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Prepare for Your Business’ Migration1 to RBC

To help make your migration to Royal Bank of Canada (RBC) easier,
we’ve provided a checklist of items for you to complete prior to March 28th, 2024.

General Information

  • You can reach your Relationship Manager by phone after March 28 at the same phone number they use today. They will share their RBC email address with you before March 28.
  • Enrol your business in RBC’s digital business banking platforms using the It’s time to onboard to RBC Digital Banking email received by your Administrators and Users to avoid disruption to your day-to-day operations. Your existing pre-authorized bill payments, direct deposits and post-dated cheques will automatically be migrated to your RBC account(s) when you enrol.
  • Any Overdraft line(s) of credit will automatically be migrated to RBC.
  • The interest rates and maturity dates on your GICs and term deposits will remain the same.
  • If you use HSBC Bank Canada locations for night deposit, you will have the same night deposit location and key. If you use BMO FBPS for deposits and night deposits, you will no longer be able to do so. See the Business Accounts and Branch Services for information on how to make deposits.
  • If you have a client card (debit card) at HSBC Bank Canada, then you will receive a client card at RBC. If you have more than one full access debit cards at HSBC Bank Canada, you will receive a primary access card and additional cards as applicable before the migration date. HSBC debit cards will not function after March 29.
  • You should carry both your HSBC Bank Canada and RBC Business credit cards until April 1.
  • Download transaction history and statements. See Business Accounts and Branch Services for more information.

Digital Business Banking

Your Administrator(s) and Users have received an email titled It’s time to onboard to RBC digital banking that provides a unique link to create their RBC digital credentials. After digital credentials are set, your Administrator(s) will know which RBC digital business banking platform for day-to-day banking your business will be set up on (RBC Online Banking for Business or RBC Express). Learn more about RBC digital business banking platforms.

HSBCnet will be unavailable starting Thursday, March 28 at 11:59pm ET

The following refers to your ability to view your products on RBC digital channels. Details about the impact to the actual products can be found below in subsequent sections.

Important Timelines for Product and Channel Access and Availability. Bookmark this page to stay informed of any schedule changes.

If you have onboarded your business to RBC Express

  • You will be able to access your funds, including any overdraft, to make payments by Saturday, March 30, 9pm ET. You will also be able to make deposits using your RBC client (debit) cards on Saturday, March 30.
  • Foreign Exchange: You will be able to access the RBC DX platform to begin executing trades by Monday, April 1.
  • Online Tax Filing Service: You will be able to access the Online Tax Filing Service by Monday, April 1.
  • Your Credit and Investment products, including but not limited to GICs, business credit cards and loans, as well as your Foreign Currency Accounts and Trade Finance products will be fully visible in online channels by Wednesday, April 3, 8am ET. Please note: your account number for these products may be visible prior to full product details becoming visible.

If you have onboarded your business to
RBC Online Banking for Business (incl. Mobile)

  • You will be able to access your funds, including any overdraft, to make payments by Saturday, March 30, 12pm ET. You will also be able to make deposits using your RBC client (debit) cards on Saturday, March 30.
  • Your Credit and Investment products will be fully visible by Monday, April 1. Please note: your account number for these products may be visible prior to full product details becoming visible.
  • Online Tax Filing Service: You will be able to access the Online Tax Filing Service by Monday, April 1.
  • Your RBC business credit card(s) will be available in online channels by Wednesday, April 3.

Business Accounts and Branch Services

Business Accounts

Your RBC business accounts will be available on Saturday March 30.

Debit Cards

Your last date to use your HSBC Bank Canada debit card is Friday March 29; however, you’ll only have access to your offline limits on that day. You will be able to use your new RBC Client Card(s) on Saturday, March 30.

Please note you will only receive a business client (debit) card from RBC if your company currently has a debit card at HSBC Bank Canada.

Deposits and Withdrawals

  • Night Deposits

    You will be able to make a night deposit to your HSBC Bank Canada account(s) up until 12am local time on Friday, March 29. Beginning at 12pm local time on Monday, April 1 you can begin making night deposits to your RBC account(s) at the same night deposit location using your existing keys.

  • ATM Deposits

    Your last day to make a deposit through the HSBC Bank Canada ATM will be 6pm local time on Tuesday, March 26. These will be converted to RBC ATMs, and you can begin making deposits as of 12pm local time on Monday, April 1 to your newly converted RBC bank accounts.
    Note: you can also deposit at an existing RBC branch ATM location beginning Saturday, Mar 30th.

  • ATM Withdrawals

    Your last day to make a withdrawal through the HSBC Bank Canada ATM will be 12 pm local time Thursday, March 28. These will be converted to RBC ATMs, and you will be able to make withdrawals at these ATMs from your newly converted RBC bank accounts 12pm local time on Monday, April 1.
    Note: you can also withdraw at any other RBC branch ATM beginning Saturday, March 30th.

