Our transition to Royal Bank of Canada - About HSBC (2024)

Do I need to do anything now to get ready to migrate to Royal Bank of Canada (RBC)?

Your products, services and balances will be automatically migrated over to RBC® products and services similar to those you use today.

Please refer to the Product & Service Notification Package we recently sent you, as well as any other communications from us, regarding action you may need to take.

In the meantime:

• Carefully review the package of materials we’ve sent you, including letters from HSBC and RBC, and the RBC Product Migration Guide
• Ensure that your name, address, phone number, email address and other information with us are currently up to date
• When you receive your RBC client card (or client number) in the mail, enrol in RBC Online Banking
• Download any account statements, annual reports, tax documents, and transaction history that you may need, as they may not be immediately available after the migration of your accounts

What if I’ll be out of the country around the migration period?

If you know now that you will be out of the country during the migration period, please ensure your contact details (phone number, email and mailing address) are up to date with HSBC Bank Canada.

How do I update my contact details?

You can update your contact details easily through HSBC Online Banking or the HSBC Canada app. If you aren’t enrolled already, consider doing so. Visit hsbc.ca/mobile-banking for more information and instructions.

Registering for HSBC Online Banking before travelling will keep you connected to your accounts so you can easily access them.

You can also update your details in any of our branches or through our contact centre.

Does RBC have access to my client information?

Safeguarding your privacy and personal information is important to us and to RBC. In order to complete the transition, your personal information will be transferred to RBC from HSBC Bank Canada. RBC holds itself to the highest standards of privacy management practices to keep your information safe. Read the RBC Global Privacy Notice and the RBC Digital Privacy Notice at rbc.com/hsbc-canada-legal for more information.

How will you communicate with me about the migration?

You will receive further information via emails, letters, or on the public websites of HSBC Bank Canada or RBC. However, unless you contacted us first, neither HSBC Bank Canada nor RBC will ever ask for your personal information or other banking/investment information (e.g. passwords/PlNs, account information etc.) through email, text or over the phone.

Please do not share anything, even if the person claims to be following up on recently sent information. Visit hsbc.ca/fraud-prevention for information on fraud prevention.

Getting contacted out of the blue by HSBC or RBC for your banking information?

Unless you contacted us first, neither HSBC Bank Canada nor RBC will ever ask for your banking or investment- related information by email, text or phone.

If someone contacts you claiming to be HSBC or RBC and is asking for information including personal information, usernames and passwords, please do not share anything, even if they claim to be following up on recently sent communication.

Received a call and not sure if you’re dealing with HSBC or RBC? Don’t risk it.

1. Hang up (wait at least 15 seconds to ensure the line is disconnected).
2. Then call the number on the back of your HSBC or RBC credit or debit card.

Will my relationship manager change?

For now, nothing changes — you can continue to deal with your existing relationship manager or HSBC representative.

RBC plans to preserve your relationships with your existing relationship managers. If you have a relationship with both HSBC Bank Canada (HSBC) and RBC, we will work with you and be guided by your needs.

How will the sale impact client offers?

For now, we will continue to provide competitive offers to help you meet your financial goals. If any changes are made to specific HSBC Bank Canada products during the transition, we will send you communication.

What will this mean for my personal banking accounts?

You can continue to bank with us until we migrate to RBC.

We recently mailed you a Product & Service Notification Package that includes important information about how your accounts and services will migrate to RBC. Please review the information carefully and make note of any key dates or actions you need to take.

You can also review the RBC Product Migration Guide or visit rbc.com/hsbc-canada for the latest information on the migration.

I want to make an RRSP contribution; do I need to do that with RBC?

No, your contribution can still be made with us, and we will communicate any changes in advance of the RRSP deadline.

Will you stop offering products or services before the migration?

You can expect changes to the availability of some services as we approach the migration date. We will continue to update you on our website. Please check back frequently.

What happens to my HSBC credit card, do I need to open an RBC credit card now?

Your HSBC credit card will be migrated to an RBC credit card, which will be mailed to you by March. It will contain information on when you can activate and use your card.

We recently mailed you a Product & Service Notification Package. Section 5 of the RBC Product Migration Guide includes full details on how credit cards will migrate to RBC.

Please review the information carefully, as well as other communication we may send you, and make note of any key dates or actions you need to take.

What is the impact on my mortgage, loan or line of credit?

You can continue to bank with us until we migrate to RBC.

We recently mailed you a Product & Service Notification Package. Section 3 of the RBC Product Migration Guide includes full details on how lending products will migrate to RBC.

Please review the information carefully, as well as other communication we may send you, and make note of any key dates or actions you need to take.

I have an existing insurance claim with Assurant from my HSBC credit card I would like to discuss.

You can continue speaking with Assurant directly regarding your open claim.

I have an existing insurance claim with Canadian Premier on my HSBC mortgage/line of credit/demand loan/personal loan/overdraft, I would like to discuss.

