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Important Details for Migration Weekend
Your products, services and balances have started migrating to Royal Bank of Canada. Check back throughout the weekend to find the status of the migration.
January 2024
What to expect:
You will receive information detailing your RBC products and services, and when they will be available to you.
What to do:
You do not need to take any action at this time.
February 2024
What to expect:
- If you are enrolled on HSBC Bank Canada Online Banking, your online channel and services will be opened for you at RBC.
- You will receive an email via HSBC Bank Canada Online Banking with instructions on how to onboard to RBC's online business banking platforms when we are ready for you to begin the migration to RBC.
- If you have an HSBC Bank of Canada debit card, you will receive your RBC Royal Bank Client (Debit) Cards (Primary, Additional Business Client Card and Agent).
- If you have an HSBC InvestDirect account, you will receive instructions on how to enrol and gain access to your RBC Direct Investing account.
What to do:
- For accuracy, all system administrators and users will need to onboard and authenticate themselves on the RBC online business banking platform.
- System administrators will need to set up any permissions for users.
- Keep your RBC Client Cards safe until March, when your HSBC Bank Canada account(s) will be migrated to RBC.
February to March 2024
What to expect:
- If you are enrolled on HSBC Bank Canada Online Banking, your online channel and services will be opened for you at RBC.
- You will receive an email via HSBC Bank Canada Online Banking with instructions on how to onboard to RBC's online business banking platforms when we are ready for you to begin the migration to RBC.
- You will receive your RBC business credit card(s), if applicable.
What to do:
- For accuracy, all system administrators and users will need to onboard and authenticate themselves on the RBC online business banking platform.
- System administrators will need to set up any permissions for users.
- Keep your credit cards safe until March, when your HSBC Bank Canada credit card account(s) will be migrated to RBC.
- If you use cheques, you can call 1-800-ROYAL21 to order RBC cheques. There will be no cost for your first order, if printed by RBC.
- If you use Night Deposit Services, you can call 1-800-ROYAL21 to order RBC deposit slips and an RBC Night Deposit bag. There will be no cost for your first order.
- Prepare for your business’ migration to RBC, by reviewing the Business Client Migration Checklist of items for you to complete prior to March 28, 2024.
By the End of March 2024
What to expect:
- If you are enrolled on HSBC Bank Canada Online Banking, your online channel and services will be opened for you at RBC.
- You will receive an email via HSBC Bank Canada Online Banking with instructions on how to onboard to RBC's online business banking platforms when we are ready for you to begin the migration to RBC.
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Your HSBC Bank Canada products and services will be migrated to RBC Royal Bank and your incoming payments will be automatically routed to these RBC Royal Bank accounts by March.
The migration of your products and services will be completed for you, including:
- Preserving your HSBC Bank Canada Relationship Manager support
- Migrating your accounts, users, pre-authorized debits and credits, as well as past transaction information
- Limiting the need to sign new agreements
- Preserving lending facilities and pricing where applicable
What to do:
- If you have Corporate Employee Banking Program plans, you will need to convert to the RBC Group Advantage portal for payroll remittance.
- We are working to minimize any additional steps that you may need to complete. More details will be provided in the coming months.
- Prepare for your business’ migration to RBC, by reviewing the Business Client Migration Checklist of items for you to complete prior to March 28, 2024.
- Note: RBC products and services will not be accessible until migration is complete, and HSBC Bank Canada products will be rendered inactive.
Tips for a Smooth Transition
Ensure your information is up to date.
Please ensure that the system administrator(s), user(s), payment templates, beneficiaries, bill payees, and account information you have on file with HSBC Bank Canada is correct so that you can receive future updates.
Share updates with your team.
Advise your system administrators and payment approvers to be ready to onboard to RBC’s online business banking platforms. (More details will be sent to you in an email via HSBC Bank Canada Online Banking.)
Protect yourself against fraud.
Be aware of random, unexpected requests for your banking or investment-related information, including personal details, usernames and passwords. Unless you contacted us first, neither HSBC Bank Canada, RBC, nor their affiliates will ask for this information through email, text or over the phone.
Stay informed.
Review the FAQs below if you have questions or want to see the latest updates about the transition.
