RBC Set to Finalize Acquisition of HSBC Bank Canada

RBC is in the final stages of completing its acquisition of HSBC Bank Canada. By the end of March 2024, existing HSBC Canada clients will have been transitioned to RBC products, which will then be active as of April 1, 2024.

With the transition from HSBC Canada to RBC set to be completed by the end of the month, let’s take a look at a few of the remaining tasks at hand, including receiving and activating your new cards, converting HSBC Rewards to RBC Avion points, and some important insurance considerations.

RBC Mailing Out New Credit Cards to Existing HSBC Cardholders

If you currently hold an HSBC Canada credit card, you’ll soon be receiving your transitioned RBC credit card in the mail. 

Once you receive the new RBC credit card, you’ll need to activate it, and then you can begin using it as of April 1, 2024.

Until then, you can continue to use your HSBC credit card product; however, it will no longer be active as of 11:59pm Eastern Time on April 1, 2024.

It’s important to note that you’ll receive the standard RBC cardholder agreement for the credit card to which you’re being transitioned; however, the personalized letters you received in January reflect the features that apply to your transitioned credit card.

For example, legacy cardholders of the HSBC World Elite Mastercard are being transitioned to the RBC® Avion Visa Infinite†. As indicated in the personalized letters sent in January, these transitioned cards will feature no foreign transaction fees.

However, in the standard cardholder agreement that’s being sent with the new transitioned RBC credit cards, it says that there’s a 2.5% foreign transaction fee.

After receiving some concerns from our audience, we asked RBC to clarify this discrepancy, and we received the following answer:

HSBC Bank Canada clients that have received either the RBC Avion Visa Infinite or RBC Avion Visa Infinite Privilege for Private Banking cards should refer to the personalized summary letter from RBC. There it states that RBC is waiving its right to charge the 2.5% above the benchmark rate charged for foreign exchange transactions noted in the cardholder agreement for the migrated credit cards. The RBC cardholder agreement is intended for all of our cardholders and the personalized summary letters note any variances and therefore include the most…