Laurentian Bank of Canada International Transfers & Exchange Rates
The Laurentian Bank of Canada is a Schedule I bank primarily operating in Quebec and with offices in Alberta, Nova Scotia, British Columbia, and Ontario. The bank has been in operation since 1846 and was once known as the Montreal City and District Savings Bank. In 1987, it was renamed the Laurentian Bank of Canada, and the name continues to be used to this day.
About Laurentian Bank of Canada
As one of Canada’s longest-standing banks, the Laurentian Bank of Canada offers plenty of banking and financial services, including international money transfers. This article will discuss the Laurentian Bank of Canada’s exchange rates and transfer fees and answer commonly asked questions involving the bank.
Laurentian Bank of Canada Exchange Rates and Fees
Exchange Rate
As of 1 June 2021, Laurentian Bank of Canada’s GBP to CAD exchange rate is $1.629, while its EUR to CAD exchange rate is $1.4.
Transfersupermarket also pegs their foreign exchange margin at 5.0%. That means that for every transfer you make with Laurentian Bank of Canada, they take 5% of the amount sent before the money is received by your beneficiary.
When making international money transfers, it’s always important to know the exchange rate right before sending your money. That way, you know exactly how much the bank will be taking before sending it to your recipient.
Transfer Fees
Transfer fees through the Laurentian Bank of Canada depend on the currency to be sent and the amount to be sent.
If you are sending Canadian currency, the transfer fees are:
Amount is $0.01 to $9,999.99: Transfer fee is $20.00.
Amount Is $10,000.00 to $24,999.99: Transfer fee is $28.00.
Amount is $25,000.00 to $99,999.99: Transfer fee is $40.00.
Amount is $100,000.00 and above: Transfer fee is $70.00.
For transfers in other currencies:
Amount is $0.01 to $4,999.99: Transfer fee is $30.00.
Amount is $5,000.00 to $9,999.99: Transfer fee is $35.00.
Amount Is $10,000.00 to $24,999.99: Transfer fee is $50.00.
Amount is $25,000.00 to $74,999.99: Transfer fee is $70.00.
Amount is $100,000.00 and above: Transfer fee is $75.00.
If you transfer money from a USD account, the fees will be converted into USD before deduction from your account.
How Do Laurentian Bank of Canada Transfer Fees Compare to Using a Money Provider?
Transfer fees with Laurentian Bank of Canada range from $20 - $70 if you are sending Canadian currency. On the other hand, sending other currencies has a transfer fee ranging from $30 - $75.
Money transfer providers have much lower transfer fees — services like WorldRemit, Skrill, and Azimo charge only $2.28 - $4.22.
Money transfer providers can afford to charge lower fees because customers are paying only for the money transfer service. On the other hand, banks charge higher fees because customers also pay for all the other operational costs of the bank.
Money transfer providers also have a minimum transfer of 100 CAD/EUR/USD/GBP. In contrast, the Laurentian Bank of Canada does not have a minimum for international money transfers.
Laurentian Bank of Canada Pros and Cons
Like any other banking institution, Laurentian Bank of Canada’s financial services — specifically their international money transfer service — have their own pros and cons.
Pros
Cons
It is a matter of convenience and customer support versus time and money when choosing between Laurentian Bank of Canada and money transfer providers. Those who tend to have busier days and just want to make a transfer without going through too much hassle will definitely prefer Laurentian Bank of Canada.
On the other hand, it would be better for you to make an international money transfer through a dedicated money transfer provider if you want to save time and money.
Laurentian Bank of Canada Swift Codes
| Bank | Country | City |
|---|---|---|
| Laurentian Bank Of Canada | Canada | Montreal |
How to Open an Account and Transfer Money With Laurentian Bank of Canada
Opening an account requires you to go to a Laurentian Bank of Canada branch along with specific documents. To make a transfer, you can either make it through any of their branches or through their online banking interface, LBCDirect.
Opening an Account
Before opening an account, you should check out Laurentian Bank of Canada’s plan calculator to determine which particular bank account suits your needs best.
After determining the plan for you, you can either book an appointment with them or drop by a branch. You can look for a branch through their branch locator.
