Looking to Safely Save Some Euros?
The Bank of Nova Scotia, errr, Scotiabank does offer a Euro Savings account that is easy to open for personal account holdings.
Scotiabank's Euro Daily Interest Savings Account Review
No fees if you have more than 200 Euro in the account, otherwise 1 EUR /month
2 in-branch transactions included/month, 0.60 EUR thereafter
Interest rate is pretty much garbage, 0.25% on your first 25 000 EUR, then 0.4% on the next 25 000 EUR, then 0.5% thereafter, and the rates are on each amount in those tiers, so if you have 50 000 EUR in your account, you get just 0.325%/year on average.
Why banks even both to offer such pitiful interest on these accounts is not obvious to me. Just give me zero, it's less paperwork for me come tax time (when you'll have to figure out the exchange rate on your income...)
It doesn't look like there's any cheque privileges on this account, and I'm not aware of any EUR denominated credit cards issued by Canadian banks (just US$) . And if you ever do need to withdraw, you might have to give your branch a call in advance, since I could imagine many branches wouldn't have too many on-hand.
HSBC Euro Account Review:
HSBC does have a EURO "savings" account, which offers 1% interest on your first 50 000 EUR in your account, and 1.25% on your entire balance if you have between 50 000 EUR and 100 000 EUR, and finally, 1.5% on your entire balance if you have > 100 000 EUR in your account.
BUT, HSBC does charge you a rather hefty 3,50 EUR per withdrawal, and good luck finding an HSBC in many parts of the country.
A word of warning about EURO accounts
Foreign currency accounts, like those in Euro and US Dollars are NOT covered by CDIC insurance. In other words, if HSBC or Scotiabank go under, they're going to pay off their CAD$ accounts first, and likely won't have any other funds left over to pay people that have deposits in other currencies. The USA's FDIC does insure foreign currency deposits, but not the CDIC. So, if you do have one of these accounts, and the failure of Scotia or HSBC seem imminent, it's time for you to run on the bank.
Euro Bank Accounts For Canadians: Bank of Nova Scotia and HSBC |
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Euro Account?
If you have assets of greater than $2 million and want to hold and trade in multiple currencies, including Euros, you should consider UBS. They have branches in Montreal, Toronto, Calgary, and Vancouver.
Thank you for your comment!
Thank you for your comment!
HSBC
HSBC makes all kinds of claims about opening accounts in other countries easily. These claims are a BS lure to get YOU to transfer your savings, become a "premier" member and receive lousy interest on your money! French banks are closed to anyone without a residence in France and ... once you are there, you cannot have a bank acct without a French address - and you cannot have a French addr without a French bank acct from which your rent is collected..... And if you do get a lease it will still take you 5 weeks and lots of idiot bureaucracy to open an account there.... Oh AND you must prove that you also have a residence in Canada and to do so you must provide a copy of a utility bill with your Canadian address on it (which of course we all carry in our luggage for identifications .. No a passport or driver's license does not prove your residence to the French. HSBC cannot help you there. They have similar problems opening HSBC accounts in China. If you open an acct at HSBC, make sure you know what you are getting into. Showing your prestigious "PREMIER CARD" in any of HSBC banks does not get you the attention you were promised on opening the account. This company should be investigated.
HSBC
B.S. for HSBC is absolutely right on. We transferred much of our savings there along with a euro acct to become 'PREMIER" so that we could open an acct in Lyon, France..... The hydro bill was faxed by my family who looked after our mail - fortunately. The experience was a bleeding nightmare and it took 5 weeks before we could even touch the euros in CASH that we had deposited. We had to use our Canadian Visa to get around till our acct had passed through French bureaucracy and worse BS that HSBC could invent on its own. Don't bother doing it. Buy traveller's checks and suffer the % charge. At least you will have money. If you are in a European country for an extended period of time and have a lease with your name on it, open a Post Bank acct.. They are simpler, but still adhere to the banking laws of the country.
Why did you become Premier
Why did you become Premier member to open an HSBC France account. You know you can do the same if you become an advance member for only a 25,000 deposit. And also if you are willing to spend $200 you can open an HSBC France account without becoming an advance or premier member.
Scotiabank, under the terms
Scotiabank, under the terms of the charter granted to them by the Bank of Canada, cannot go banktrupt: they would simply be bailed out by the Bank of Canada. HSBC has no such provisions.
Credit cards in euros and japanese yen
How can I get euro or japanese yen credit card from canada?
EURO account
Hi,
Can Scotiabank's EURO account bank card or HSBC EURO account bank card withdraw EURO in Europe's ATM machines ?
Short answer: No
The euro account is not linked to your Scotiabank card and no separate account card is available.
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