Life is all about choice, but choosing the right bank can be one of the hardest. Banks are where we keep our money, and it’s the one thing that you always need quick and convenient access to no matter where you are.
Many banks offer great service, but some at exorbitant fees; others offer cheaper fees, but poor service. Considering all the competing options in the banking industry, there are two “big choices” to whittle it down to if you’re hoping to bank in Canada: HSBC and RBC.
HSBC is part of a larger banking chain that many people from other parts of the world (including the UK) are already familiar with. RBC (or the Royal Bank of Canada) is mostly known to Canadians with a few exceptions abroad – and is known as one of the Big Five Banks in Canada.
Here is a comparison of HSBC and RBC to see which bank matches your needs better.
HSBC is one of the largest banks in Canada, also known to many people based outside Canadian borders. Many people from the UK or Australia might already have HSBC savings accounts, which makes this a great first option for anyone who is relocating – simply, just go to the nearest HSBC branch and have your accounts switched over to Canada.
Here are some of the other benefits associated with choosing HSBC:
If you have special account-holder status with HSBC, they offer the ability to transfer your status (and the rest of your account information and funds) straight to your new Canadian HSBC accounts. It’s not as easy to open an account anywhere else.
Transferring funds between accounts from the UK to Canada (or the other way around) is easier with HSBC: It happens in real-time, and at no added cost – and there are very few international fund transfer services that are able to offer this.
HSBC branches based in Canada have been criticized by some for poor customer service, but congratulated by others: It depends on your individual branch (and you can always go to the next one).
There are many added benefits to an HSBC account, especially if you already bank with them anywhere else.
HSBC offers particularly good deals on high-interest savings accounts, but it can also be matched by what RBC has to offer.
RBC is one of the Big Five banks in Canada. If you choose RBC, better business banking includes some of what you’ll get. Here’s why many people opt for the Royal Bank of Canada instead:
When banking for business, many clients have praised RBC for offering better business banking – including much better advice and interest rates.
Clients who prefer a personal connection to their bankers might choose to side with the Royal Bank of Canada, with banking specialists on call.
Any customers in need of debt relief will appreciate the debt reduction plans offered by RBC, something many other banks don’t.
High-interest savings accounts are always beneficial and one of the first reasons to choose a specific bank: Compare your options here, too.
Many banks are reluctant to offer unsecured loans, especially to new customers; RBC makes the credit process easier from start to finish and might be able to offer you a business or personal loan at decent terms when other Canadian banks won’t.
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