You can continue speaking with Canadian Premier directly regarding your open claim.

Who will support my investment and wealth planning at RBC?

You can continue to bank and invest with us until we migrate to RBC.

As the transition progresses, we’ll communicate any changes that affect how we service your investments. We’ll provide you as much notice as possible.

What will this mean for my investments in HSBC-specific products (such as HSBC Mutual Funds)?

You can continue to bank and invest with us until we migrate to RBC.

We recently mailed you a Product & Service Notification Package. Section 4 of the RBC Product Migration Guide includes full details on how investment products will migrate to RBC.

Please review the information carefully, as well as other communication we may send you, and make note of any key dates or actions you need to take.

What will happen to my stocks/investments held in InvestDirect?

You can continue to bank and invest with us until we migrate to RBC.

We recently mailed you a Product & Service Notification Package. Section 4 of the RBC Product Migration Guide includes full details on how investment products will migrate to RBC.

Please review the information carefully, as well as other communication we may send you, and make note of any key dates or actions you need to take.

Will I be able to access all my information on RBC Direct Investing’s platform?

When your account(s) migrate, you will be able to invest and trade using the RBC Direct Investing (DI) website, the RBC Mobile app, and the RBC DI trading dashboard. Your holdings will be displayed.

We recommend that you download any HSBC InvestDirect (HIDC) account statements, annual reports, tax documents, and transaction history that you may need, as they may not be available after the transfer of your accounts.

Additionally:

• The historical portfolio performance of your HIDC account will not be transferred. Please take note of this information if you need it.
• Watchlists and alerts will not be transferred; however, you can recreate them on the RBC DI platform.

What will happen to my HSBC Investment Counselling team?

Maintaining the service and value you have experienced with HSBC Canada is important, and RBC plans to preserve your relationships with existing Investment Counsellors. We will ensure your investment portfolios are seamlessly transitioned, and active management continues at all times.

RBC will make sure your investment portfolios are seamlessly migrated, and that active management is continued at all times. You’ll also continue to have online access so that you can view your account information.

As the transition progresses, we’ll provide you with as much notice as possible about any changes that affect how we service your investments.

Will I still be able to access all my e-statements and e-documents in online banking at RBC?

Your HSBC Bank Canada historical banking and credit card statements and documents will be migrated to RBC.

We recommend downloading any account statements, annual reports, tax documents, and transaction history that you may need, as they may not be available immediately after your accounts migrate to RBC.

Your investment account statements and documents may not be available online after migration. Please download anything you need for your records. After the migration, you’ll be able to request a copy from your advisor if you need.

I am a frequent user of Global View as I have accounts in multiple markets with HSBC, will I still have access to this service?

If you have the Global View service, and you would like to keep this capability after the migration to RBC, you will need to provide your consent to the new Global View Terms and Conditions. Your consent is needed no later than March 21, 2024.

If you’ve provided your consent, after the migration you will be able to:

• View your non-Canadian HSBC chequing and/or savings account(s) through RBC Online Banking² and RBC Mobile³ app, and
• View your Canadian RBC chequing and/or saving account(s) through the digital banking platforms of other HSBC locations where you have Global View.
• Delink "RBC Canada" from your online banking profile at any time.

If you haven’t already provided your consent, log on to HSBC Bank Canada Online Banking (through browser only). Or, log on to online banking of another HSBC location through your browser and select your HSBC Bank Canada profile. You will be presented with a pop-up message to provide consent to the updated Terms and Conditions. Click ’I agree to share’.

If you don’t provide your consent by March 21, you won’t be able to re-establish these links in the future.

Why are you asking for my consent to new Global View Terms & Conditions?

• We need your consent so that you’re able to conveniently view your global HSBC accounts in one place even after migrating to RBC.
• Please be assured that your account information across the two entities will only be visible to you when you log on to HSBC or RBC digital banking.
• Each bank will not have access to information about the accounts you hold with the other institution.
• If you don’t provide your consent by March 21, you won’t be able to re-establish these links in the future.

Will I still be able to use Global Transfers?

• Effective March 15, 2024, Global Transfers to and from HSBC Bank Canada will no longer be available.
• Any outbound and inbound Global Transfers you have on or scheduled after March 16, 2024 will be automatically cancelled.
• After migration, you will be able to use the RBC International Money Transfer (IMT) service to send money from your RBC CAD or USD chequing account to your linked global HSBC accounts. International money transfers fees are $0 for these transactions. Foreign currency conversion fees may apply.

Can I enrol in RBC Online Banking before the migration is complete?

Yes, HSBC Bank Canada customers can enrol in RBC digital banking early to ensure a smoother transition.

Already registered for RBC digital banking? You don’t need to re-enrol.

If you already have HSBC digital banking but not RBC digital banking, enrol by March 28, 2024 using:

• Your HSBC Bank Canada digital banking username and security device; or
• Fingerprint/Face ID

After this date, you must enrol using an RBC client card number and ID.

