| Foreign Currency Conversion Fees | 0.5-1.0% above interbank exchange rates¹³ |
| Transfer Fees | 12-25 USD for SWIFT transfers 1.50 USD /check Free + potential additional fees for other transfers¹³ |
| Monthly/Annual Fees | None¹³ |
| Account Creation/Registration Fees | None¹³ |
| Inactivity Fees | None¹³ |
What You Need To Know To Apply¹⁴
- Eligibility: Only available to businesses, “strictly for business transactions where goods or services are sold”
- Verification Info: Confirm you are not a restricted business, like investment firms, arms dealers, gambling companies, pharmaceutical companies, and charities
Loop¹⁵
Loop is a Canadian fintech company that offers multi-currency accounts for individuals and businesses. They pride themselves on their competitive exchange rates and low fees, making it an attractive alternative to HSBC's global money account.
Key Features
| Currencies Covered | 4 |
|---|---|
| Countries Covered | 4+ |
| Foreign Currency Conversion Fees | 0.5% markup on global FX conversion |
| Transfer Fees | Free¹⁶ |
| Monthly/Annual Fees | 0 CAD/month for Basic 49 CAD/month for Loop Plus 199 CAD/month for Loop Power¹⁶ |
| Account Creation/Registration Fees | None¹⁶ |
| Inactivity Fees | None¹⁶ |
What You Need To Know To Apply¹⁷
- Eligibility: Age of majority in your province or territory
- Verification Info: Submit company and personal data (addresses, contact info, names, etc.)
Simplii¹⁸
Simplii Financial is a leading online bank in Canada that offers a range of multi-currency options for both personal and business accounts. We'll take a look at their foreign currency savings accounts and more.
Key Features
| Currencies Covered | 5 |
|---|---|
| Countries Covered | 20+ |
| Foreign Currency Conversion Fees | Variable based on currency¹⁹ |
| Transfer Fees | Variable based on currency¹⁹ |
| Monthly/Annual Fees | None |
| Account Creation/Registration Fees | None¹⁹ |
| Inactivity Fees | Variable based on currency¹⁹ |
What You Need To Know To Apply²⁰
- Eligibility: You must be a Canadian resident (excluding Quebec) and the age of majority in your province
- Verification Info: Submit your social insurance number and digital signature
- How To Apply: Fill out Simplii’s form online or call them at 1-888-723-8881
Foreign Currency Accounts With Canadian Banks
PNC Bank²¹
PNC Bank is a great alternative to HSBC's foreign currency accounts, as it offers a wide range of currencies and competitive exchange rates. In this section, we'll look at PNC Bank's foreign currency account options.
Key Features
| Currencies Covered | 30+ |
|---|---|
| Countries Covered | 30+ |
| Foreign Currency Conversion Fees | None>assumed use of exchange rate²² |
| Transfer Fees | 7 CAD²² |
| Monthly/Annual Fees | 68 CAD/month²² |
| Account Creation/Registration Fees | None²² |
| Inactivity Fees | 20 CAD>annually after 2 years of account inactivity²² |
What You Need To Know To Apply²³
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Eligibility: You must be old enough to have the required identification
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Verification Info: Submit a government-issued ID, social security card, ITIN, and/or residency card
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How To Apply: Contact PNC Bank for more information
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Treasury Management Client Care (TMCC): 1-800-669-1518
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PNC Canada TMCC: 1-833-612-0544
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TMCC@pnc.com²¹
RBC Foreign Currency²⁴
RBC offers a foreign currency account that allows customers to hold and manage multiple currencies in one account. We'll look at the features and fees associated with this account.
Key Takeaways
| Currencies Covered | 4 |
|---|---|
| Countries Covered | 29 |
| Foreign Currency Conversion Fees | Not fixed, can be calculated using their currency converter |
| Transfer Fees | 10 CAD²⁵ |
| Monthly/Annual Fees | 0 HKD, EUR, GBP, USD/month Or 3 USD/month
|
| Inactivity Fees | None²⁵ |
| Business/Personal Accounts? | Business only |
What You Need To Know To Apply²⁵
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Eligibility: You must be a Canadian business
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Verification Info: Submit one government-issued ID and a business registration document
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How To Apply: Contact RBC
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Phone: 1-855-993-1072
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Find a branch
LBC²⁶
One of the most popular alternatives to HSBC's foreign currency accounts in Canada is Laurentian Bank (LBC). We'll look at some key features of LBC's foreign currency accounts.
Key Features
| Currencies Covered | 5 |
|---|---|
| Countries Covered | 20+ |
| Foreign Currency Conversion Fees | Exchange rate from date of transfer |
| Transfer Fees | 150 CAD/transfer/account²⁷ |
| Monthly/Annual Fees | 200 CAD/account²⁷ |
| Account Creation/Registration Fees | None |
| Inactivity Fees | None |
What You Need To Know To Apply²⁸
- Eligibility: Must be a Canadian resident or landed immigrant
- Verification Info: Submit 2 identification documents (1 photo ID) and proof of residency
- How To Apply: Visit a branch with your identification
Scotiabank²⁹
Scotiabank is a leading Canadian bank that offers foreign currency accounts for its customers. One unique selling point of Scotiabank is its Global Account, which allows customers to hold multiple currencies in one account.
