Global financial services giant HSBC offers banking and investment services to over 40 million customers in dozens of countries around the world. So you might be wondering, can I use HSBc in Canada?
Is HSBC in Canada?
No, HSBC is not in Canada anymore. HSBC previously operated in Canada for over 40 years, but it announced its exit from the Canadian market in 2022.
But while HSBC Canada no longer exists, there are several reputable banks and financial institutions you can use instead for your banking and investment needs—while maybe even saving some money in the process. Here are six of the best.
Another of the Big Five, BMO offers a wide range of alternatives to products formerly offered by HSBC Canada. It starts with the selection of chequing accounts, including the plentiful perks of the Premium Chequing Account as well as the rewards earning potential of the AIR MILES Chequing Account. Savers can also take advantage of a USD savings account or a high promo rate on the Savings Amplifier Account.
Like HSBC Canada, BMO also offers competitive mortgage rates, personal loans and lines of credit, and online stock trading with BMO InvestorLine. It offers a wide range of travel, rewards and cashback credit cards too, along with a special banking program for newcomers to Canada.
And that’s why BMO comes highly recommended if you’re searching for an alternative to HSBC Canada.
This day-to-day chequing account supports unlimited monthly transactions, including e-Transfers. There's a $17.95 monthly fee, but that's waived if you maintain a minimum balance of $4,000 or more. And you can take advantage of a range of other perks too, like a $40 credit card fee rebate, identity theft protection, and 1 free non-BMO ATM withdrawal per month. Plus, if you sign up for the BMO Family Bundle, the rest of your family members can enjoy no-fee banking.
$800 welcome bonus
unlimited transactions
Free e-Transfers
No-fee international transfers
Large branch and ATM network
$17.95 monthly fee (waivable)
Doesn't pay interest
Monthly Account Fee
$17.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn up to $800
RBC: HSBC Canada alternative for standard chequing accounts
When HSBC withdrew from Canada, its Canadian operations were acquired by RBC—so it makes sense that RBC is a top HSBC Canada alternative. As Canada’s largest bank, RBC offers a full range of banking products and services.
There’s a variety of chequing and savings accounts available, including USD accounts for cross-border banking. And just like HSBC Canada did, RBC offers a variety of international banking solutions like no-fee international transfers, travel credit cards, and accounts in other foreign currencies like HKD, GBP and EUR.
RBC also offers fixed and variable rate mortgages, personal loans and lines of credit, and a large selection of rewards and cashback credit cards. And with stock trading available via RBC Direct Investing, RBC is a solid choice as an HSBC Canada alternative.
With the Signature No Limit Banking Account, you get unlimited debit transactions and free e-Transfers. Overdraft protection is included for no extra cost, and you get three free non-RBC ATM withdrawals per month. Other features include gas savings at Petro-Canada, a credit card annual fee rebate, and the ability to earn Avion points when you enrol in the RBC Value Program. And while there is a $16.95 monthly fee, this drops to as low as $4 with the Value Program Rebate.
unlimited transactions
Free e-Transfers
No minimum balance requirement
Earn Avion points on your spending
Up to $5,000 overdraft protection is included at no extra charge
Negative feedback for RBC on Reddit from former HSBC customers
$16.95 monthly fee (fee rebate available)
Doesn't pay interest
Monthly Account Fee
$16.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
CDIC Deposit Insurance
$100,000
Bonus Offer
Apple Watch Series 11 GPS
Scotiabank: HSBC Canada alternative for global banking
If you banked with HSBC because you appreciated its vast global presence, Scotiabank may be your best alternative. It has an impressive global banking presence to support both individual and business banking with over 2,000 branches and offices in 50 countries.
Scotiabank customers get free access to its entire Global ATM Alliance, along with free access to in-branch support around the world, including in the Caribbean, Latin America, Europe and Asia Pacific. It also offers discounted global money transfers with the Scotiabank Preferred Package.
The Scotiabank Preferred Package offers unlimited debit transactions and unlimited e-Transfers, along with access to global money transfers for $1.99 with Scotia International Money Transfer. Customers also enjoy added benefits such as rebates on select Scotia credit cards and the option to waive the monthly fee by maintaining a minimum daily closing balance of $4,000 or setting up recurring payments to an eligible Scotiabank mortgage.
Earn a welcome bonus of up to $700
Unlimited everyday banking transactions
Options to waive the monthly fee
First year annual fee rebate on select credit cards
Balance waiver threshold may be too high for some
High monthly fee
Monthly Account Fee
$16.95
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$2
NSF Fee
$48
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn up to $700
Coast Capital: HSBC Canada alternative for credit unions
Searching for personalized service and a wide range of banking products and services? Coast Capital is worth checking out. Not only is it one of the largest credit unions in Canada in terms of assets, it also boasts over 600,000 members.