  • Deposits and Withdrawals at BMO Branches

    If you currently make deposits/withdrawals to your HSBC Bank Canada account through a BMO branch, your last day to transact via that BMO branch will be 6pm local time Tuesday, March 26. We recommend you book an appointment as soon as possible and speak with your HSBC Bank Canada Relationship Manager to transition to similar services at a nearby RBC location that is convenient for you. To find an RBC branch close to you visit RBC Branch and ATM Locator

  • Ordering RBC Deposit Bags and Slips and Cheques

    RBC requires clients to use RBC deposit slips to make deposits at RBC’s Night Deposit Service locations. Call 1-800-769-2521 as soon as possible to order your RBC deposit slips and night deposit bags and slips and cheques should you require them.

  • Corporate Cash and Coin Orders/Deposits/ Supplied

    On the weekend of migration:

    • Any cash orders entered after Wednesday, March 27 at 10am ET will be debited from your migrated RBC account on April 1. Orders will continue to follow your regular schedule.
    • Deposits received before end of day on March 28 will be deposited into your HSBC account. After April 1, deposits will be directed to your RBC account.

Payment Processors

If you use a payment processor such as Moneris, Chase, Global, Square, etc., you will need to provide your payment service provider with your updated banking information such as your new RBC transit, financial institution number and account number as soon as possible. You can call the RBC Advice Centre at 1-800-769-2521 if you need help finding this information.

It can often take a few days for the processor to update account information changes. Therefore, RBC will continue mapping these deposits to your account without interruption.

Remote Cheque Deposit

Cheque-Pro software

If you currently use the HSBC Bank Canada Remote Cheque Capture services at HSBC Bank Canada, remember to download the RBC Cheque-Pro software driver before you process your first deposit. Instructions on this process will be provided in the onboarding process to the RBC Express banking platform.

  • Download any of your past online Remote Cheque Capture reports before 9pm ET on Thursday, March 28 as you will no longer be able to retrieve your reports after your access to HSBCnet has ended.
  • You will be able to make cheque deposits to your newly converted RBC bank accounts via RBC Cheque-Pro service through RBC Express beginning on 9pm ET on Saturday, March 30.

Mobile Cheque Deposits

  • You will not be able to deposit cheques to your HSBC account using HSBC Remote Deposit Capture service after 9pm ET on Thursday, March 28.
  • You can begin depositing cheques via RBC Mobile Cheque Deposit on Saturday, March 30

Note: RBC Mobile Cheque Deposit is only available to clients who have been assigned to the RBC Online Banking for Business channel. However, multi-user depositing and reporting functionality features are not available with the RBC service. If you are enrolled in the RBC Express digital banking platform and require mobile cheque deposits, please contact your Relationship Manager to talk through your options.

Statements

  • Don't forget to download or print your important HSBC Bank Canada account information, previous statements and transactions for your records - prior to 10pm ET on March 28.
  • Your final HSBC Bank Canada Account and Billing statements will be printed and mailed to you.

Virtual Accounts Management and Liquidity Management Solutions

Virtual Account Management Migration

While your migration to RBC Virtual Accounts will not take place on the last weekend of March 2024, a Migration Project Manager will be reaching out to you soon, if they haven’t already, to walk you through the migration process for this product.

  • Your Migration Project Manager will provide you with the timeline for your migration and information on when your virtual accounts and transactions will switch over to RBC.
  • Whether you use your HSBC Bank Canada Virtual Account product on HSBCnet or through host-to-host file downloads, you will continue to have access to that product and existing features until the product is migrated to RBC Virtual Account Management.
  • Remember to download your reports in HSBCnet prior to your migration to RBC

Liquidity Management Solutions Migration

While your migration to RBC Liquidity Management Solutions will not take place on the last weekend of March 2024, a Migration Project Manager should be reaching out to you soon, if they haven’t already, to walk you through the migration process for this product including the timeline for your migration.

  • You will be able to run your structures at RBC and at HSBC Bank Canada independently until you are ready to close your HSBC Bank Canada
  • Whether you use your HSBC Bank Canada Liquidity product on HSBCnet or through host to host file downloads, you will continue to have access to that product and existing features until the product is migrated to RBC Liquidity Management Solutions.
  • Remember to download your reports in HSBCnet prior to your migration to RBC

Interest Bearing Accounts, GICs & Term Deposits

Interest Bearing Accounts

  • Notice Account Interest

    If you have a 31 Day Notice Account and have chosen Notice Account interest to be deposited to your Business Account, this option will no longer be available at RBC. Interest earned on your balances in your Notice Account will be compounded and paid to the equivalent of your Notice Account at RBC.

  • Redirecting Interest Payments to other Accounts

    RBC will not be able to support crediting interest payments to any accounts other than the account in which the interest is earned. For any exceptions that might apply, please contact your Relationship Manager.

  • Small Business High Rate Savings Balances of $2,000,000 and greater on migration date

    Your Small Business High Rate Savings Account at the time of migration will be moved to RBC’s Small Business Essential Savings Account. If your balance is equal to or greater than $2,000,000 on the day of migration, you may be contacted by your Relationship Manager after your balances are migrated to discuss other savings accounts that may be better suited based on your balance size.

GICs and Term Deposits

  • GIC Maturity/Renewal close to the migration weekend

    If you have a GIC maturing shortly after March 28, 2024, please ensure your GIC maturity instructions are up to date. If you have provided any special instructions regarding your GIC investment, we recommend that you keep this information for your reference and contact your Relationship Manager after migration to ensure your special instructions are captured.

