About bank
KEB Hana Bank Canada is a financial institution founded in 1981 as a Canadian subsidiary of KEB Hana Bank in Korea.
The bank provides both personal and business banking products and services and serves clients through its seven branches in Alberta, British Columbia, and Ontario.
Features
The staff of KEB Hana Bank Canada provides in-branch services in English, Korean, and Chinese.
KEB Hana Bank Canada is a member of the Canada Deposit Insurance Corporation.
Pros and cons
Products and services from KEB Hana Bank Canada have certain advantages:
In-branch services in English, Korean, and Chinese
Insurance coverage of eligible deposits of up to $100,000 by CDIC
An opportunity to open a joint bank account
Online and mobile banking capabilities
The major disadvantage of KEB Hana Bank Canada is that its branches are present in 4 provinces only.
Products
KEB Hana Bank of Canada offers the following personal banking products:
Chequing accounts to perform daily transactions, available in both Canadian dollars and U.S. dollars, with interest-bearing options providing up to a 0.150% interest rate
Daily interest investment accounts available in both Canadian dollars and U.S. dollars and providing up to 0.200% interest on deposits in Canadian dollars and up to 0.150% — in U.S. dollars
Term deposits with terms ranging from 6 months to 5 years, a minimum deposit starting from $10, and interest of up to 4.300% on deposits in Canadian dollars and up to 3.300% — in U.S. dollars depending on the term and rate (a fixed or variable)
Installment savings deposits available in Canadian dollars only, with the terms ranging from 6 months to 5 years, a minimum deposit starting from $10, and interest of up to 4.500%
Registered Retirement Savings Plans (RRSPs) allowing to grow your savings and investment income tax-free and providing 0.200% interest on savings and up to 4.200% — on term deposits
Registered Retirement Income Funds (RRIFs) allowing to convert your RRSP savings into retirement income and providing 0.200% interest on savings and up to 3.800% — on term deposits
Tax-Free Savings Accounts (TFSAs) allowing to grow and withdraw your money tax-free and providing 0.200% interest on savings and up to 4.200% — on term deposits
Residential mortgages providing financing of up to 80% of the purchase price or appraised value, with the posted fixed rates of up to 6.180 depending on the term, and variable rates based on the Canada Prime Rate of 5.450%
StandBy LC loans secured by bank-issued standby letters of credit, for clients with offshore assets
Personal loans providing access to funds for any of your borrowing needs
Bridge loans — short-term loans used until you secure permanent financing or pay an existing obligation
Lines of credit allowing you to borrow money up to an approved limit, with interest applied to the amount you actually use
Letters of guarantee issued by the bank on your behalf to assure that the bank will cover your financial obligations in case you cannot
For business clients, there are the following products at KEB Hana Bank of Canada:
Chequing accounts to perform daily banking operations available in both Canadian dollars and U.S. dollars, with no interest-bearing feature
Daily interest investment accounts available in both Canadian dollars and U.S. dollars and providing up to 0.250% interest on deposits in Canadian dollars and up to 0.150% — in U.S. dollars
Term deposits with terms ranging from 30 days to 5 years, a minimum deposit starting from $1,000, and interest of up to 4.300% on deposits in Canadian dollars and up to 3.300% — in U.S. dollars depending on the term and rate
Installment savings deposits available in Canadian dollars only, with the terms ranging from 6 months to 5 years, a minimum deposit starting from $10, and interest of up to 4.500%
Operating lines of credit providing revolving access to funds up to the approved credit limit to improve the cash flow of your business
Business loans providing financing for various business needs — purchasing inventory and equipment, carrying out renovation, or implementing expansion plans
Commercial mortgages providing financing of up to 60% of appraised value to buy a commercial property or refinance an existing mortgage
Canada Small Business Financing Program (CSBFP) providing financing of up to C$1,000,000 depending on a company’s profile and its borrowing needs
Services
Individuals and business clients can reach out to KEB Hana Bank of Canada for the following services:
Foreign exchange services to trade currencies at competitive rates
International money transfers allowing to send and receive funds globally
The additional services for business clients include:
Trade finance services for exporters and exporters, including transfer, collection, and negotiation of letters of credit, notice of the arrival of shipping documents, trust receipts, forward transactions, Document against Payment (D/P), and Document against Acceptance (D/A) transactions
Online TAX filing services for sole proprietors, partnerships, non-profit organizations, joint ventures, and incorporated companies to save time and receive GST refunds faster.
