Transition of HSBC Bank Canada to Royal Bank of Canada (RBC)

NEW - April 3, 2024

Timeline

Important Details for Migration Weekend

Your products and services have started migrating to Royal Bank of Canada. Check back throughout the weekend to find the status of the migration.

Thursday, March 28, 2024

HSBC Bank Canada branches will close at 12:00 PM local time. HSBC Bank Canada ATMs will no longer be available. Transactions fees will be waived if you use an RBC ATM with your HSBC Bank Canada debit card.

Continue to use your HSBC Bank Canada debit card until your RBC client card (debit card) is active.

Saturday, March 30, 2024

Your RBC chequing and savings accounts are available.
You can now use your RBC client card (debit card) to access your chequing and/or savings account(s) at ATMs, in stores at point-of-sale terminals and in RBC branches.

Your previous debit card will no longer work.
Chequing and savings accounts are now active in RBC Online Banking and the RBC Mobile app. You can now pay bills, transfer funds, send Interac e-transfers, and more. Login or enrol in RBC Digital Banking.
RBC PH&N Investment Counsel investment accounts are available for viewing on RBC Wealth Management Online. However, up-to-date balances, positions and market values will not be reflected properly online until April 2. Your Investment Counsellor can assist you with access.
RBC Dominion Securities investment accounts are available for viewing on RBC Wealth Management Online. However, up-to-date balances, positions and market values will not be reflected properly online until April 2. Your RBC Invest by Phone Select Advisor can assist you with access and/or transactions at 1-888-506-4694.
Your mortgage balance is now viewable on RBC Online Banking and the RBC Mobile app. Please note: Some details regarding these accounts may not be current and will be updated upon completion of the migration.
Your personal loan and line of credit is now viewable on the RBC Mobile app, but unavailable to transact at this time. Please note: Some details regarding these accounts may not be current and will be updated upon completion of the migration.
Your global linked accounts (Global View) are now available in RBC Online Banking and the RBC Mobile app.

Sunday, March 31, 2024

Your RBC credit card(s) is(are) now working. Remember to activate your card before using it. Your previous credit card(s) will stop working at 11:59 pm ET April 1.

Please note: If you haven't received your credit card or have questions on credit card activation or PIN, please visit here.
The following savings and investing accounts are available.
- RBC Direct Investing accounts are now available for trading. Sign in through RBC Online Banking, the RBC Mobile app or RBC Direct Investing online to access your account(s).
  
  If you have not yet enroled in RBC Digital Banking, enrol now.
- Mutual fund and GIC accounts are now available to access within RBC Digital Banking and RBC branches or by phone.

Monday, April 1, 2024

You can now access your line of credit funds at an RBC branch. Access to the funds through ATMs, in stores at point-of-sale terminals, RBC Online Banking and RBC Mobile app will be available on April 3.
Former HSBC Bank Canada branches that were converted to RBC Royal Bank branches have reopened. Please visit the RBC branch locator for hours of operation.
Your Avion Rewards points balance is now available and you can access your points balance via Avionrewards.com or through the Avion Rewards Mobile App⁴.

Tuesday, April 2, 2024

RBC PH&N Investment Counsel investment accounts have been updated and are active on RBC Wealth Management Online.
RBC Dominion Securities investment accounts have been updated and are active on RBC Wealth Management Online.

Wednesday, April 3, 2024

Personal loan, line of credit and mortgage are now available to transact.

You can access your migrated RBC Line of Credit and/or RBC Home Equity Line of Credit through your linked RBC chequing account.

To prepare for a smooth transition, review the Migration Checklist

Thursday, March 28, 2024

HSBC Bank Canada branches will close at 12:00 PM local time. HSBC Bank Canada ATMs will no longer be available. Transactions fees will be waived if you use an RBC ATM with your HSBC Bank Canada debit card.

Continue to use your HSBC Bank Canada debit card until your RBC client card (debit card) is active.

Saturday, March 30, 2024

Your RBC business accounts are now available. You can now access your funds, including any overdraft, to make payments. You will also be able to make deposits using your RBC client card (debit card).
- Your RBC client card can now be used at ATMs, in stores at point-of-sale terminals and in RBC branches.
- Your previous debit card will no longer work.
If you've onboarded to RBC Online Banking for Business, your business accounts are now available in RBC Online Banking for Business. Log in to RBC Online Banking for Business.

Your RBC business accounts are available in RBC Express. You can now access your funds, including any overdraft, to make payments. 
Your RBC PayEdge account is available via the RBC Business Banking Portal to send Interac e-Transfers.
You can now access the Online Tax Filing Service.
RBC PH&N Investment Counsel investment accounts are available for viewing on RBC Wealth Management Online. However, up-to-date balances, positions and market values will not be reflected properly online until April 2. Your Investment Counsellor can assist you with access.
RBC Dominion Securities investment accounts are available for viewing on RBC Wealth Management Online. However, up-to-date balances, positions and market values will not be reflected properly online until April 2. Your RBC Invest by Phone Select Advisor can assist you with access and/or transactions at 1-888-506-4694.