Browse Coast Capital’s product selection and you’ll find plenty of the same features you’d expect from a big bank. There are fixed and variable-rate mortgages, personal loans and lines of credit, chequing and savings accounts, credit cards, GICs and more. You can also take advantage of banking offers for seniors, students and newcomers, making Coast Capital a good choice for a wide range of Canadians.
The name of this chequing account tells you the key info you need to know. The Unlimited Chequing Account supports unlimited daily transactions, with free e-Transfers included for fast payments. You also get a free chequebook with 25 cheques each year, and there's a $850 cash bonus for new Coast Capital members who sign up for an account. An $8.50 monthly fee does apply, but this is waived if you're a young person, senior, or can meet a $4,000 minimum balance requirement.
$850 welcome bonus
unlimited transactions
Free e-Transfers
Free chequebook
Monthly fee waived for young people and seniors
$8.50 monthly fee
You need to become a member
Out-of-network and international ATM fees
Monthly Account Fee
$8.50
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
Foreign Transaction Fee
2%
CDIC Deposit Insurance
$100,000
Bonus Offer
Get up to $850
CIBC: HSBC Canada alternative for investing
Mortgages, chequing and savings accounts, credit cards and more—CIBC offers a full suite of banking products. But we’ve included it here as an HSBC Canada alternative for Canadian investors.
HSBC InvestDirect Canada offered an online trading platform where investors could trade stocks, ETFs and more on Canadian and international markets. CIBC Investor’s Edge is a competitive alternative for anyone looking for a full-featured self-directed investing platform. You can use Investor’s Edge to trade stocks, bonds, options, mutual funds, ETFs, precious metals and more, and all through a user-friendly trading platform.
Searching for a self-directed investing platform backed by a major bank? CIBC Investor's Edge fits the bill perfectly. You can trade a wide range of securities in a vast selection of account types on the platform, with margin trading also available. There's an impressive range of charting, research and analysis tools on offer too, including research reports from CIBC Capital Markets. And while brokerage fees apply, there are discounts available for young, student and active traders.
Wide range of research tools
No minimum deposit required
Trade a wide range of assets
Supports advanced order types
$100 annual account fee if conditions aren't met
Discount brokers have lower fees
Difficult to fund your account from an external bank account
Monthly Account Fee
$100
Bonus Offer
No offer available
EQ Bank: HSBC Canada’s alternative for a digital bank
EQ Bank offers plenty of features that make it a solid alternative to HSBC Canada. EQ’s headline product is the Personal Account, which, like the Premier Chequing Account previously offered by HSBC Canada, supports unlimited monthly transactions. But unlike the Premier Chequing Account, the EQ Bank Personal Account doesn’t require you to meet any special requirements to avoid paying a monthly fee—it comes standard with a $0 monthly fee.
Pair the Personal Account with an EQ Bank Card, and you also get free ATM withdrawals across Canada, plus you can earn 0.5% cashback on your spending. This prepaid card also has no foreign transaction fees or foreign exchange fees, making it a good fit for former HSBC Canada customers searching for international banking solutions.
Finally, EQ Bank also offers a US Dollar Account with a competitive savings interest rate and international money transfers with no exchange rate markup. That’s why it’s a top pick if you’re searching for a replacement for HSBC Canada.
There's a lot to like about the EQ Bank Personal Account. For day-to-day banking, it supports unlimited transactions and $0 e-Transfers with no monthly fee, while you also get free ATM withdrawals and cashback earning power with the EQ Bank Card. But the Personal Account also functions as a savings account, paying up to 2.75% interest on your balance when you meet deposit requirements. So if you want a chequing account that's loaded with extra benefits and perks, the EQ Bank Personal Account is well worth a look.
Earn up to 2.75% interest
No monthly fee
Free ATM withdrawals across Canada
Free everyday banking transactions
Earn cashback on your spending
No branches if you want in-person service
Prepaid card instead of a debit card
Monthly Account Fee
$0
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
NSF Fee
$0
Foreign Transaction Fee
0%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn 2.75%
What is HSBC?
HSBC (Hongkong and Shanghai Banking Corporation) is one of the world’s largest banks.
Founded in 1865 and now headquartered in London, England, it serves over 40 million customers in more than 55 markets around the world. In addition to retail banking products for consumers, HSBC also offers wealth management services, corporate banking and trade finance.
When did HSBC come to Canada?
HSBC arrived in Canada in 1981 as Hongkong Bank of Canada. It opened branches in major cities across the country and acquired other banks, including Lloyds Bank Canada and Barclays Bank Canada, in the decades that followed. At one stage, it even became the largest foreign bank in Canada, operating over 130 branches and providing banking services to around 780,000 Canadians.
When and why did HSBC leave Canada?
HSBC announced that it was withdrawing from the Canadian market in November 2022. Noel Quinn, CEO of HSBC Group, provided the reasons for the bank’s exit in a media release:
“We decided to sell following a thorough review of the business, which assessed its relative market position within the Canadian market and its strategic fit within the HSBC portfolio, and concluded that there was a material value upside from selling the business,” he said.
