Opening up a UK Bank Account from Canada - Which Bank is Best?
#1
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Joined: Feb 2023
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Opening up a UK Bank Account from Canada - Which Bank is Best?
We have been living in Canada for almost 33 years. We have been contributing to our UK State Pension and wish to open up a bank account to be able to make payments easier. Which banks are the preferred method for these sort of transactions. We have British Passports.
#2
Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
If you are not residendent in the UK it is unlikely that any UK bank will currently open an account for you, which means that your only viable option is something like the "borderless account" that Wise offers.
Wise will give you a Sort Code and account number that looks exactly like a UK bank account, which can be used to both send and receive payments, so which should meet your needs, however I would point out that Wise is not a bank and a "borderless account is" not a bank account* for the purposes of deposit insurance, so I would treat a borderless account primarily as a transactional service, not a place to hold significant funds.
* Wise's web site talks about how you are protected by "segregation of funds" which is great, but that is not the same as, nor IMO a complete replacement for deposit insurance, which pays back 100% of the first £85,000 of your deposit (UK rules) if a bank fails.
Wise will give you a Sort Code and account number that looks exactly like a UK bank account, which can be used to both send and receive payments, so which should meet your needs, however I would point out that Wise is not a bank and a "borderless account is" not a bank account* for the purposes of deposit insurance, so I would treat a borderless account primarily as a transactional service, not a place to hold significant funds.
* Wise's web site talks about how you are protected by "segregation of funds" which is great, but that is not the same as, nor IMO a complete replacement for deposit insurance, which pays back 100% of the first £85,000 of your deposit (UK rules) if a bank fails.
#3
Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
The UK International Pension Centre will send your pension to any Canadian Bank, either as GBP or as CAN$.
I phoned them and they were very helpful, everything was sorted out in one phone call.
https://www.gov.uk/international-pension-centre
I phoned them and they were very helpful, everything was sorted out in one phone call.
https://www.gov.uk/international-pension-centre
#4
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Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
We have a UK HSBC account which we opened since we lived in Canada. It is linked to our Canadian HSBC accounts and we can instantly transfer money between them.
#5
Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
#6
Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
I have this set up with HSBC Canada for my Canadian pension and Investments when I moved back to the UK. HSBC are pulling out of Canada at the end of the year and have been bought out by RBC providing the authorities authorise the sale. I am not sure how this will work out!
#7
Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
I have this set up with HSBC Canada for my Canadian pension and Investments when I moved back to the UK. HSBC are pulling out of Canada at the end of the year and have been bought out by RBC providing the authorities authorise the sale. I am not sure how this will work out!
He said they do not plan to amalgamate HSBC accounts into RBC, they plan to run it as a separate company as it is now, and they do not plan to disrupt the unique international features of HSBC. HSBC Canada will continue to accept new clients and such as well.
HTH.
#8
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Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
This works both ways, by the way.
Opening a UK account from Canada and opening a Canadian account from the UK.
#9
Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
As already posted above, HSBC is withdrawing from Canada by the end of 2023. HSBC banking operations in Canada have been sold to RBC.
Last edited by Pulaski; Apr 14th 2023 at 2:47 pm.
#10
Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
I opened up HSBC premier last week and asked the branch manager this question, he said the reason RBC purchased HSBC Canada was to leverage its international connections and learn from them, and potentially bridge the gap over to RBC customers as well.
He said they do not plan to amalgamate HSBC accounts into RBC, they plan to run it as a separate company as it is now, and they do not plan to disrupt the unique international features of HSBC. HSBC Canada will continue to accept new clients and such as well.
HTH.
He said they do not plan to amalgamate HSBC accounts into RBC, they plan to run it as a separate company as it is now, and they do not plan to disrupt the unique international features of HSBC. HSBC Canada will continue to accept new clients and such as well.
HTH.
#11
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Joined: Dec 2004
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Re: Opening up a UK Bank Account from Canada - Which Bank is Best?
I opened up HSBC premier last week and asked the branch manager this question, he said the reason RBC purchased HSBC Canada was to leverage its international connections and learn from them, and potentially bridge the gap over to RBC customers as well.
He said they do not plan to amalgamate HSBC accounts into RBC, they plan to run it as a separate company as it is now, and they do not plan to disrupt the unique international features of HSBC. HSBC Canada will continue to accept new clients and such as well.
HTH.
He said they do not plan to amalgamate HSBC accounts into RBC, they plan to run it as a separate company as it is now, and they do not plan to disrupt the unique international features of HSBC. HSBC Canada will continue to accept new clients and such as well.
HTH.