VANCOUVER, Jan. 22 /CNW/ - Canadian residents of Indian heritage who use
banking services between Canada and India now have access to a more simple
option for conducting their financial transactions. The new HSBC Non-Resident
Indian (NRI) banking service will give the Indian community convenient and
cost-effective access to a wide range of international banking services
including remittances, and Indian Rupee and other Foreign Currency account
deposits in India.
The HSBC NRI service is being offered in Canada as part of an HSBC
worldwide banking initiative to ensure that the estimated 22 million members
of the internationally-based Indian community have easy access to a wide range
of international banking services involving banking transactions to and from
India. HSBC, which has already established NRI banking programs in eleven
other international markets, has now customized this successful program to
meet the specific needs of large and growing Indian community in Canada. The
number of residents of South Asian heritage living in Canada is estimated by
Statistics Canada to be more than one million with those of Indian heritage
making up a substantial proportion of that total.
The HSBC NRI services will help customers better manage and streamline
their essential banking transactions between Canada and India and
- Assistance for Canadian-based Indians in opening bank accounts with
HSBC in India.
- Fast Remittance service options including:
- FastCheque - A fee free(*) remittance service to transfer funds
between Canada and India at competitive exchange rates.
- FastClick -A fee free(*) service to transfer funds between the two
countries using phone or internet banking. This service will allow
customers who bank with both HSBC Bank Canada and HSBC in India to
remit funds directly from their Canadian accounts to their NRI
accounts in India.
- Assistance in choosing from a variety of deposit products offered by
HSBC in India.
Tracy Redies, Executive Vice President, Personal Financial Services and
Wealth Management, HSBC Bank Canada said: "India is an increasingly important
trading and business partner of Canada and hundreds of transactions are
conducted each and every day between the two countries by both businesses and
individuals. Indians around the world and in Canada expect global banking
expertise and the highest levels of service. HSBC, as the most international
of all the major banks in Canada with around 9,500 offices worldwide is best
positioned to deliver these services and facilitate the cross-border banking
transactions they require."
As part of the new NRI banking program launch, HSBC is opening a
dedicated NRI representative office in the City of Mississauga located at 4550
For more information on the services offered by HSBC NRI in Canada,
please call 1-877-NRI-HSBC (1-877-674- 4722).
(*)The remittance services are transaction fee-free if customers are
debiting their Canadian dollar account with HSBC Bank Canada and crediting
their Non-Resident Account with HSBC India. A conversion fee will be debited
by HSBC India from the proceeds of each foreign currency remittance.
About HSBC in Canada
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, has more than 180
offices and is the leading international bank in Canada. With around 9,500
offices in 85 countries and territories and assets of US$2,547 billion at 30
June 2008, the HSBC Group is one of the world's largest banking and financial
services organizations. HSBC Bank Canada and its subsidiaries offer a full
range of commercial, personal financial services, wealth management and
consumer finance services.
About HSBC in India
The Indian subsidiary of The Hongkong and Shanghai Banking Corporation
Limited (HSBC India) offers a full range of banking and financial services to
over 3.3 million customers through its 47 branches and 170 ATMs across 26
cities. HSBC India is one of India's leading financial services groups, with
over 35,000 employees in its banking, investment banking and capital markets,
asset management, insurance broking, software development and global
resourcing operations in the country.
HSBC India's network of branches is located in Ahmedabad, Bangalore,
Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad, Indore, Jaipur, Jodhpur,
Kochi, Kolkata, Ludhiana, Lucknow, Mumbai, Mysore, Nagpur, Noida, New Delhi,
Patna, Pune, Raipur, Trivandrum, Thane, Vadodara and Visakhapatnam.
For further information:
For further information: Media Enquiries: Ernest Yee, Vice President,
Corporate Affairs, HSBC Bank Canada, (604) 641-2973; Michael Edmonds, Senior
Manager, Public Affairs, HSBC Bank Canada, (416) 868-8282