Personal Finance

Easiest and cheapest way to get access to SEPA as a Canadian?

  • Last Updated:
  • Dec 6th, 2019 2:13 pm
[OP]
Sr. Member
Nov 9, 2017
621 posts
61 upvotes

Easiest and cheapest way to get access to SEPA as a Canadian?

What is the easiest AND cheapest way to get access to a SEPA account THAT has the ability to fund the money back to a Canadian (i.e. Euro in an HSBC account OR CAD in a CIBC account OR USD in a US bank account).

I need a SEPA capable account that is not only available to Canadians (SEPA in and SEPA out) but can also transfer that fund at a good price to a US, HSBC Euro, or a Canadian bank account.

I am open to online accounts or ones that can be opened at a European country bank by visiting there (no resident of Europe or student there but open to idea of opening a virtual business there if needed for this).
13 replies
Deal Addict
Jul 15, 2009
1710 posts
812 upvotes
There's the Transferwise borderless account. It gives you a German IBAN.
Deal Addict
Nov 13, 2013
1882 posts
817 upvotes
Ottawa
I think BANCO POPULAR ESPANOL, S.A. Lets you open an online account remotely. For sure they are open to non-residents.
[OP]
Sr. Member
Nov 9, 2017
621 posts
61 upvotes
fogetmylogin wrote: I think BANCO POPULAR ESPANOL, S.A. Lets you open an online account remotely. For sure they are open to non-residents.
Hard to find a signup link. Seems it require some sort of drop. Are you sure?
Deal Addict
Nov 13, 2013
1882 posts
817 upvotes
Ottawa
Someone I pay recently switched to them and that is what shows up as the swift code. They may have a separate consumer facing brand. I know my payee was not physically in Spain when they opened the account though they may have used a lawyer or some other method. A quick google showed several online bank accounts for non-residents in Spain including Openbank.
[OP]
Sr. Member
Nov 9, 2017
621 posts
61 upvotes
fogetmylogin wrote: Someone I pay recently switched to them and that is what shows up as the swift code. They may have a separate consumer facing brand. I know my payee was not physically in Spain when they opened the account though they may have used a lawyer or some other method. A quick google showed several online bank accounts for non-residents in Spain including Openbank.
In most cases non-residents means non-permanent residents but still have to be in Spain like students or those with work Visa etc...

If they ask for registration number or transferring bank account from other bank then this is not I can provide.

Thanks for weighing in.
Jr. Member
Aug 25, 2015
179 posts
271 upvotes
Victoria, BC
Have you looked into Revolut and N26? Apparently all you need to open an account with them is an EU address to receive the card so that you be an option if you know someone willing to you lend you their address.
Penalty Box
Dec 16, 2017
2538 posts
1030 upvotes
CND Brain & Hear…
snowhite445 wrote: In most cases non-residents means non-permanent residents but still have to be in Spain like students or those with work Visa etc...

If they ask for registration number or transferring bank account from other bank then this is not I can provide.

Thanks for weighing in.
BS. Non-resident means non-resident for taxation. It doesn't matter if you're a foreigner under any visa category.

In anyway, you can try opening in person (same goes opening US-based bank account)
Unfortunately opening a foreign bank account from Canada is never a thing.
Intellectual Property is King. Respect it
Newbie
Aug 29, 2012
60 posts
39 upvotes
Toronto
snowhite445 wrote: What is the easiest AND cheapest way to get access to a SEPA account THAT has the ability to fund the money back to a Canadian (i.e. Euro in an HSBC account OR CAD in a CIBC account OR USD in a US bank account).

I need a SEPA capable account that is not only available to Canadians (SEPA in and SEPA out) but can also transfer that fund at a good price to a US, HSBC Euro, or a Canadian bank account.

I am open to online accounts or ones that can be opened at a European country bank by visiting there (no resident of Europe or student there but open to idea of opening a virtual business there if needed for this).
If you already have accounts with HSBC Canada then you can either use their International Banking Centre - https://www.hsbc.ca/international-servi ... t-opening/

Global International Banking Centre 1-888-280-4722

That way you can instantly move funds between that account and your HSBC Canada Euro account with no fees using the Global Transfer function.

If you are not HSBC Premier then there is a fee for the IBC remotely opening the account for you but its less than the cost of airfare to go and physically open the account. You could also look at HSBC Ex pat but if your primary focus is Euros then you may wish to get an account with HSBC in France or Spain.
[OP]
Sr. Member
Nov 9, 2017
621 posts
61 upvotes
dekvitaly wrote: BS. Non-resident means non-resident for taxation. It doesn't matter if you're a foreigner under any visa category.

In anyway, you can try opening in person (same goes opening US-based bank account)
Unfortunately opening a foreign bank account from Canada is never a thing.
Your post (first part and second part) doesn't add any value whatsoever but thank for chiming in.
[OP]
Sr. Member
Nov 9, 2017
621 posts
61 upvotes
jameswc wrote: If you already have accounts with HSBC Canada then you can either use their International Banking Centre - https://www.hsbc.ca/international-servi ... t-opening/

Global International Banking Centre 1-888-280-4722

That way you can instantly move funds between that account and your HSBC Canada Euro account with no fees using the Global Transfer function.

If you are not HSBC Premier then there is a fee for the IBC remotely opening the account for you but its less than the cost of airfare to go and physically open the account. You could also look at HSBC Ex pat but if your primary focus is Euros then you may wish to get an account with HSBC in France or Spain.
Yes, saw the HSBC option. I haven't called yet but they do have this line in requirement "Other documentation such as a visa may be required"
Member
User avatar
Jun 24, 2016
327 posts
275 upvotes
Bump. Has anyone developed any new insights on how Canadians can access the SEPA network, apart from TransferWise borderless?
Newbie
Oct 26, 2007
25 posts
8 upvotes
HSBC France works well: you don’t need a visa, but you do need a good reason for opening the account, such as frequent travel to France.

It may actually be easier to open an account with HSBC Malta, but you need to visit them physically.

The N26 option mentioned in the other thread looks promising:

https://nomadgate.com/open-n26-account/
Member
Feb 4, 2019
304 posts
356 upvotes
BC
how-open-euro-bank-account-without-trav ... #p31779398
I have an N26 account. I opened it using just my phone and while in Canada. I have an EU passport and address but it should be possible with a Canadian passport and an address in one of the supported countries. See https://nomadgate.com/open-n26-account/.

The account itself is OK. It's a real bank account with German IBAN and deposit protection. Free SEPA transfers and free debit Mastercard with 0% FX fee. Up to 5 free ATM withdrawals within the EEA. Their app is OK too, it's clean and simple. It also integrates with Transferwise for transfers outside SEPA (e.g. to Canada).

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