You will also need to present the following:
Your contact information
Information on your date of birth
Proof of occupation
Any piece of identification from Group A (see below)
Another piece of identification from Group A and B (see below). Alternatively, you can bring a reference from a client in good standing with the Laurentian Bank of Canada or a reference from a person with a good reputation in the community where the branch you deal with is located.
Laurentian Bank of Canada accepts various proofs of identification, grouping them into either Group A or Group B.
Group A Identification:
Your driver’s license (Canadian or foreign)
Your passport (Canadian or foreign)
Your Canadian citizenship card (issued before 2012)
Your permanent resident card
Your Secure Certificate of Indian Status issued by the Canadian government
Your provincial or territorial health insurance card, as permitted to be used for identification purposes under provincial or territorial law
Your identification card issued by a provincial or territorial government authority or one of its agents that can serve as your identification - the card must bear your photograph and signature
Group B Identification:
An employee identification card issued by a well‑known employer and bearing your photograph
A bank, client, or automated banking machine card issued by a member of Payments Canada and bearing your name and signature
A credit card issued by a member of Payments Canada and bearing your name and signature
A Canadian National Institute for the Blind (CNIB) client card bearing your photograph and signature
A personal reference from a client in good standing at the Bank or a reference from a person with a good reputation in the community where the branch you deal with is located.
It is essential to carefully check each requirement and know which group (either A or B) your proofs of identification belong to so you don’t risk running back and forth because you got confused about their identification requirements.
Transferring Money
Since the Laurentian Bank of Canada does not have a mobile app, money transfers can be done only through their online banking interface, LBCDirect, or through one of their branches.
You should have the following information ready before you make an international money transfer:
Name, address, and account numbers of the beneficiary;
The bank transit number and the account number to which funds must be transferred as well as the name and address of the bank;
The receiving bank’s SWIFT code;
Reason for payment
If the transfer will be made outside Canada and the United States, the international bank account numbering (IBAN) code of the beneficiary,
Additional Information
Laurentian Bank of Canada’s standard Business Current Account has a monthly management fee of $8.00.
For those who prefer to do their business in USD, Laurentian Bank of Canada has a Day by Day Plus US Dollar Account.
If your Day by Day Plus US Dollar Account with the Laurentian Bank of Canada has at least US$3,000.00, there is no monthly fee for account maintenance. If your monthly balance is less than US$3,000.00, there are also no monthly fees if your account has an electronic bank statement. However, if your account has a paper bank statement, there is a monthly fee of US$2.00.
For those wishing to directly transfer funds from their account in Laurentian Bank of Canada to an account held at another financial institution, it is not possible except through a direct deposit agreement with the receiving institution.
Customer Service Details for Users of Laurentian Bank of Canada
There is a multitude of ways to contact the Laurentian Bank of Canada.
First, clients can log into LBCDirect and use the built-in messaging service to communicate with the bank confidentially.
Non-LBCDirect users may call them at 514-252-1846 (Montreal region) or at 1-800-522-1846 (toll-free number).
If you wish to call them by telephone, you can check out their complete list of dedicated lines in their directory. Suppose you want to call a specific branch. In that case, they also have a directory of Laurentian Bank of Canada branches, each with its own telephone number.
If you would like to send them a mail, here is a list of all their office addresses. You can also use their branch locator if you want to go to a branch yourself.
Finally, you can book an appointment through their appointment form, where an advisor will contact you after 48 hours.
Summary
Although the Laurentian Bank of Canada has plenty of branches throughout Canada, it is not as big as the major Canadian banks. Thus, it’s understandable that it has fewer features.
However, international money transfers are still among the services they offer. Like most banks, these transfers come with a high cost and a long delay. If you prefer the security and convenience of making a transfer with the Laurentian Bank of Canada, then you can easily make a money transfer with them.
If you place a bigger priority on the amount you spend along with the processing time, though, then transferring money through a dedicated money transfer provider might be the better choice for you.
Other Banks
Answers to Key Questions about Laurentian Bank of Canada
Here we’ll answer any questions you may have about Laurentian Bank of Canada, along with commonly asked questions that come up with any banking or financial institution.