    • For GIC payments due and not processed before the migration weekend, as well as GIC payments due on April 1, those funds will be credited to your account on April 2, 2024.
  • Bank Account Assigned for GIC Interest Disbursements

    If you have an interest payment falling due prior to the migration date, please ensure you have provided direction to HSBC Bank Canada on which bank account you want the interest payment paid into so that funds can be paid to you promptly.

    • If no bank account has been assigned, and the instruction is to credit your account, or if no instruction is available for interest disbursement, the interest payment will be paid out to you after migration to Royal Bank of Canada, on or after the migration date. You will be credited with additional interest as a result of this delay. The payment will be made to you by way of cheque or draft, at the address we have on file.
  • Bank Account assigned for payment of funds from maturing GIC or Term Deposits

    If you have a GIC or Term Deposit maturing prior to the migration date, please ensure you have provided direction to HSBC Bank Canada on which bank account you want the matured funds paid into so that funds can be paid to you promptly.

    • If no bank account has been specified, your principal and interest will be paid out to you after migration to Royal Bank of Canada on or after the migration date. You will be credited with additional interest as a result of this delay. The payment will be made to you by way of cheque or draft, at the address we have on file.
    • Note that if you had instructed to renew the principal portion of a GIC, it will be renewed for the same term, where applicable, up to a maximum of one year.
    • Note that if you have a compound GIC at HSBC Bank Canada in this scenario, your principal and interest will be renewed into a one year term GIC with simple interest.
  • Maturing GIC or Term Deposit with no Maturity Instruction

    If no maturity instruction is recorded in HSBC Bank Canada records, your GIC will be renewed for the same term, where applicable, up to a maximum of one year and interest will be paid out to you. If no bank account has been designated for interest disbursement, your interest will be renewed along with your principal where applicable. Otherwise, the interest payment will be made to you by way of cheque or draft, at the address we have on file.

Foreign Currency Accounts

  • Unsupported currencies at RBC (SGD and CNY/RMB)

    If you have a Foreign Currency account in SGD (Singapore Dollars) or the RMB/CNY (Renminbi/Chinese Yuan) you should have received a communication from HSBC Bank Canada on January 25 requesting a response by Feb 29, 2024 on this matter. If you did not receive this communication, please speak to your HSBC Bank Canada Relationship Manager as soon as possible to determine next steps prior to migration.

    Please note, if no action is taken prior to migration, your accounts will be converted to an existing CAD or USD account because RBC is unable to provide you with account options in SGD nor RMB/CNY currencies. If you do not have a CAD/USD account, the proceeds of your account will be wired to you.

Statements and Tax Slips

Past Statements

It is recommended that you download your past account statements prior to March 28 for your records. You should be able to access these statements on your own post-migration. If not, please contact us for a copy.

Past Tax Slips

Download any past HSBC tax slips (2022 and earlier) prior to migration weekend as you will lose access to them once you migrate to RBC.

  • Tax receipts for 2023 will be issued by HSBC Bank Canada.
  • Tax slips relating to the period January 1, 2024 to the date of migration will be produced by RBC in 2025.

Business and Commercial Credit Cards

Business Credit Cards

Receiving your RBC Business credit cards

If you haven’t received your business credit card(s) by mid-March, contact 1-800 ROYAL 2-1 or speak to your relationship manager about next steps.

Carry Your RBC Business Credit Card with you

Keep your RBC Business credit card and PIN with you as it will be different than your current HSBC credit card and PIN. You can find your PIN in the letter that came after your RBC Card. You can begin using your RBC Business credit card on April 1, 2024. Continue to use your HSBC Bank Canada Business credit card until this date.

Know your new PIN

Your new Personal Identification Number (PIN) for your RBC Business credit card will arrive by mail a few days after you receive your RBC Business credit card welcome package. If you have lost your PIN visit your local RBC branch on or after April 1, 2024, with two pieces of ID, to reset your PIN.

Paying your credit cards

Starting April 1, 2024, you will be able to pay your RBC Business credit card bill via your assigned RBC business digital banking platform (RBC Online Banking for Business or RBC Express) or via the RBC Mobile app.

  • If you need to make a payment between March 28 and April 1, consider making your credit card payment in advance of these dates.

Update your payment information with merchants

On or after April 1, 2024, please contact all merchants (e.g. streaming service subscriptions, fitness membership fees, insurance payments, etc.) with whom you have a recurring monthly, quarterly or annual payment arrangement and provide your updated 16-digit RBC Business credit card number, expiry date and/or CVV to ensure there are no payment interruptions.

Download Statements

Download your March HSBC Business credit card statement before March 28 to keep track of key details such as your balance and payment due date. You may also want to download past HSBC statements in case you need access to them once you migrate to RBC.