Sunday, March 31, 2024

You can begin using your RBC Business credit card(s).
RBC Direct Investing accounts are now available for trading. Sign in through RBC Online Banking, the RBC Mobile app or RBC Direct Investing online to access your account(s).

If you have not yet enroled in RBC Digital Banking, enrol now.
Your mutual funds are now available to view and transact within RBC digital banking channels and RBC branches or by phone.

RBC Dominion Securities and RBC PH&N accounts will start to be accessible in Wealth Management Online by Tuesday (April 2).

Monday, April 1, 2024

You can begin executing trades on the RBC DX platform.
You can now access RBC Overdrive for your Automotive Finance Floor Plan and Wholesale Leasing.
Your credit and lending products are now available for drawdowns and payments.

Former HSBC Bank Canada branches that were converted to RBC Royal Bank branches have reopened. Please visit the RBC branch locator for hours of operation.

You are able to make night deposits at the converted branches, with your existing key.
Your Avion Rewards points balance is now available and you can access your points balance via Avionrewards.com or through the Avion Rewards Mobile App⁴.

Tuesday, April 2, 2024

RBC PH&N Investment Counsel investment accounts have been updated and are active on RBC Wealth Management Online.
RBC Dominion Securities investment accounts have been updated and are active on RBC Wealth Management Online.
Your RBC Business credit card(s) are now viewable in RBC Online Banking for Business and RBC Express.
Your GIC accounts are now available to view or transact within all RBC digital banking channels, through your Relationship Manager at your RBC branch or by phone.

Wednesday, April 3, 2024

Your mortgage is now available to transact.
Your credit and lending products are now viewable on RBC digital business banking channels.

For more information on preparing your business' migration to RBC, review the Business and Commercial Client Migration Checklist

Thursday, March 28, 2024

HSBC Bank Canada branches will close at 12:00 PM local time. HSBC Bank Canada ATMs will no longer be available. Transactions fees will be waived if you use an RBC ATM with your HSBC Bank Canada debit card.

Continue to use your HSBC Bank Canada debit card until your RBC client card (debit card) is active.

Saturday, March 30, 2024

Your RBC business accounts are available.
- Your RBC client card (debit card) can now be used at ATMs, in stores at point-of-sale terminals and in RBC branches.
- Your previous debit card will no longer work.

Your balances will remain in your HSBC Bank Canada numbered accounts as per your migration plan. You will need to fund your RBC account(s) via free wire transfer to complete transactions.
Your RBC client card (debit card) can now be used at ATMs, in stores at point-of-sale terminals and in RBC branches.

Your RBC business accounts are available in RBC Express. You can now access your funds, including any overdraft, to make payments.

Your RBC business accounts are available in RBC Express.
Your balances will remain in your former HSBC Bank Canada numbered business accounts as per your migration plan.
You will need to fund your RBC account(s) via free wire transfer in order to complete transactions.

Your RBC PayEdge account is available via the RBC Business Banking Portal to send Interac e-Transfers.
You can now access the Online Tax Filing Service.  You will need to fund your RBC account(s) via free wire transfer in order to process your tax payment.
RBC PH&N Investment Counsel investment accounts are available for viewing on RBC Wealth Management Online. However, up-to-date balances, positions and market values will not be reflected properly online until April 2. Your Investment Counsellor can assist you with access.
RBC Dominion Securities investment accounts are available for viewing on RBC Wealth Management Online. However, up-to-date balances, positions and market values will not be reflected properly online until April 2. Your RBC Invest by Phone Select Advisor can assist you with access and/or transactions at 1-888-506-4694.

Sunday, March 31, 2024

You can begin using your RBC Business credit card(s).
- Your RBC Commercial Cards will migrate according to your migration plan.
RBC Direct Investing accounts are now available for trading. Sign in through RBC Online Banking, the RBC Mobile app or RBC Direct Investing online to access your account(s).

If you have not yet enroled in RBC Digital Banking, enrol now.
Your mutual funds are now available to view and transact within RBC digital banking channels and RBC branches or by phone.

RBC Dominion Securities and RBC PH&N accounts will start to be accessible in Wealth Management Online by Tuesday (April 2).

