Best Alternatives to HSBC Canada Need Best Alternative Everyday no-fee banking KOHO (free, cash back) High interest savings EQ Bank International transfers Wise Full-service Canadian banking RBC (your existing bank) US banking TD Bank Was HSBC Canada Good?

HSBC Canada Review 2025 (Now RBC HSBC)

Important Update: HSBC Canada was acquired by RBC (Royal Bank of Canada) and the transition completed in 2024. Former HSBC Canada accounts have been migrated to RBC. HSBC no longer operates as a standalone retail bank in Canada.

Updated March 2025. For years, HSBC Canada was the go-to choice for internationally mobile Canadians — particularly those with ties to Hong Kong, the UK, mainland China, and other HSBC markets. The acquisition by RBC marked the end of HSBC's Canadian retail banking chapter. Here's what you need to know.

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HSBC Canada: What Happened

The Acquisition Timeline

November 2022: RBC announced the acquisition of HSBC Bank Canada for approximately $13.5 billion CAD
March 2024: Federal government approved the acquisition
April 2024: RBC completed the acquisition of HSBC Bank Canada
Late 2024: HSBC Canada accounts and branches fully migrated to RBC

What HSBC Canada Was Known For

Before the RBC acquisition, HSBC Canada offered:

International banking connections: Easy transfers and accounts linked to HSBC's global network (UK, Hong Kong, US, Asia, etc.)
Global Private Banking: Wealth management for high-net-worth internationally mobile clients
Jade status: Premium banking for clients with $1M+ in assets
No-foreign-transaction-fee credit cards: Highly valued by frequent international travellers
Competitive mortgage rates: HSBC was often quoted as having aggressive mortgage pricing
Newcomer banking: Strong programs for immigrants arriving from HSBC markets

What Happened to Former HSBC Canada Customers

Product	Migration Outcome
Chequing accounts	Migrated to equivalent RBC accounts
Savings accounts	Migrated to RBC savings products
Credit cards	Converted to RBC Avion or equivalent
Mortgages	Continued under RBC mortgage terms
Investment accounts	Migrated to RBC Direct Investing or equivalent
International banking links	Handled through RBC's global partnerships

RBC for Former HSBC Customers

Former HSBC Canada customers are now RBC customers. Key things to know about RBC:

Canada's largest bank by assets (~$2.1 trillion)
Largest ATM network in Canada (~4,400 ATMs)
Best-rated mobile banking app among Big 5 (4.6★)
Global banking presence through RBC's international offices
Avion Visa cards for flexible travel rewards
Basic chequing from $11.95/month; fee waived with $4,000 balance

International Banking After HSBC

One of the most significant losses for former HSBC Canada customers is the seamless connection to HSBC's global network. If you regularly bank internationally — especially in Asia or the UK — and previously used HSBC's global banking services, you may want to:

Open a separate HSBC account in another country directly
Use Wise or Remitly for international transfers
Explore Desjardins for international French-speaking markets
RBC has international offices but not the same retail banking network as HSBC

Best Alternatives to HSBC Canada

Need	Best Alternative
Everyday no-fee banking	KOHO (free, cash back)
High interest savings	EQ Bank
International transfers	Wise
Full-service Canadian banking	RBC (your existing bank)
US banking	TD Bank

Was HSBC Canada Good?

For internationally mobile Canadians — especially those with ties to HSBC's key markets — HSBC Canada was excellent. Its global banking connectivity, no-forex-fee credit cards, and wealth management for globally mobile clients were unique in the Canadian market. The RBC acquisition removed this option from the Canadian market.

Information current as of March 2025. The HSBC Canada to RBC transition completed in 2024. Contact RBC directly for questions about your migrated accounts.