Commercial Credit Card program

  • A dedicated RBC Cards Onboarding Specialist will work with your Card Program Administrator(s) to ensure that your RBC Commercial Card Program is configured to meet your needs, including ordering new cards, and setting up any data file integrations.
  • Your current HSBC Corporate Cards will continue to be active for a period of time after they have been migrated to the RBC Commercial Card Program to allow for a smooth migration. This means that for a certain period of time, you will be able to use both your HSBC Corporate Card Program and your RBC Commercial Card Program. Your RBC Cards Onboarding Specialist communicate timing of this overlap to your Card Program Administrator(s)
  • Please note that if you continue to use your HSBC Corporate Cards after they have been migrated to the RBC Commercial Card Program, you will continue to be bound by the HSBC Corporate Card Program and its supporting agreements with respect to such use, until your HSBC Corporate Card Program is closed. However, all uses of RBC commercial credit cards (“RBC Commercial Cards”) will be governed by the RBC Commercial Card Program and its supporting agreements.

Rewards Programs

Recently submitted HSBC Rewards redemptions

Any redemptions or changes made through the HSBC Rewards Program prior to the migration date will be received and processed within the normal processing time. For any concerns regarding redemptions made through the HSBC Rewards program please contact HSBC Bank Canada.

What if I’m travelling on Migration/Easter Weekend?

Pack your Credit Cards:

  • If you are travelling between March 29 to March 31, take your HSBC credit card with you.
  • If you will be away on or past April 1 or if there’s a chance your travel could be delayed past March 31, you should take your RBC Business credit card with you and know your new PIN.

Know Your Travel Insurance

  • If you are enrolled in the Optional HSBC Bank Canada Travel & Medical insurance as an HSBC Bank Canada Business credit card customer this insurance coverage will come to an end as of Thursday March 28.
  • If applicable, your new RBC travel insurance coverage will automatically begin on Friday March 29. To learn more about the insurance coverage on your RBC credit card, visit https://www.rbc.com/hsbc-canada/legal.html#business-credit-cards.

If you need to make a Claim

In the event of a loss related to the insurance coverage included with your HSBC Bank Canada or RBC Business credit card, to submit a claim:

  • For any claims related your HSBC Bank Canada Business Credit Card Insurance or Optional HSBC Travel & Medical Insurance: Visit cardbenefits.assurant.com (Opens to external site) or call 1-800-668-8680 from Canada or the United States, or 416-977-6066 collect from elsewhere in the world.
  • For any claims related to your RBC Business Credit Card Insurance: Please call 1-800-533-2778 from Canada or the United States, or 905-816-2581 collect from elsewhere in the world.

Investments

Please enroll in RBC Online Banking (OLB)/Mobile Banking with your HSBC credentials or your new RBC client card – your new RBC client card and PIN will give you access to digital banking, including your trading and investment account(s).

We understand that this may be a different experience on how you interact and trade. When you pre-enroll, you will have access to resources to help you get started including access to education and site tutorials ahead of your migration.

  • Sign into your DI account the week after migration occurs through rbcdirectinvesting.com (Opens link in new window) using your RBC client number and password.
  • Before your account(s) migrate to RBC Direct Investing, download your previous HSBC InvestDirect account statements, tax documents or transactions history as you will not have immediate access to these documents upon migration. You will also need to export or screenshot your watchlist and alerts as these won’t be migrated to RBC DI. You can re-create these watchlists after migration.
  • If you plan to trade upon migration, please ensure that you transfer cash (applicable to all currencies) into your HSBC Invest Direct account prior to March 28, 2024. At RBC Direct Investing, all commissions and fees are charged to the RBC Direct Investing account(s). You will not have the ability to charge them to a bank account (either an account at RBC or at another financial institution). To learn more on how to fund or settle trades, please refer to rbc.com/hsbc-canada.
  • If you are a non-resident of Canada, there may be changes to your access when your account migrates to RBC Direct Investing. Please refer to rbc.com/hsbc-canada for the most up-to-date information.
  • If you are an existing RBC Direct Investing client, you will be able to find a ‘support page’ on the RBC Directinvesting.com online platform under the "Explore tab'.
  • Your Pre-Authorized Contribution instructions (PAC) from your HSBC Bank Canada account(s) to your HSBC InvestDirect account(s) will migrate to RBC Direct Investing but may be subject to change after migration due to differences in RBC Direct Investing’s frequency and/or payment date options. Please refer to rbc.com/hsbc-canada for more information.
  • There may be changes to your investment instructions (including RRIF payments, pre-authorized contributions, Automatic Funds Transfer ) which could impact you. Click here for more details.

From RBC Direct Investing to RBC Foreign Currency Account:

