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.

Top alternatives to HSBC bank in Canada

• BMO
• RBC
• Scotiabank
• Coast Capital
• CIBC
• EQ Bank

BMO: HSBC Canada alternative for a Big Bank

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.

BMO Performance Chequing Account

8.7 Great

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BMO Performance Chequing Account

Earn up to $1,100
Bonus Offer

$17.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Finder Reward

Get a $175 digital Visa card from Finder Become a Finder member, then open a new BMO Performance Chequing Account through Finder as a first-time customer and keep it open until January 29, 2027. Offer ends November 30, 2026.

T&Cs apply.

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.

• up to $1,100 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 $1,100

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.

RBC Signature No Limit Banking Account

8 Great

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RBC Signature No Limit Banking Account

Get up to $600
Bonus Offer

$16.95
Monthly Account Fee

unlimited
Free Transactions

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• Pros + Cons
• More Details

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	Get up to $600

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.

Scotiabank Preferred Package

8.6 Great

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Scotiabank Preferred Package

Earn up to $1,000
Bonus Offer

$16.95
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

Finder Reward

Get $100 from Finder Become a Finder member, then open a new Scotiabank Preferred Package online through Finder as a first-time customer to get a $100 digital Visa card from Finder + earn up to $1,000 in welcome bonuses from Scotiabank. Keep the account open until January 15th, 2027. Offer ends November 30, 2026.

T&Cs apply.

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 $1,000
• 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	$10
Foreign Transaction Fee	2.5%
CDIC Deposit Insurance	$100,000
Bonus Offer	Earn up to $1,000

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.

Coast Capital Unlimited Chequing Account

8 Great

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Coast Capital Unlimited Chequing Account

Earn up to $600
Bonus Offer

$8.50
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

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 $600 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.

• $600 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	Earn up to $600

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.

CIBC Investor’s Edge

7.9 Great

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CIBC Investor's Edge

N/A
Bonus Offer

$100
Monthly Account Fee

N/A
Free Transactions

• Info
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• More Details

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.

EQ Bank Personal Account

9.4 Excellent

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EQ Bank Personal Account

Earn 3.00%
Bonus Offer

$0
Monthly Account Fee

unlimited
Free Transactions

• Info
• Pros + Cons
• More Details

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 3% 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 3% 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 3.00%

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.

Mortgages

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.

Learn more in our guide to the best personal loans in Canada.

What countries does HSBC operate in?

HSBC operates in over 50 markets around the world. Check out the full list of regions the bank serves below:

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

• Which country owns HSBC bank?

  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.

• When did HSBC Canada become RBC?

  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.

• Where can I find HSBC Canada locations near me?

  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.

Written by

Tim Falk

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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. See full bio

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