National Bank of Canada International Transfers & Exchange Rates
Since then, the National Bank of Canada has remained powerful in their country through offerings of new banking products and funds, and continues to globally expand its influence focusing on two purposes: “digital transformation” and “cultural shift”. One of its largest achievements today is its movement towards contactless debit cards, remote mortgage preapproval solutions, and modernization of workspaces.
About the National Bank of Canada
The National Bank of Canada started in May 1859 under the name “Banque Nationale” made to accommodate better banking policies than other banks. Due to the 1920 recession that shook “Banque Nationale”, a merger with another bank transformed the organization “Bank Canadian National” under an agreement. Almost 60 years later, in 1979, the Provincial Bank of Canada (Bank Canadian National’s long-standing bank rival) merged with Bank Canadian National to form the now known “National Bank of Canada”, which marks one of the largest bank mergers in history.
The National Bank of Canada Exchange Rates and Fees
As a leading bank in Canada and around the globe, the National Bank of Canada keeps its own exchange rates for its clients. Their money transfer options observe different fees across various options.
Exchange Rate
As of May 28, 2021, the National Bank of Canada’s USD (US Dollar) to CAD (Canadian Dollar is 1.175 while their EUR to CAD is 1.412. Their website reminds clients that the exchange rates posted are only for reference and can change without notice. They explicitly express that only their branches track the real-time exchange rates.
Transfer Fees
For local money transfers, the National Bank of Canada uses “Interac e-transfer” for real-time transactions from one bank to another. The fees for using Interac through the National Bank of Canada are included in the package the client chooses upon their account opening. Another option for local transfers would be sending money through telephone or mail which costs USD 6.50.
For outgoing international money transfers, the National Bank of Canada offers two options that come with different corresponding fees. First, if the client opts for branch services transfers, 0.34% of the total amount will be charged as a transfer fee, which can range from USD 20 as the minimum fee and USD 70 as the maximum fee. Wire charges are excluded from this computation. The wire charge for sending money to Canada and the United States costs USD 15, and USD 20 for other countries. A tracing fee of USD 20 may incur if additional research for a certain correspondent happens.
The second option for outgoing international money transfers can be done online through Interac e-transfer, which costs USD 5.95 per transaction. No additional fees were included in the statement of fees by the National Bank of Canada on their website.
How Does the National Bank of Canada’s Transfer Fees Compare to Using a Money Transfer Provider?
A client might need to consider other options for international money transfers if the National Bank of Canada is included in their options. The option for international money transfer through their branches immediately requires 0.34% of the total amount, set at USD 20 at a minimum and USD 70 at maximum. The client better opts for their Interac e-transfer international money transfer for only having USD 5.95 transfer fee per transaction.
Other money transfer providers cost more than the National Bank of Canada’s Interac e-transfer fees, but less than their international transfer through a branch. Wise’s transfer fees would depend on the destination and the total amount the client wants to send calculated through percentages. WorldRemit’s transfer fees range from USD 3.99 to USD 24.99 depending on the destination country. CurrenciesDirect also applies percentages for their transfer fees depending on various factors.
As for local fees, the National Bank of Canada incurs USD 1.25 per online transaction done through Interac e-transfer if the client does not belong to any of the bank’s packages. If the client is included in any package, the fee for using Interac is included in their monthly payment. No other fees were stated in the terms and conditions from their website. The client may prefer real-time transactions for choosing this option over other local money transfer services.
National Bank of Canada’s Pros and Cons
International money transfers with the National Bank of Canada weigh more pros than cons largely due to their transparency in fees and offering of services.
Pros
Cons
The National Bank of Canada remains to be a viable option for clients due to its wide range of services and transparency of fees, both of which help clients in fulfillment of their banking needs.
How to Open an Account and Transfer Money With the National Bank of Canada
For the local opening of an account, the National Bank of Canada offers two options: (1) opening an account through a branch, or (2) online opening of an account. This will depend on the type of account the client wishes to open.
For accounts opened outside of Canada, only their online application through the website offers the option for account opening. The client must meet the set eligibility criteria of the bank to enjoy its perks and open an account. It must be cautioned that the client must arrive in Canada within 5 years upon the account opening.
Opening an Account
The National Bank of Canada primarily offers two types of accounts: (1) checking accounts, and (2) a high-interest savings account. The National Bank of Canada offers a high-interest savings account that can be opened online through their website. For chequing accounts, the bank offers four options:
“The Minimalist”
“The Modest”
“The Connected”
“The Total”
These are arranged in increasing monthly fees and perks. The account opening for all chequing accounts can be done online in five minutes given that all information is satisfied.
Transferring Money
The National Bank of Canada accommodates both wire transfers through their branches and online transfers for both local and international money transfers. Local money transfers happen in real-time, while international money transfers can take from three to five days.
Additional Information
Customers who fall into the category of “youth”, “student”, “healthcare professionals'', “engineering professionals”, “legal and business professionals”, “18-to-24-year-olds”, and “newcomers” can consult the website for details about their promotions and perks for each respective category. These perks range from savings advantages and credit lines to monthly fees.
Various credit cards are also offered by the bank depending on the primary usage of the client, which can range from a focus on having low-interest fees to focus on travel purposes.
Customers who look for mortgage and retirement plans can visit the website and explore packages offered by the National Bank of Canada. From there, they can set an in-person appointment at any branch to see which plans to follow based on their respective eligibility criteria.
Customer Service Details for Users of the National Bank of Canada
The customer service details for the National Bank of Canada can be found on their website. While their email is only available for their existing clients, potential clients without any existing account can request an online form to express their complaints or inquiry. The bank can also be reached by telephone at 1-888-622-2783.
Can I Use the National Bank of Canada for International Bank Transfers?
Yes. The National Bank of Canada offers two options for international bank transfers. A client can opt for an in-person international money transfer by visiting any of the listed branches on the bank’s website. The other option is to opt for using the National Bank of Canada’s app and use their Interac e-transfer for sending international money transfers online.
Summary
The National Bank of Canada provides a huge range of banking services from chequing and savings to mortgage and retirement. The bank also offers a variety of services from in-person banking experiences through their branches or through online or their application. It also offers huge perks and advantages for different ages and different professions to enjoy. This includes people who seek to enter Canada in the future and need guidance for any banking inquiries from entering the country to staying in the country.
In cases of questions and concerns, the website of the National Bank of Canada offers a simplistic and user-friendly interface that allows the user to immediately locate the services they need, which are regularly updated. All of the frequently asked questions and contact details to reach the bank are included on their website.
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Answers to key questions about the National Bank of Canada
Given how the National Bank of Canada offers various banking investing services for their clients all over the world, some key questions give more emphasis and detail in consideration of having banking experiences with them.