Key Features
| Currencies Covered | 3 |
|---|---|
| Countries Covered | 20+ |
| Foreign Currency Conversion Fees | 0-48 in currency for cheques, depending on situation³⁰ |
| Transfer Fees | 0-20 in currency, depending on situation³⁰ |
| Monthly/Annual Fees | 1 EUR or 1 USD/month >without proper account maintenance |
| Account Creation/Registration Fees | None³⁰ |
| Inactivity Fees | 20-40 CAD>after 2 years³⁰ |
What You Need To Know To Apply
- Eligibility: You must be a resident of Canada
- Verification Info: Submit a government-issued photo ID
- How To Apply: Visit your local branch or book an appointment online.
NBC³¹
National Bank of Canada (NBC) is one of the largest commercial banks in Canada, offering foreign currency accounts for both personal and business customers. They provide competitive exchange rates and a wide range of currencies, making it easy to manage international transactions.
Key Features
| Currencies Covered | 16 |
|---|---|
| Countries Covered | 20+ |
| Foreign Currency Conversion Fees | 0.20-40 CAD, depending on transaction type³² |
| Transfer Fees | 1.50 CAD /internal transaction 2.20 CAD /external transaction³² |
| Monthly/Annual Fees | 35 CAD/month |
| Account Creation/Registration Fees | None³² |
| Inactivity Fees | None³² |
Desjardins
Desjardins offers foreign currency accounts to manage international transactions in multiple currencies. Their unique selling point is that they offer competitive exchange rates and low fees, making it a cost-effective option for businesses and individuals.
Key Features
| Currencies Covered | 14³³ |
|---|---|
| Countries Covered | 20+³³ |
| Foreign Currency Conversion Fees | None Listed³⁴ |
| Transfer Fees | 0.90-5.50 CAD, depending on transaction³⁴ |
| Monthly/Annual Fees | 25-215 CAD³⁴ |
| Account Creation/Registration Fees | None Listed³⁴ |
| Inactivity Fees | 15-50 CAD>after 1 year³⁴ |
TD Bank³⁵
TD Bank offers foreign currency accounts for personal and business customers. The accounts they promote the most are CAD and USD accounts.
Key Features
| Currencies Covered | 50+ |
|---|---|
| Countries Covered | 2 |
| Foreign Currency Conversion Fees | 3.5%³⁶ |
| Transfer Fees | 0.50-1 CAD, depending on transaction amount³⁶ |
| Monthly/Annual Fees | 0-4.95 USD |
| Account Creation/Registration Fees | None Listed³⁶ |
| Inactivity Fees | None Listed³⁶ |
BMO³⁷
BMO, also known as Bank of Montreal, offers a variety of foreign currency accounts for both personal and business customers. We'll take a look at their global solutions.
Key Features
| Currencies Covered | 19 |
|---|---|
| Countries Covered | 20+ |
| Foreign Currency Conversion Fees | None Listed³⁸ |
| Transfer Fees | 1-5 CAD, depending on transaction³⁸ |
| Monthly/Annual Fees | 0-26.95 CAD/month, depending on plan³⁸ |
| Account Creation/Registration Fees | None Listed³⁸ |
| Inactivity Fees | 20-40 CAD>after 60 days of unacknowledged notice³⁸ |
Wrapping This Up
HSBC's global transfer service, foreign accounts, and multi-currency accounts have assisted many customers. But there are other options out there that are just as good, if not better.
Do not let HSBC's decision impact your financial management - consider using a service like Wise today to experience hassle-free international transactions!
Get your Wise account in a few clicks
Sources:
- Yahoo! Finance
- Payoneer Multi Currency business account
- Payoneer Pricing
- YouTube - Payoneer
- Wise
- Wise Pricing
- Wise How to open an account
- Multipass Open a business account
- MTFX Multi currency accounts
- MTFX FAQ
- Airwallex Supported regions
- Airwallex Supported regions and currencies
- Airwallex Pricing
- Airwallex Eligibility
- Loop Global business bank accounts
- Loop Pricing
- Loop Agreement
- Simplii Financial Foreign currency savings account
- Simplii Financial User agreement
- Simplii Financial Opening an account
- PNC Bank Multicurrency account
- PNC Bank Fee schedule
- PNC Bank To open a bank account
- RBC Royal Bank USD and foreign currency accounts
- RBC Royal Bank Online foreign currency account
- Laurentian Bank Foreign currency deposits
- Laurentian Bank Financial services
- Laurentian Bank Eligibility to open accounts
- Scotiabank Foreign currency accounts
- Scotiabank Account related fees
- National Bank Business - Foreign currency accounts
- National Bank Business - Cash flow
- Desjardins Foreign exchange rates
- Desjardins Business Account fees
- TD Bank USD Accounts
- TD Bank Accounts and services
- BMO Cash management solutions pdf
Sources verified on 2 July 2024
*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.
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