RBC acquired HSBC Canada for $13.5 billion, with the sale completed in March 2024.
What happened to HSBC accounts after HSBC left Canada?
HSBC Canada customers were given the option of becoming RBC customers as part of the acquisition. This would see their bank accounts, credit cards and other financial products replaced by RBC products.
When approving the sale of HSBC Canada, the Minister of Finance imposed several terms and conditions on RBC, including:
Retaining and operating at least 33 HSBC branches as RBC branches.
Fee waivers on all premium chequing accounts for 18 months for any HSBC clients who continued as RBC clients.
Allowing HSBC customers who stayed on as RBC clients to transfer their products to another financial institution at no cost for 18 months.
What did HSBC offer in Canada?
HSBC Canada offered a broad range of banking products and services to Canadians. Let’s take a look at some of its popular products.
Personal accounts
HSBC Canada offered chequing, savings and foreign currency accounts in Canada. One popular option was its high-end Premier Chequing Account, which offered unlimited transactions, free debit card withdrawals in Canada and overseas, and a waivable monthly fee.
A highly rated alternative to an HSBC Canada Chequing Account is the EQ Bank Personal Account. This account supports unlimited transactions with no monthly fee, while also offering free ATM withdrawals and no foreign transaction fees.
The Big Five Banks, including RBC and BMO, also offer access to unlimited-transaction accounts. Monthly fees on these accounts can typically be reduced or waived altogether if a minimum balance requirement is met.
Investment accounts
HSBC InvestDirect Canada provided a self-directed trading platform for Canadian investors. It offered access to over 30 global markets, allowing users to trade stocks, ETFs, mutual funds, options, bonds and more.
If you’re searching for a trading platform that lets you trade a wide range of assets and offers plenty of research tools, CIBC Investor’s Edge is worth checking out. Interactive Brokers is also a good option if you want advanced trading features and access to a long list of global markets, while discount brokers like Questrade and Moomoo are popular choices if you want no or low trading fees.
HSBC Canada developed a reputation for offering competitive mortgage interest rates compared to the Big Five banks. Fixed and variable-rate mortgages were offered, and the bank specialized in uninsured mortgages.
While HSBC’s exit means there’s one less competitor in the mortgage lending market, there are still plenty of options among the Big Five and a host of smaller lenders.
Lending
HSBC Canada offered unsecured personal loans with terms of up to 5 years.
If you’re looking for an alternative lender and you have good to excellent credit, you can apply for funding from a bank or credit union. While these lenders have strict eligibility criteria, they generally offer the lowest rates.
But if your credit history is less than perfect, you may need to consider an online lender. These lenders will look beyond your credit score to determine whether you have enough income to afford to repay a loan, but they tend to offer higher rates.
HSBC operates in over 50 markets around the world. Check out the full list of regions the bank serves below:
UK
Hong Kong
Algeria
Australia
Bahrain
Bangladesh
Belgium
Bermuda
Brazil
Cayman Islands
Channel Islands
Chile
Colombia
Czech Republic
Denmark
Egypt
France
Germany
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Japan
Korea
Kuwait
Lebanon
Luxembourg
Macau
Mainland China
Malaysia
Malta
Mauritius
Mexico
Netherlands
New Zealand
Oman
Peru
Philippines
Poland
Qatar
Saudi Arabia
Singapore
South Africa
Spain
Sri Lanka
Sweden
Switzerland
Taiwan
Thailand
Turkiye
UAE
Uruguay
USA
Vietnam
Virgin Islands
Can you use an HSBC account from another country in Canada?
Yes, you can. If you have an HSBC account in a country where the bank still operates, you will be able to access your account while visiting Canada. You can use online and mobile banking to manage your money, plus use your HSBC debit card or credit card to pay for purchases in Canada.
Bottom line
HSBC may no longer operate in Canada, but there are plenty of reputable and reliable alternatives to choose from. Compare the best HSBC Canada alternatives to find the ideal provider to look after your banking needs.
Frequently asked questions about HSBC in Canada
Hongkong and Shanghai Banking Corporation (HSBC) is not owned by any particular country. It is a publicly listed company that is owned by its shareholders, with major shareholders including Hong Kong-based Ping An Asset Management, Norway's Norges Bank Investment Management, and BlackRock Fund Advisors from the USA. HSBC was founded in Hong Kong in 1865, but today its headquarters are in London.
The sale of HSBC Canada to RBC was announced in November 2022 and completed in March 2024. Starting from March 29, 2024, HSBC Canada products and services began migrating to RBC.
As part of RBC's acquisition of HSBC Canada, 25 of HSBC's Canadian branches were closed. The remaining locations were rebranded as RBC branches, so check the RBC website or app to find your nearest branch.
Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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