Monday, April 1, 2024

You can now view and submit your core trade products and trade loans through RBC Global Trade™.
- Your Receivables Finance and Supply Chain Finance products will remain serviced on HSBC systems and will migrate according to your migration plan.
You can begin executing trades on the RBC DX platform.
You can now access RBC Overdrive for your Automotive Finance Floor Plan and Wholesale Leasing.
Your credit and lending products are now available for drawdowns and payments.

Former HSBC Bank Canada branches that were converted to RBC Royal Bank branches have reopened. Please visit the RBC branch locator for hours of operation.

You are able to make night deposits at the converted branches, with your existing key.
You can access and transact using your Online Foreign Currency Account. Additional reporting functionality in RBC Express will come online by Wednesday, April 3.
Your Avion Rewards points balance is now available and you can access your points balance via Avionrewards.com or through the Avion Rewards Mobile App⁴.

Tuesday, April 2, 2024

RBC PH&N Investment Counsel investment accounts have been updated and are active on RBC Wealth Management Online.
RBC Dominion Securities investment accounts have been updated and are active on RBC Wealth Management Online.
Your RBC Business credit card(s) are now viewable in RBC Online Banking for Business and RBC Express. 
Your GIC accounts are now available to view or transact within all RBC digital banking channels, through your Relationship Manager at your RBC branch or by phone.

Wednesday, April 3, 2024

Your credit and lending products are now viewable on RBC digital business banking channels.

For more information on preparing your business' migration to RBC, review the Business and Commercial Client Migration Checklist

Details for Clients

What You Need to Know Today

Get the latest updates, tips and FAQs:

Personal
Banking

Find the information you need if you had former HSBC Bank Canada Premier, Advance and other personal banking and investment products, services and relationships.

Private Banking and Wealth Management

Find the information you need if you had former HSBC Bank Canada Private Client Services and/or HSBC Private Investment Counsel products, solutions and relationships.

Small Business Banking

Find the information you need if you had former HSBC Bank Canada Small Business Banking products, services and relationships.

Commercial and Corporate Banking

Find the information you need if you had former HSBC Bank Canada Commercial and Corporate Banking products, services and relationships.

Personal Banking Private Banking & Wealth Small Business Banking Commercial Banking

Benefits

Preserving and Strengthening What Matters to You

We have made every effort to retain the products and services that matter most to you and complement them with what we do best.

Award-winning customer service, RBC Mobile app and banking advice¹

Foreign currency accounts and trading on Canadian, U.S. and international exchanges

1,100+ branches and 4,000+ ATMs—the largest network of branches and ATMs across Canada

HSBC Bank Canada Relationship Managers will continue to support their business customers

A Word from Our CEO

“The completion of this acquisition marks a pivotal milestone in our 155-year history as we welcome 4,500 employees and 780,000 clients from the former HSBC Bank Canada. We’re excited to show Canadians how our combined organization will deliver an enhanced banking experience, create better value for clients and strengthen our communities. We thank you for banking with us, and we look forward to our future together.”

- Dave McKay, President & CEO, RBC

An Unwavering Client-First Approach

Our clients are at the centre of everything we do. As a client of HSBC Bank Canada, you can feel confident that we will aim to preserve HSBC Bank Canada’s core strengths and complement them with what we do best – including personalized financial advice, international products and services and innovative digital tools that simplify banking for you, wherever you are in the world.

Is anything changing now?

Until the acquisition is complete, it is business as usual. Expect further information from RBC on how we will ensure a smooth transition in the near future.

Why should I bank with RBC?

We look forward to bringing together the strengths of HSBC Bank Canada with all that RBC has to offer. You will have access to the financial advice and expertise that RBC is known for, helping you to achieve what matters most to you. You will also have access to solutions and services designed with your banking needs in mind, such as Avion Rewards, Vantage, NOMI and RBC’s award-winning mobile banking app. Every effort will be made to ensure a smooth transition of your banking, where you will enjoy the best of RBC value.

Who will I connect with and what branch will I go to?

Maintaining the service and value you have experienced with HSBC Bank Canada is important and we plan to preserve your existing relationships. You can expect:

Convenient access to a vast team of advisors and the largest network of branches and ATMs across Canada
Continued access to multi-language servicing in person and by phone, including Cantonese and Mandarin.

What will happen to my accounts?

You will have access to the great benefits offered through the full set of RBC banking products and services.

International services

You can expect the types of international capabilities that HSBC Bank Canada’s clients value, including access to key foreign currency accounts, cross-border payments, and international trading through our self-directed investing channel.

Access to credit

You will continue to have the mortgage, loan and credit card limits that you have with HSBC Bank Canada.

Investing

You will benefit from a broad set of investment options and value from our spectrum of global asset management, wealth management and financial planning capabilities.

Is anything changing now?

Until the acquisition is complete, it is business as usual. Expect further information from RBC on how we will ensure a smooth transition in the near future.

