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

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:
Multi-Currency Options In Canada Payoneer Wise Multi-Currency Account Multipass MTFX Airwallex Loop Simplii Foreign Currency Accounts With Canadian Banks PNC Bank RBC Foreign Currency LBC Scotiabank NBC Desjardins TD Bank BMO³⁷

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:

1. Choose an “Account Type”
2. Enter your company or personal details
3. 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:

1. Register online or in-app by entering your email, Google, Facebook, or Apple account info
2. Submit your passport, national ID, and/or driver’s license
3. 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

• Eligibility: Must be old enough to have the required documents

• Verification Info: Submit business registration/incorporation certificate, business owner(s) ID, proof of address for the business, and some additional documents

• How To Apply:

• 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

• Eligibility: A business or individual old enough to have a bank account

• Verification Info: Submit copies of your bank account and passport

• 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

• Eligibility: You must be old enough to have the required identification

• Verification Info: Submit a government-issued ID, social security card, ITIN, and/or residency card

• How To Apply: Contact PNC Bank for more information

• Treasury Management Client Care (TMCC): 1-800-669-1518

• PNC Canada TMCC: 1-833-612-0544

• 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 $25 monthly fee²⁵
Inactivity Fees	None²⁵
Business/Personal Accounts?	Business only

What You Need To Know To Apply²⁵

• Eligibility: You must be a Canadian business

• Verification Info: Submit one government-issued ID and a business registration document

• How To Apply: Contact RBC

• Phone: 1-855-993-1072

• 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

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Sources:

1. Yahoo! Finance
2. Payoneer Multi Currency business account
3. Payoneer Pricing
4. YouTube - Payoneer
5. Wise
6. Wise Pricing
7. Wise How to open an account
8. Multipass Open a business account
9. MTFX Multi currency accounts
10. MTFX FAQ
11. Airwallex Supported regions
12. Airwallex Supported regions and currencies
13. Airwallex Pricing
14. Airwallex Eligibility
15. Loop Global business bank accounts
16. Loop Pricing
17. Loop Agreement
18. Simplii Financial Foreign currency savings account
19. Simplii Financial User agreement
20. Simplii Financial Opening an account
21. PNC Bank Multicurrency account
22. PNC Bank Fee schedule
23. PNC Bank To open a bank account
24. RBC Royal Bank USD and foreign currency accounts
25. RBC Royal Bank Online foreign currency account
26. Laurentian Bank Foreign currency deposits
27. Laurentian Bank Financial services
28. Laurentian Bank Eligibility to open accounts
29. Scotiabank Foreign currency accounts
30. Scotiabank Account related fees
31. National Bank Business - Foreign currency accounts
32. National Bank Business - Cash flow
33. Desjardins Foreign exchange rates
34. Desjardins Business Account fees
35. TD Bank USD Accounts
36. TD Bank Accounts and services
37. BMO Cash management solutions pdf

Sources verified on 2 July 2024