  • Wire transfers from RBC Direct Investing Business Cash account to your RBC Foreign Currency Account:
    • There is no charge for wire transfers in HKD, EUR, GBP, CHF, SGD, JPY, AUD, NZD
    • To place a wire transfer request, call 1-800-769-2560 between 7am and 8pm ET Monday-Friday (excluding holidays).
    • Orders placed after 9am and before 3pm ET Monday – Friday (excluding holidays) will be processed in two business days.
  • Wire transfers from RBC Direct Investing Business Cash account to other financial institutions:
    • Wire transfers in HKD, EUR, GBP, CHF, SGD, JPY, AUD, NZD are available, fee is C$45.00.
    • To place a wire transfer request, call 1-800-769-2560 between 7am and 8pm ET Monday-Friday (excluding holidays)
    • Orders placed between 9am and 3pm ET Monday – Friday (excluding holidays) will be processed in two business days.
  • From RBC Foreign Currency Account to RBC Direct Investing:
    • Please contact your branch or relationship manager for information.
  • If you maintain a cash balance (Canadian dollar or US dollar) in your non-registered investment account(s) at HSBC Investment Funds (Canada) Inc. (HIFC), you will not have the ability to hold these cash balances in non-registered accounts at RMFI. If you have a cash balance in your non-registered investment accounts now, please contact your HSBC Mutual Funds Advisor to discuss and provide instructions, or these cash balances will be paid out into your HSBC Bank Canada account.
  • If you have existing pre-authorized contribution (PAC) or systematic withdrawal plan (SWP) instructions at HIFC, they may be:
    • migrated to your RMFI account;
    • migrated but subject to change due to differences in frequency options; or
    • cancelled.
    Please refer to the rbc.com/hsbc-canada/legal to understand if your PAC or SWP instructions could be impacted at migration.
  • RMFI offers auto switch on a weekly, biweekly, semi-monthly, monthly, quarterly, semi-annual, and annual basis. Your HSBC auto-switch instructions will map to the closest RBC frequency option at migration. If you have auto-switch instructions on your account from more than one fund or going to more than 15 funds, the auto-switch instructions will be cancelled at migration. Furthermore, if you have more than one auto-switch instruction on your account, all instructions will be cancelled at migration.
  • Your HSBC Sweep (distribution) instructions will change at migration to pay out at the date of distribution. Distributions will not accumulate in your investment account; they will be paid to the bank account attached to the account when the fund makes the distribution.
  • Trading authorities for your non-personal HIFC accounts will need to be established when your accounts migrate to RMFI. Please book an appointment with a licensed advisor after March 28th to set up trading authority instructions for your account.
  • Clients who migrate to Dominion Securities, will need to call 1-800-769-2521 for the following HIFC accounts: Market-Linked GICs

Historical Portfolio Information

Your account’s historical transactions, performance information and annual reports will not be available online to you after migration to RBC PH&N Investment Counsel. Please retain your HSBC Private Investment Counsel statements and annual reports for this information. New performance calculations will be provided going forward after migration.

Small Business and Commercial Credit & Lending

If you have onboarded your business to RBC Express

  • Your Business Loans will be available to view on Wednesday, April 3, 8am ET; however, your Relationship Manager will be able to support with any questions prior to availability.
  • Drawdowns and payments can be made, via your Relationship Manager beginning Monday, April 1.

If you have onboarded your business to RBC Online Banking for Business

  • Your Business Loans will be available to view in RBC Online Banking for Business Mobile on Sunday, March 31, 8am ET and on RBC Online Banking for Business by Monday, April 1; however, your Relationship Manager will be able to support with any questions prior to availability.
  • Drawdowns and payments can also be made, via your Relationship Manager beginning Monday, April 1.

Everything concerning your lending products will remain the same once migrated to RBC.

For more detailed information on reporting and how your loans will operate at RBC, visit
RBC Product Migration Guide for HSBC Bank Canada Clients

Your existing HSBC Bank Canada support teams are committed to servicing your existing credit facilities up to March 28, as well as taking the necessary steps to transition your business to RBC. To help ensure a smooth and orderly transition, take note of the following:

  • Drawdown requests: Please provide the required notice (1, 2, 3 days) indicated in your terms and conditions, especially those needed the week of March 25.

    Note: any draws requested on or prior to March 28 with a funding date in April or later will be processed by RBC.

  • New credit requests/amendments: please engage with your HSBC Bank Canada representative as soon as possible. They will work with you to process your request using the best approach.
  • Other activities: wherever possible, please submit your ad hoc requests prior to March 21, 2024.

Please be assured that all scheduled principal and interest payments will be processed as usual.

Standard Settlement Instructions for Lending

  • For syndicated lending facilities whereby HSBC is the Administrative Agent, the updated RBC settlement instructions will be provided to you by HSBC ahead of March 28.
  • For all bilateral loans provided by HSBC, please continue to reach out to your current HSBC relationship management team to initiate any transactions and to confirm RBC settlement instructions.
  • For syndicated deals where HSBC is a participant, the updated RBC settlement instructions will be shared directly with the Administrative Agent Bank.

RBC Automotive Finance

What you need to do

Prior to migration, a representative from RBC Automotive Finance will contact you to begin laying the groundwork for a smooth migration to RBC. They will confirm contact information for the following activities:

Within the agreement that provides access to the RBC Overdrive digital platform, you’ll be asked to designate two User administrators. Once your Appointment of Administrator Agreement is signed and returned to RBC, these administrators will be responsible for creating additional Users for your organization within RBC Overdrive.

You will receive this OEM letter for your signature from RBC. Once signed and returned to RBC, using instructions provided by the RBC Auto Finance representatives, the letter will be sent to the OEM after your migration to RBC to ensure there are no interruptions for invoice processing.

What you need to know

RBC Floor Plan and Wholesale Leasing will be managed within RBC Overdrive, a digital platform similar to what dealerships used at HSBC Bank Canada. RBC Overdrive, fully available on Monday, April 1, allows Users to view and manage their inventory for both RBC Floor Plan and Wholesale Leasing products. For customers with Automotive Finance, an RBC Automotive Finance representative will help you enroll in RBC Overdrive.

