National Bank of Canada Foreign Currency Accounts
Chequing
Description:
With the National Bank of Canada’s Foreign Currency Accounts, businesses can receive funds and make payments in major currencies using the Internet Banking Solutions.
Comments on Funding:
This account is offered in 15 currencies, with account handling fees of $35 per month:
1. U.S. dollar (USD),
2. Euro (EUR),
3. Renminbi (yuan) (CNY),
4. Pound sterling (GBP),
5. Japanese yen (JPY),
6. Norwegian krone (NOK),
7. Czech koruna (CZK),
8. Australian dollar (AUD),
9. Hong Kong dollar (HKD),
10. Singapore dollar (SGD),
11. New Zealand dollar (NZD),
12. Mexican peso (MXN),
13. South African rand (ZAR),
14. Saudi Arabian Riyal (SAR),
15. Polish zloty (PLN).
This account offers the following benefits:
– Receive funds and make payments and transfers between your CAD or USD account and your foreign currency account at any time. Amounts are automatically converted into the currency of the receiving account.4
– Protect your earnings with a fixed conversion rate through a forward exchange contract.
– Secure your transactions: our online banking solutions have added security through a SecurID® token.
– Receive a monthly account statement.
– Monthly management fees apply to foreign currency accounts.6
– Cash deposits and withdrawals are not permitted and cheques cannot be issued on foreign currency accounts.
Continuous Intake
Eligibility:
Businesses seeking a foreign currency account.
Application Steps:
Applicants must make an appointment through the bank’s online form to discuss their business needs.
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
Foreign currency deposits are covered by the Canada Deposit Insurance Corporation (CDIC). Find out more about the coverage offered by CDIC.
About the author
Maurice