Will I be able to manage my business smoothly during the transition?

Ensuring a smooth transition from HSBC Bank Canada to RBC is our top priority. We are committed to providing a positive experience so you can focus on managing your business.

What will happen to my relationship team?

Maintaining the service and value you have experienced with HSBC Bank Canada is important, and we plan to preserve your relationships with your existing advisors. In cases where you already have relationships with both HSBC Bank Canada and RBC, we will work with you and be guided by your preference.

What will happen to my business credit facilities?

Your existing and /or combined credit exposures will be preserved as your accounts are transitioned to RBC. In addition, your signed credit documentation with HSBC Bank Canada will be used as your documents on record with RBC, preserving authorized amounts, tenors, and loan pricing.

Will RBC products be able to support my business?

Throughout this transition, the products and services offered to you will be guided by the best of HSBC Bank Canada and the best of RBC, giving you access to solutions to help you achieve both your business and personal success. These solutions include trade finance, virtual accounts, liquidity management and global cash management solutions coupled with RBC’s strong capital position and payment, data and advisory capabilities.

What will happen to my ability to view and transfer money between different countries?

Reporting International Accounts

Maintaining the service and value you have experienced with HSBC to view your money and initiate payments globally from Canada is important to us. We have the functionality for you to view your international HSBC (and other financial institution) accounts through a service called multi-bank reporting.

Global Disbursements

RBC is already a leader in international payments in Canada including cross border ACH as well as wires and first to market with SWIFT Go (International ACH). We are adding additional capabilities to ensure we support the full suite of corridors and currencies offered currently from HSBC Bank Canada.

Our company uses Virtual Accounts Payer Identification at HSBC. Will RBC continue to support this?

RBC is building our next-generation Virtual Account platform to suit the growing needs of our customers for managing receivables and enriched reporting. RBC intends to have this available in time for client migration from HSBC, subject to regulatory approval.

Our company utilizes Liquidity Management (Pooling, Cash Concentration, Interest Enhancement, Multi-bank sweeps) at HSBC. Will RBC continue to support this?

RBC is excited to share that we are modernizing our Liquidity Management solutions to suit the needs of our customers requiring this domestic and international functionality and intend to have these available in time for client migration from HSBC, subject to regulatory approval.

What is RBC’s international and trade finance capabilities? Will you be able to continue to support my international business needs?

RBC is building trade loan, commodity structured trade finance, receivables finance, and supply chain finance capabilities and intends for these products to be operational in time for the migration. You will continue to have the ability to issue standby letter of credit / bank guarantees, import letter of credit and be able to manage export letter of credit, documentary collection services as usual.

RBC is committed to providing the consistent high level of customer service that has earned us the award from Global Finance magazine as the “Best Trade Finance Bank in Canada” for the past 11 consecutive years. We have the experience, expertise, and international presence to help you trade with confidence in markets around the world.

As a Small Business owner with limited time and resources, will I need to manage this transition on my own or will assistance be provided in order to move my banking to RBC?

Our commitment is a seamless transition for all HSBC Bank Canada clients (subject to regulatory approval). You will be informed on how and when this will take place, and provided assistance with any set-up requirements for services such as Online Banking. In addition, you will be able to reach us with any questions through dedicated support channels.

HSBC Overseas Holdings (UK) has transferred the ownership of its Canadian banking business to Royal Bank of Canada with effect from March 28, 2024. The HSBC trademark(s) and all similar trademarks and derivations thereof are used temporarily under licence by HSBC Overseas Holdings (UK) Limited to Royal Bank of Canada and related group entities.

Legal Disclaimer *

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 HSBC Mortgage Corporation (Canada).

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.

Legal Disclaimer1)

RBC^® named Highest in “Customer Service Excellence Among the Big Five Banks" by Ipsos 2022, "Highest in Customer Satisfaction Among Canadian Mobile Banking Apps" and “Highest Customer Satisfaction with Retail banking Advice” from J.D. Power 2022.

Legal Disclaimer2)

RBC has ranked in the global “Top 100 Most Diverse & Inclusive Companies” in the 2022 Refinitiv Diversity & Inclusion Index

Legal Disclaimer3)

RBC has ranked #9 in the 2022 list of “Best Workplaces in Canada” by Great Place to Work

Legal Disclaimer4)

If you live outside of Canada you may not have access to all of RBC Online Banking, the RBC Mobile app, or the Avion Rewards Mobile app.

Welcome to RBC

Welcome to RBC

Important Details for Migration Weekend

What You Need to Know Today

Preserving and Strengthening What Matters to You

A Word from Our CEO

Bringing You Award-Winning Service and Solutions

Protecting Your Privacy and Personal Information

More Information

An Unwavering Client-First Approach

Frequently Asked Questions