Saturday, February 9, 2008

Euro Savings Accounts for Canadians

With the growing trend of people shying away from US-denominated currency, it comes as no surprise that the big Canadian banks have started to jump onboard.

Earlier this week, The Bank of Nova Scotia announced that it has become the first major Canadian-based bank to offer Euro-denominated savings accounts. I doubt that the other banks will be far behind.

According to Scotiabank's web site:
The Scotia Euro Daily Interest Savings Account is a savings account denominated in Euros that allows you to deposit and withdraw Euros at your branch without the need to convert them to or from Canadian dollars.

It should be noted that ABM, telephone and Internet banking services, direct payment transactions, bill payments, cheque-writing privileges and overdraft protection are not allowed on this account; only teller assisted debit and withdrawal transactions conducted at your branch of account are allowed on this account.

Scotiabank also states that a deposit to the Scotia Euro Daily Interest Savings Account does not constitute a deposit that is insured under the Canada Deposit Insurance Corporation (CDIC) Act.

For those interested in having some exposure to the Euro or simply want an account to store those valuable Euros in between trips overseas, you might want to visit your local Scotiabank branch for more information.

While on the topic, HSBC Bank Canada, a division of United Kingdom-based HSBC Holdings PLC, has apparently offered a euro-denominated savings account for years so they might also be worth a look for those of you interested.

1 comment:

White Eagle said...

I should also add that Scotiabank's web page describing the Scotia Euro Daily Interest Savings Account contained several spelling and grammatical errors when I checked it out this morning in preparation for this post. I'm not sure if that's because they were in a race to be the first Canadian bank to make the announcement or the mistakes were simply an oversight. Nevertheless, the professionalism of their site dropped a notch in my books by allowing such mistakes to make their way online. Hopefully, I did not misinterpret any information regarding the account rules as a result.