About bank
Founded in 2009 as a subsidiary of Shinhan Bank Korea, Shinhan Bank Canada is a federally-regulated financial institution headquartered in Ontario. The bank serves its clients through branches in British Columbia in Ontario.
Features
Shinhan Bank Canada offers both personal and business banking products and services.
Since Shinhan Bank Canada is a Canada Deposit Insurance Corporation member, the funds deposited there are safe and secure.
Pros and cons
Here are the benefits of Shinhan Bank Canada:
A wide range of personal and business products and services
Insurance coverage of eligible deposits by CDIC
Online and mobile banking features
The major drawback is the limited geographic availability of the bank’s branches.
Products
Here are the personal banking products offered by Shinhan Bank Canada:
Basic packages for everyday banking that differ in the number of debit transactions included, monthly fees, and fee waiver options
Special packages for students, international student moms, seniors, newcomers to Canada, and work permit holders with no monthly fees, 25 to unlimited transactions included, and additional perks for select packages like real-time global remittance with preferred transfer fees
Savings accounts providing interest of up to 0.10% on deposits in Canadian dollars and up to 0.05% — on deposits in U.S. dollars
Term deposits and GICs with terms ranging from 30 days to 5 years and interest rates ranging from 0.05% to 3.95% depending on the term and currency of the deposit
Installment savings available in Canadian dollars only with terms ranging from 6 months to 3 years and interest rates ranging from 2.75% to 4.70%
Tax-Free Savings accounts (TFSAs) allowing to grow savings and income earned from investment vehicles held there tax-free
Registered Retirement Savings Plans (RRSPs) allowing to grow savings and income from investment vehicles held there tax-free as long as they remain in the plan
Residential mortgages providing financing of up to 80% of your home’s value at fixed rates ranging from 4.59% to 6.39% and variable interest rates fluctuating with the Prime rate, with amortization up to 30 years
Home equity lines of credit providing financing of up to 65% of your home’s value
Personal loans, both secured and unsecured, for any borrowing needs
Personal lines of credit, both secured and unsecured, providing revolving access to financing at variable interest rates
The StandBy Letter of Credit loans secured by bank-issued standby letters of credit, for clients with overseas assets
Unsecured RRSP loans providing financing to optimize your RRSP contributions
For businesses, there are the following products at Shinhan Bank Canada:
Business packages for everyday business banking that differ in the number of debit transactions, cheque deposits, the amount of cash deposit included, monthly fees, and fee waiver options
Commercial mortgages providing financing of up to 70% of the property value at either a fixed or variable rate, with amortization up to 25 years
Business loans for various borrowing needs of your business at competitive variable rates
Business lines of credit providing revolving access to credit of up to an approved amount, with interest applied only on the amount used
Access to Canada Small Business Financing Loans of up to $1,000,000
Letters of credit or guarantee issued by the bank to assure your partners that they will receive payment on time and in full
Services
Shinhan Bank Canada offers the following services for both individuals and business clients:
Same-day money transfers within Canada to send funds in either Canadian dollars or U.S. dollars
Global money transfer services to send funds from Canada to Korea or anywhere in the world and from Korea to Canada, all at preferred exchange rates and fees
Foreign exchange services to trade currencies at preferred rates (U.S. dollars, South Korean Wons, or Euros) or order foreign cash (in U.S. dollars or South Korean Wons)
The banking services for individuals include:
Bill payment allowing you to pay bills easily and securely and set up a future-dated bill payment
Sweep account service enabling you to use funds from your other designated Shinhan accounts to cover any insufficient balance
Post-dated cheque service allowing you to save time and prevent loss of cheques by depositing your post-dated cheques all at once
Business services offered by Shinhan Bank Canada include:
Real-time account management services providing detailed transaction tracking, preferred exchange rates, and discounts on service fees for international remittances
Bulk electronic fund transfer and bill collection services enabling you to perform large fund transfers automatically, collect bulk payments from your customers’ accounts and deposit them into your business account
Sweep account service allowing you to use funds from your other designated Shinhan accounts to cover any insufficient balance
Bill payment services to pay your business bills faster and easier and set up future-dated bill payments
Post-dated cheque service allowing you to deposit your post-dated cheques all at once
Import and export finance services, including letters of credit issuance, purchase of bills of exchange, collection services, and more.