Safeguarding your information is important to us. We hold ourselves to the highest standards of privacy management practices to keep your information safe. Please see the RBC Global Privacy Notice and RBC Digital Privacy Notice for details.
Digital Business Banking
As a commercial or corporate banking client, you will be invited to enrol on RBC Express, an enterprise-level platform for businesses with multiple digital banking users requiring domestic and/or international currencies and high-value payment solutions. It provides ease of access to other RBC applications designed to support complex cash management needs.
Users can also download the RBC Express4 Mobile app, which offers the following mobile capabilities:
- View balance reporting and account statements
- Create, view and approve account transfers
- Approve bill payments, ACH and wire payments
What to Expect During Onboarding
Here’s what to expect when it’s time for your business to onboard to RBC Express:
- Each of your system administrators and users who have access to HSBC Bank Canada’s digital business banking platform will receive an email inviting them to register their RBC credentials.
- Businesses whose users have multiple login IDs with HSBC Bank Canada’s digital platform will need to register credentials for each of the login IDs separately.
- After your system administrators have set up their RBC credentials, they will receive a second email inviting them to set up your business on RBC Express and any connected RBC digital business banking platforms you need for your first day with RBC.
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Your RBC Express profile will reflect migrated data* from your HSBC Bank Canada digital platform (as of January 12th, 2024). Any changes you make on your HSBC Bank Canada digital platform after this date will need to be updated in RBC Express:
*Migrated data includes:Will be updated by RBC in mid to late March 2024, requiring you to review: May be updated by you anytime, once your RBC Express profile is set up: - New or changed services or accounts
- New System Administrators and channel users
- Changes to people, permissions and payees
- New System Administrators and channel users
- System Administrators, channel users, and channel services
- Bill payees and where applicable, Interac e-Transfer recipients, and wire templates (converted to RBC Express wire templates). Migrated wire templates will require your validation and upload into RBC Express during your onboarding and setup process.
When it is time to start onboarding, each of your system administrators and users who have access to HSBC Bank Canada’s digital business banking platform will receive an email prompting them to begin the process.
View the Platform Comparison Chart (PDF) for a detailed list of RBC Express capabilities.
Benefits You Can Expect
As an RBC commercial business client, you will retain what matters most to your business and have access to new options from RBC for an increasingly complex global marketplace.
A Dedicated Team
Continue to enjoy the service, strategic advice and knowledge of your HSBC Bank Canada relationship banking team.
Innovative, Trusted Partner
Benefit from RBC Capital Markets’ comprehensive advisory, financing, and trading products and services; cross-border capabilities and in-depth perspectives across all major sectors.
Domestic and International Banking
Access a variety of new and existing solutions, which bring together the best of HSBC Bank Canada and RBC to meet the full scale of your domestic and international banking needs.
Consistently High Level of Service
Benefit from service, expertise and global solutions that earned RBC the “Best Trade Finance Bank in Canada” for 11 consecutive years1.
Award-Winning Advice
Access RBC Capital Markets—Euromoney’s Best Investment Bank in Canada for 20232 and a top 10 global investment bank as recognized by sophisticated companies and institutional investors around the world.
Support for Your Business and Social Impact Goals
Rely on RBC’s history of serving community and commercial business interests in Canada to help achieve your business goals and support the priorities that matter to you.
International Capabilities
Stay connected to your global accounts—view your HSBC account balances in other regions, hold foreign currency accounts and trade on Canadian, U.S. and international exchanges through RBC Direct Investing.
CDIC Coverage
When your account(s) holding deposits migrate to RBC, the eligible deposits will continue to be protected by the Canada Deposit Insurance Corporation (CDIC).
HSBC Private Investment Counsel3 Client?
Your services will be migrated to RBC Wealth Management, where you will have access to world-class investment and wealth stewardship services.
HSBC Global Asset Management Client?
Your investment accounts and services will be migrated to RBC, supported by your existing investment and client servicing teams.
Frequently Asked Questions
RBC Direct Investing Inc. and Royal Bank of Canada are separate corporate entities which are affiliated. RBC Direct Investing Inc. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing is a business name used by RBC Direct Investing Inc.
® HSBC is a trademark of HSBC Holdings plc.
