Personal Finance Bank accounts

Your alternatives to HSBC Canada for a GBP account

Piyush Singh

31.12.25

Read time 2 minutes

HSBC Canada was officially acquired by the Royal Bank of Canada (RBC) in March 2024, officially closing it down.¹ With that, many HSBC accounts, including the popular GBP (British Pound) account, were phased out or converted. For Canadians who used HSBC to hold or send GBP, this change leaves a gap in alternatives.

In this article, we'll review RBC's replacement, other major banks' options, and fintech services like Wise, to help you compare fees, rates, and features before choosing where to move your GBP funds.

This article will cover
What happened to the HSBC Canada GBP account? What is RBC's alternative to the HSBC Canada GBP account? Fintech and online alternatives for holding GBP Wise Multi Currency Account Simplii Airwallex GBP account Why consider Wise alongside your Canadian GBP account

What happened to the HSBC Canada GBP account?

On March 28, 2024, RBC completed its acquisition of HSBC Bank Canada, officially welcoming its 780,000 clients and 4,500 employees into its network. According to RBC's announcement, the deal was part of a long-term growth strategy to expand its international banking capabilities and connect Canadians to the global economy.

With the acquisition, all HSBC Canada branches and offices reopened as RBC locations on April 1, 2024. As part of the conversion, HSBC's legacy accounts, including foreign currency accounts like GBP, were either migrated to equivalent RBC Foreign Currency Accounts or discontinued, depending on the product type.²

While RBC continues to offer certain foreign currency accounts, HSBC's specialized GBP account, which was used by many for international transfers and savings, is no longer available in its original form.²

What is RBC's alternative to the HSBC Canada GBP account?

RBC now offers an RBC British Pound eSavings account for both personal and business clients. These accounts allow customers to hold, send, and receive GBP within Canada and internationally, though some features differ from HSBC's previous offering.

Fees associated with the British Pound eSavings account:

Fee Type	Cost
Monthly Fee	Free
Branch cash withdrawal	£0.60
Outgoing wire transfers	£27
Incoming wire transfers	Free³
Transfers to/from RBC Direct Investing	Free
Access to Online Banking, eStatement, and eNotifications	Free

Fintech and online alternatives for holding GBP

Wise Multi Currency Account

Wise offers a multi-currency account that supports over 40 currencies, including GBP. It's available for personal and business users and gives access to local GBP bank details (sort code and account number).

Features:

Hold, send, and receive GBP
Local UK account details
Convert between currencies at the real mid-market rate
Instant transfers to the UK and the EU
Fully online

Wise Fees

Fee Type	Cost
Account Setup	Free
Holding GBP	Free
Sending GBP	~0.35–0.45% of the amount being sent
Receiving GBP	Free
Currency Conversion	Mid-market rate

Simplii

Simplii doesn't offer a GBP-only account but does have a Foreign Currency Savings Account that's available in five currencies, including GBP.⁴

Features:

No monthly fees or minimum balance
Transfer between Simplii accounts via online or mobile banking
Competitive exchange rates for internal transfers
No cash deposits, withdrawals, ATM access, or debit access

Simplii Fees

Fee Type	Cost
Account setup	Free⁴
Monthly fee	Free⁴
Monthly minimum	N/A⁴

Airwallex GBP account

Airwallex offers a GBP account with local UK bank details (account number and sort code), enabling businesses to receive, hold, and send GBP like a local company. Built for globally active businesses, it's a single, multi-currency platform to manage finances.⁵

Features:

Local GBP Account Details: Collect payments from UK customers via local networks, avoiding international transaction fees for both sender and recipient.
Multi-Currency Management: Hold and manage over 20 currencies from one account, simplifying global cash flow and eliminating the need for multiple bank relationships.
Fast, Low-Cost Transfers: Leverages local payment rails for same-day domestic and international transfers, with optional SWIFT support when needed.
Competitive FX Rates

Airwallex Fees

Fee Type	Cost
Account Setup	Free
Monthly maintenance	Free
Minimum balance	No minimum

Why consider Wise alongside your Canadian GBP account

Even if you choose to hold GBP at RBC, or Simplii, Wise can act as a complement to your banking and transferring needs. It's ideal for freelancers, expats, and businesses who send or receive GBP payments regularly.

Wise advantages include:

Real mid-market exchange rates
Transparent, low fees — only pay what you use
Local GBP account details
Fast, global transfers
No monthly account fees

Conclusion

With HSBC Canada now absorbed by RBC, the original HSBC GBP account is gone. Canadians still have plenty of options for managing GBP, and if you value flexibility, low fees, and real exchange rates, Wise is a great alternative available.

Sources:

Sources verified on 30 December 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.