Creditor Insurance

If you have creditor insurance for your Commercial loan

  • To submit a claim or discuss an ongoing claim before the migration date, please contact your HSBC Bank Canada Relationship Manager.
  • To submit a claim on or after the migration date, please contact the RBC Insurance Service Centre at 1-855-379-5928.

If you have creditor insurance for your personal mortgage

  • To submit a claim or discuss an ongoing claim before the migration date, please contact HSBC Bank Canada at 1-877-955-4722.
  • To submit a claim on or after the migration date, please contact the RBC Insurance Service Centre at 1-855-379-5928.

Cash Management

Payments

Domestic Payments

  • Payee Contact Information from HSBCnet

    Your payee list should be migrated over to RBC; however, we recommend you take screenshots of your bill payee list prior to migration in case you need to recreate your list in your RBC digital business banking platform after migration.

  • Payee Contact Information for Interac e-Transfer

    Your payee contact information will be migrated over from Interac to RBC to a maximum of 99 payees. If you have more than 99 payees in your system contacts, we recommend you copy the information for your payees prior to migration so you can manually add in any payees that may not migrate over.

    • You will be able to initiate e-transfers from your HSBC Bank Canada accounts until Thursday, March 28 at 2pm ET. Once migrated, you will be able to fund your e-transfers from your RBC accounts. See the Digital Banking section for dates on when you can begin making payments.
    • For Account Number Routed (ANR) transactions, you will need to advise your payors of your new RBC account number(s) so that ANR transactions will be routed to your new RBC account(s). Interac will not reroute payments to your new RBC account(s) for you.
  • ACH/EFT payments

    Prior to migration weekend, delete future dated payments and download any EFT client reports. Plan to input future dated payments to the RBC system once you’ve migrated.

Online Tax Filing

After March 29, 2024, you will need to fund your tax payments through your RBC account.

International Payments

  • Future Dated International Payments

    You should document and cancel your future dated wires ahead of migration weekend so you may more easily recreate them after being onboarded to RBC.

  • Wire template Information from HSBCnet

    RBC will attempt to migrate your templates from HSBCnet into your RBC digital business banking platform. However, as a precaution, we recommend you take screenshots of your payee list prior to migration in case you need to recreate the list in your RBC digital business banking platform after migration.

  • Third Party Activity

    Let your Relationship Manager know if you are conducting wires on behalf of a third party or customer, as your enrolment steps may be different.

  • Payment Authorizations

    Ensure all pending payment authorizations are completed by 2pm ET on March 28 to avoid having payments rejected.

Foreign Currency Accounts

Foreign Currency Accounts

If you have a foreign currency account(s), before migration weekend, please ensure:

  • You have a CAD or USD account for billing purposes. If you do not have a CAD or USD account, please speak to your Relationship Manager.
  • Your information is up to date – phone number, email, etc. as the RBC Global Markets team will be reaching out to complete your registration with you.
  • You enroll in HSBCnet as the RBC Online Foreign Currency Account product is only available through our online foreign currency channel. Please contact your Relationship Manager if you need assistance.
  • Your Foreign Currency account is not in a negative balance before migration weekend. RBC will not be able to migrate your foreign currency account if it has a negative balance.

Unsupported Currencies at RBC (SGD and MB/CNY)

If you have a foreign currency account in SGD (Singapore Dollars) or the RMB/CNY (Renminbi/Chinese Yuan), you should have received a communication from HSBC Bank Canada on January 25 requesting a response by February 29, 2024 on this matter. If you did not receive this communication, speak to your HSBC Bank Canada Relationship Manager as soon as possible to determine next steps prior to migration.

Please note, if no action is taken prior to migration, your accounts will be converted to an existing CAD or USD account because RBC is unable to provide you with account options in SGD nor RMB/CNY currencies. If you do not have a CAD/USD account, the proceeds of your account will be wired to you.

Balance and Transaction Reporting

Historical Account Information / Balance and Transaction Reporting

Seven years of balance and transaction history for HSBC accounts will be available upon request at RBC after migration. You will be able to access this information by requesting it from your relationship team. However, for ease of use, we recommend downloading your historical account information statements from HSBCnet to have easier access to this information.

Switching MT940 Destination for Multi Bank Reporting

If you had Third Party Account Support at HSBC you will be enrolled into RBC’s equivalent Multi Bank Reporting upon migration. You will need to inform your third-party banks to send the appropriate SWIFT Message (MT940, MT942) to the RBC BIC address (ROYCCAT2RBX). Your advice team will assist you should you have any questions.

RBC Global Trade Finance Solutions

All core trade products will move to RBC immediately upon migration to RBC (i.e. Guarantees and Standby Letters of Credit, Import and Export Letters of Credit, and Documentary Collections), as well as all Trade Loan products.

  • These products will be fully visible via the RBC Global Trade portal by Wednesday, April 3.
  • Regardless of instrument or product visibility, you will be able to issue transactions beginning on Monday, April 1 during business hours via the RBC Global Trade™ Portal, or via PDF Application Requests.

Your existing HSBC Bank Canada loan/purchase terms and pricing on trade instruments and issued transactions will be honoured at RBC following the migration. Your pricing will be reviewed at the next credit event or annual review and may be subject to change. Where pre-approved pricing is not in place, all net-new RBC trade instruments will be subject to RBC pricing and terms. We will advise you of RBC pricing details at a later date.