* HSBC Bank Canada refers to, as applicable, HSBC and all subsidiaries, including HSBC Investment Funds (Canada) Inc., HSBC Securities (Canada) Inc. (including HSBC InvestDirect), HSBC Private Investment Counsel (Canada) Inc., HSBC Global Asset Management (Canada) Limited, HSBC Finance Mortgages Inc., HSBC Trust Company (Canada), and HSB Mortgage Corporation (Canada).
‡ All other trademarks are the property of their respective owner(s).
Exceptionally Personalized Investment Management for HSBC Private Investment Counsel Clients
From March 2024, your HSBC Private Investment Counsel* services will be migrated to RBC Wealth Management, where you will have access to world-class investment and wealth stewardship services.
As part of RBC Phillips, Hager & North Investment Counsel and the broader set of RBC Wealth Management services, you will receive a consistent, disciplined investment approach, highly personalized service and a client experience that extends beyond investment management to encompass family wealth stewardship.
Disciplined approach: Stay aligned to your investment objectives and strategies with our established investment approach and firm-wide strategy that is inclusive of our leading investment strategists, economists, and portfolio risk specialists. You benefit from the collective wisdom of both your Investment Counsellor’s personal insight and RBC Wealth Management.
Leading money management: Access award-winning RBC Global Asset Management1 products, plus carefully selected third-party investment managers, and market-leading private equity/alternative managers.
Family wealth stewardship: Enjoy preferred access to our in-house team of 250+ tax, legal and financial experts. Your wealth management strategy encompasses tax, retirement, succession and estate planning. We also collaborate closely with your other trusted advisors to deliver a truly integrated experience.
Peace of mind: Your aspirations. Your family. Your security. Your health and well-being. What’s important to you is important to us so we always keep your priorities top of mind when managing your investments and wealth. Further proof of our commitment is through our partnership offers such as wellness services from health care providers.
Learn more by visiting RBC Wealth Management.
* The Private Investment Counsel service is a discretionary portfolio management service offered by HSBC Private Investment Counsel (Canada) Inc. (HPIC). Under this discretionary service, assets of participating clients will be invested by HPIC or its delegated portfolio manager, HSBC Global Asset Management (Canada) Limited (AMCA), in securities, including but not limited to, stocks, bonds, mutual funds, pooled funds and derivatives. Commissions, management fees, custodial fees and expenses all may be associated with the use of the Private Investment Counsel service. Neither the Private Investment Counsel service nor any of the securities purchased as part of the Private Investment Counsel service are guaranteed or covered by the Canada Deposit Insurance Corporation, HSBC Bank Canada, or any other investor protection fund or deposit insurer. The value of an investment in or purchased as part of the Private Investment Counsel service may change frequently and past performance may not be repeated. HPIC is a wholly owned subsidiary of, but separate legal entity from, HSBC Bank Canada and provides its services in all provinces of Canada, except Prince Edward Island. AMCA is a wholly owned subsidiary of, but separate entity from, HSBC Bank Canada. Full terms and conditions are available at hsbc.ca/importantinformation.
Portfolio Management for the Private Investment Counsel service is provided by HSBC Global Asset Management (Canada) Ltd.
Private Wealth Planning services are offered through HSBC Private Investment Counsel (Canada) Inc. (HPIC), a wholly owned subsidiary of, but separate legal entity from, HSBC Bank Canada and provides its services in all provinces of Canada, except Prince Edward Island.
1 RBC Global Asset Management Inc. earns 11 Refinitiv Lipper Fund Awards 2022 Canada for investment excellence.
RBC Phillips, Hager & North Investment Counsel Inc. and RBC Royal Bank of Canada are separate legal entities that are affiliated. RBC Phillips, Hager & North Investment Counsel Inc. is a member company under RBC Wealth Management, a business segment of Royal Bank of Canada. ® / ™ Trademark(s) of Royal Bank of Canada. RBC and RBC Wealth Management are registered trademarks of Royal Bank of Canada. Used under licence. © RBC Phillips, Hager & North Investment Counsel Inc. 2023. All rights reserved.
RBC offers two core digital business banking platforms and a suite of solutions designed to support businesses at every stage of growth. You will be invited to enrol onto an RBC digital business banking platform suitable to the needs of your business and your current digital products, services and user profile.