Don’t have HSBC digital banking? You can still enrol by March 28, 2024 for RBC digital banking:

• You should soon receive your RBC Client Card number which you will use to enrol.
• You will also need to have your mobile phone and ID on hand.

After you enrol, you will not have access to or be able to see your HSBC Bank Canada accounts in RBC digital banking until after your HSBC accounts have migrated to RBC.

What will happen to my existing business credit facilities?

Your existing credit, credit limits, and terms 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.

Who will be the relationship manager for our business in Canada? Will I get to choose my advisor?

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.

What will happen to our company’s small business accounts?

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.

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.

Will I be able to benefit from Total Relationship Balance?

Total Relationship Balance (TRB) is HSBC Bank Canada’s way of calculating a customer’s total deposits for the purpose of qualifying for certain fee waivers. RBC does not currently use the concept of TRB for Small Business account fee waivers. RBC will provide further details on their value program(s) available after migration.

What does our business have to do to prepare for the transition?

We will provide you with any information, instructions and training you need well ahead of time.

Until that time, we encourage you to review your contact information, HSBCnet profiles, configuration, payment templates and administrators and make any changes to your accounts, products and services as soon as possible so this information can be migrated over.

We will endeavour to provide you with any new or updated disclosures at least 60 days in advance of any changes impacting how your existing products will operate under RBC.

Should we move our business accounts to RBC now?

No – you should not move your accounts over in anticipation of closing the transaction.

HSBC is working (with your relationship manager’s support) to make the transition as simple as possible.

HSBC will be able to transfer the majority of client requirements, configurations, KYC, credit arrangements etc. to RBC – which means clients won’t have to.

Waiting for the migration will allow you to avoid the cost and effort of switching banks (i.e. no need to set up lending arrangements, redo AML, KYC checks etc.).

What will happen to our business’ products and services?

Most wholesale products HSBC Bank Canada offers are offered by RBC, and they are working on building other key product capabilities.

After the proposed sale closes, your accounts, services and deposits in Canada will be transferred to RBC. Prior to that, clients will receive specific information on RBC’s products and services, as well as information on how their products will be transitioned.

However, RBC needs to develop/enhance some products to align with HSBC’s current products. As a result, impacted clients will continue to utilize HSBC’s systems for an extended period after their migration to RBC. If your business is affected by this, your relationship manager will contact you to explain in more detail.

Please refer to rbc.com/hsbc-canada for the most up-to-date information.

Will our business still be able to bank with HSBC in other jurisdictions after the sale?

Outside of Canada, HSBC’s long-term strategy remains the same.

However, HSBC will fully exit the Canadian financial services industry upon closure of the proposed sale.

We will ensure any impact and options are clearly communicated to you and will support you in any changes you wish to make.

Where can we get more information on the impact on our business?

We recognize you have a lot of questions about the impact the transition will have and what you’ll need to do. As information becomes available, we will provide it and any instructions or training well ahead of time, so you understand what to expect and what you need to do.

We encourage you to visit rbc.com/hsbc-canada to get the most up-to-date information available.

If you have additional questions/concerns, please reach out to your HSBC Bank Canada relationship manager or HSBC Global Asset Management client service manager.

We will endeavour to provide you with any new or updated disclosures at least 60 days in advance of any changes impacting how your existing products will operate under RBC.

Who will be the relationship manager for our business in Canada and internationally?

In Canada

RBC has advised they plan to preserve your relationships with your existing advisors in Canada. In cases where you already have relationships with both HSBC Bank Canada and RBC, RBC will work with you and be guided by your needs.

Outside Canada

Up to the transaction close date, your existing Global Banking global relationship banker (GRB) or Commercial Banking global relationship manager (GRM) in Canada remains responsible for the delivery of your HSBC products and services across our global network.

Before the transaction close date, we will advise you of your new GRB or GRM (if applicable) and the new home of your Global HSBCnet profile (if applicable) and make the necessary introductions at the appropriate time.

What will our business’ online banking look like in terms of access and functionality?

Once your company is fully migrated from HSBC systems, you will be set-up with RBC digital banking and no longer have access to HSBCnet in Canada.

You will be notified to authenticate your HSBCnet users on RBC’s online banking platform.

User information, payment templates, beneficiaries and bill payees will be automatically set up on the RBC online platform prior to the migration.

More information on functionality (including account reporting, payments etc.) and training will be provided to you well ahead of time, so you understand what to expect and what you need to do.

We’re currently an HSBC Global Asset Management (Canada) client. What will happen to our company’s corporate investment accounts?

For now, you don’t need to take any action. We will work closely with RBC during the transition period to ensure any post-migration impacts and options are clearly communicated to you, and to support you in any changes you wish to make.

Who will be the client service manager for our asset management investment accounts in Canada?

RBC has advised that they plan to preserve your relationship with your existing client service manager in Canada.

Any post-migration impacts and options will be communicated to you.