However, some changes may will be made respecting trade instruments issued after migration, including charging of interest, charges and fees in CAD or USD, rather than in the currency of your trade products. RBC product processes may be slightly different from HSBC Bank Canada, however we intend to provide a similar client experience. Your HSBC Bank Canada Client Service Manager (CSM) and Business Development Manager (BDM) can address any questions you may have throughout this migration.

Supply Chain Finance and Receivables Finance products will remain on HSBC systems until further notice and our intention is that you will be migrated to RBC's systems by the end of 2024.

Steps to take leading up to the migration weekend:

  • Your administrator(s) should have received an email requesting them to set up your business on RBC Express, your new day-to-day business banking platform, after your migration to RBC, which provides direct access to RBC Global Trade™. You must complete your first time registration and business set-up on RBC Express in order to access RBC's trade transaction portal; RBC Global Trade™.
  • If you are a current HSBCnet user, you should have received a welcome email prompting you to register for a training session on RBC Global Trade™.
  • Please download your trade transaction history from HSBCnet prior to migration weekend.
  • Please download your outstanding reports as of your financial year-end for financial statement and tax purposes.
  • Please download your current saved and available HSBCnet transaction templates (application details, applicant/beneficiary information, clauses or texts) for later reference, as these will not be automatically migrated.

Please be aware of the following dates when transactions will cease at HSBC and be available at RBC:

Activity End of Service @ HSBC Resumption of Service @ RBC
Receivables Finance (RF) – Funding Request March 26 April 1
(Resuming on existing HSBC systems)
Receivables Finance (RF) – Adding New Debtors/Buyers March 8 April 1
(Resuming on existing HSBC systems)
Supply Chain Finance (SCF) – Funding Request March 26 April 1
(Resuming on existing HSBC systems)
Imports (incl. Shipping Guarantee) - Transaction Request March 27 April 1
Exports - Transaction Request March 26 April 1
Guarantee/Standby Letter of Credit – Transaction Request March 26 April 1
Trade Loans – Funding Request March 26 April 1

Document Presentation Locations & Addresses:

Addresses for document management offices in Toronto, Montreal and Vancouver will change effective April 1, 2024. Import and export documents will be received at / dispatched from the following addresses:

  • Vancouver: Royal Bank of Canada, 1055 Georgia Street west, 6th floor, Vancouver, BC, V6E 3S5
  • Montreal: Royal Bank of Canada, 1 Place Ville Marie, East wing, 9th floor, Montreal, QC, H3B 4S6
  • Toronto: Royal Bank of Canada, 180 Wellington Street West, 4th Floor, Toronto, Ontario, M5J 1J1

The RBC Global Trade™ Resource Centre is a centralized hub where you can learn and explore how to issue and organize your Trade Finance transactions (Documentary LCs, Standby LCs and Guarantees, and Documentary Collections) via the RBC Global Trade™ portal. There are several guides and videos to help you get started and manage your trade transactions. If you’re having any difficulty accessing your RBC Global Trade homepage, please contact the RBC Client Liaison Officer (CLO Team) Helpdesk at 1-800-757-4525, Option 5, or your HSBC GTRF Client Services Manager.

If you are not presently digitally-enabled and wish to continue submitting manual paper (PDF) transactions for trade instruments, you may do so for Documentary LCs, Standby LCs and Guarantees, and Documentary Collections.

Please do not hesitate to contact your HSBC GTRF Client Services Manager should you have any questions regarding any of the above points.

Global Markets

What To Expect

As an RBC client, you will gain access to RBC Capital Markets’ comprehensive range of advisory, financing and trading products and services, cross-border capabilities, in-depth perspectives across all major sectors, and a broad range of asset classes and currencies. You will be supported by experienced teams, located in 59 offices across North America, Europe, the United Kingdom, Asia, and Australia.

Starting March 29, 2024, you will continue to have access to your current HSBC markets coverage teams, who will now be employed by RBC. You will be able to contact them via their existing phone numbers (both mobile and landline), Bloomberg chat, RBC E-mail or using the RBC’s Global Markets desk numbers provided to you in the Your upcoming migration to RBC email.

  • Open Trades: All open trade positions with HSBC Bank Canada as of end of day Thursday, March 28, 2024, will be transitioned to RBC during migration weekend, with settlements to be processed by RBC (see below the link to RBC Global Markets’ settlement instructions). There will be no change to the pricing and terms of your open trade positions. Post migration, the HSBC LEI will be terminated, and your trades will now face RBC as a counterparty.
    • This activity constitutes a corporate action and will trigger trade reporting requirements. If you are the reporting party on existing trades, please take any necessary action to ensure trade details are updated to reflect RBC’s LEI (ES7IP3U3RHIGC71XBU11).
    • Where RBC is the reporting party on existing trades, trade reporting will occur no later than the next business day after the life cycle event.
    • If you do not currently have trade reporting obligations with HSBC, you will not have trade reporting obligations with RBC.
    • HSBC will cancel any live FX limit orders effective 4pm ET on March 28, 2024. RBC will enter those orders into their order watching system for no disruption in monitoring of your limit orders.

If you have any questions about the trade positions you have outstanding with HSBC that will be migrated to RBC, please reach out to your HSBC Markets coverage team or your Relationship Manager.

  • Trading Agreements: If you have a master trading agreement with HSBC, the provisions of the agreement will continue to apply to open trade positions, with all references to HSBC Bank Canada to be replaced with RBC. For clients who have a master trading agreement (e.g., ISDA, GMRA) with both HSBC and RBC, transactions booked after March 28, 2024, will be governed by the RBC agreement.
    • Pre-existing HSBC transactions can only be closed out via voice by contacting your salesperson.
  • Confirmations: Due to vendor requirements, certain trades cleared or confirmed through third party vendors (e.g., CLS, TradeNeXus) will have a new trade confirmation generated upon migration to RBC. Once the new confirmation is generated, you must review and execute the new confirmation. This will replace the HSBC confirmation. For bilateral trades, the trade confirmation that you received from HSBC will remain in effect until the expiration of the contract.

Actions To Take Prior To March 29

Below are a few required and recommended actions that you should take prior to March 29 to ensure a smooth transition to RBC.

  • Updated Capital Markets Settlement Details: Starting March 29, 2024, all trade settlement instructions you previously had with HSBC will need to be replaced with RBC’s information. RBC settlement details can be accessed on the following website https://www.rbccm.com/en/policies-disclaimers.page, please use the password provided in the Your upcoming migration to RBC email.
    • Settlement Instructions will need to be updated for all trades where collateral is exchanged under an existing HSBC CSA.
    • If you are a commercial banking customer and are settling your trades via your CAD, USD, or Foreign Currency Account, then a separate communication about updating your settlement instructions will be emailed to you in advance of migration weekend.
  • Onboard to Digital Trading Platforms:
    • RBC Platforms – Please refer to the section below, titled “RBC’s Digital FX Trading Platform: RBC DX”
    • Non-RBC Platforms – If you are currently using a non-HSBC digital trading platform (i.e., an Electronic Communication Network (ECN) such as Bloomberg, 360T, FXAll, etc.) to execute trades with HSBC, please reach out to your ECN contact directly to initiate connectivity with RBC, if not already in place. ECN connections will not automatically be transferred from HSBC to RBC.
  • Download Evolve Trading Blotter: Effective Thursday, March 28, 2024, at 4pm ET, Evolve will no longer be available for transacting with HSBC Canada. Where you are also transacting with foreign HSBC entities, you will continue to have Evolve access, however, you will no longer be able to view any of the historic HSBC Canada data. To prevent any inconvenience accessing trade history after the migration, please download all HSBC Canada transactions from your blotter before 4pm ET on March 28, 2024.

Servicing Timelines Leading up to Migration

Leading up to migration (March 28, 2024), a select number of products and services will be unavailable to be transacted through HSBC Canada for a limited period. To ensure the impact to you is minimal we recommend you review the servicing timelines and plan to submit trades and requests to HSBC ahead of time. RBC operations will continue uninterrupted.

For further details on servicing timelines, please refer to the Your upcoming migration to RBC email.

We continue to be committed to providing you with an exceptional client experience and supporting you and your business needs as you transition to RBC. Should you have further questions about the migration of your products to RBC please reach out to your HSBC Relationship Manager.

RBC’s Digital FX Trading Platform: RBC DX

RBC DX is an online Foreign-Exchange (FX) trading platform that allows for fast and convenient online trading. You may execute a transaction from your desktop or mobile browser. The platform allows for easy access to confirmations and helps you track real-time trading activity through the trade blotter. More information on RBC DX can be found here: RBC Capital Markets | Commercial FX | Electronic Trading

Note: While RBC DX enables online FX trading, any related payment activities (e.g. Express) or business account activities (e.g. Online Foreign Currency Account) would need to be completed through those respective channels or product interfaces.

  • Eligible clients for RBC DX will receive a separate email titled “It’s Time to Onboard to RBC Capital Markets Online” once you have completed your First Time Registration (FTR) and business set-up for your digital channels. If not already completed, please complete any outstanding onboarding steps. For any FX support with RBC DX, please contact: 1-833-828-0674 (DX Support Line)
  • For Online Foreign Currency Account (OFCA) support, please contact: 1-800-769-2521
  • For RBC Express support, please contact: 1-800-769-2521, select option for digital support.

You can review RBC Capital Markets disclosures at https://www.rbccm.com/en/policies-disclaimers.page

Once you’ve completed the RBC DX onboarding steps, you will gain view access to the application. Migrated positions and trading capabilities via DX will be available by Monday, April 1.

For Standard Settlement Instructions, see the Credit & Lending section.

RBC Group Advantage

Group RRSP Sponsors

Please continue to work with your RBC Group Advantage representative on the migration of your plan.

You will receive an email from your RBC Group Advantage representative to ensure critical pre-migration activities are completed, including obtaining access to the digital sponsor portal for Group RRSP remittances.

Group Banking Sponsors

You will receive a welcome email after March 28 with details on the exclusive RBC Group Advantage rewards and offers your employees will be eligible for as well as how they can activate these rewards.

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Additional Help?

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