Opening a Canadian Bank account

[toby]

Oddly enough, HSBC is not well known in mainland China either, yet it is the "Hong Kong and Shanghai Bank". One of the largest banks in the world, by virtue of assets under management.

 

[slavasz]

It is no surprise, because despite the name it is the British bank, and until recently no foreign banks were permitted to set their offices in mainland China.

 

[slavasz]

I know one guy who was going to open an account as HSBC. He said he decided not to do it because in their small print it says that if there is a banking error and you lose some money, if you don't notice this within 30 days, it's irreversible. Since he travels a lot and has all kinds of money, this was important enough to him that he decided not to open an account there but this is the only negative thing I have ever heard about HSBC.

Actually it is 90 days.

Here is from HSBC HK general terms and conditions:
"account holder, who shall be deemed to have agreed to waive any rights to raise objections or pursue any remedies against the Bank in respect thereof unless the account holder notifies the Bank in writing of any such Errors within 90 days"

 

[Suin]

is it possible to open a bank account in Canada from European country not having landed yet?

 

[Leon]

is it possible to open a bank account in Canada from European country not having landed yet?

Yes, if you read page 1 of this thread, there is a link: http://www.hsbc.ca/1/2/en/personal/immigration-canada/new-to-canada/financial-services-new

 

[PommeDeRoute]

Just to let you know, HSBC is an Islamic bank. That is banking according to Sharia. See: http://en.wikipedia.org/wiki/Islamic_banking. I have talked to some people who were not comfortable banking with them for that reason.

 

[toby]

I suspect this is not true.

First, HSBC loves its service fees, while charging same is supposed to be against the financial code of Islamic banks. Second, HSBC stands for Hong Kong and Shanghai Bank, and was developed by the British. Not a very Islamic birth and development.

What evidence have you, please?

 

[PommeDeRoute]

See evidence here: http://www.hsbcamanah.com/amanah/about-amanah

 

[toby]

PommedeRoute:

I wrote to HSBC for confirmation. In Canada, Shariah Law does not apply to HSBC, as the head of Global Marketing explains:


"No they [Canadian branches of HSBC] will not be Shariah compliant as we do not offer Amanah products in Canada at this stage."



Regards

Mohammed Hassan ISMAEEL
Head Of Global Marketing | HSBC Amanah
HSBC Bank Middle East Limited Burj Dubai Square, Building No. 5, P O Box 502601, Dubai, United Arab Emirate


So, if for some people compliance with Shariah law is a reason to not deal with HSBC, in Canada there is no reason.

 

[PommeDeRoute]

"No they [Canadian branches of HSBC] will not be Shariah compliant as we do not offer Amanah products in Canada at this stage."

If Enron had had a branch in Canada where all the employees happened to be honest, would that mean that the company was any less corrupt? The GAP has no sweatshops in Canada. Does this mean that mean that it is OK that they do in other countries?

It is the same principle here. Just because HSBC does not operate according to Sharia in Canada *yet* does not mean they are not an Islamic bank.

 

[New2Canada]

"No they [Canadian branches of HSBC] will not be Shariah compliant as we do not offer Amanah products in Canada at this stage."

If Enron had had a branch in Canada where all the employees happened to be honest, would that mean that the company was any less corrupt? The GAP has no sweatshops in Canada. Does this mean that mean that it is OK that they do in other countries?

It is the same principle here. Just because HSBC does not operate according to Sharia in Canada *yet* does not mean they are not an Islamic bank.

I think the AT THIS STAGE means that if people want to hold an Islamic banking account (like Muslims for example), they are unable to do so in Canada. It does not mean that HSBC plans to become an Islamic Bank in Canada.

I am curious. What is wrong with being an Islamic Bank? If people don't want to deal with an Islamic bank, then that is their own fault. After all, the interest that I receive from HSBC is as good as any I receive from elsewhere.

I have a feeling there is some fear-mongering going on here.

 

[rupeshhari]

"No they [Canadian branches of HSBC] will not be Shariah compliant as we do not offer Amanah products in Canada at this stage."

If Enron had had a branch in Canada where all the employees happened to be honest, would that mean that the company was any less corrupt? The GAP has no sweatshops in Canada. Does this mean that mean that it is OK that they do in other countries?

It is the same principle here. Just because HSBC does not operate according to Sharia in Canada *yet* does not mean they are not an Islamic bank.

I think HSBC caters to Muslim and non-Muslim clients, depending on the country. After all it is the world's local bank.
The YET probably means that they will cater to muslim clients in Canada if a critical mass is reached. From an academic research point of view, there is a lot of talk in the banking community as to incorporating ideas from Islamic banking to prevent future crisis. If one can model this, then it would be a smart move by HSBC to incorporate the best of both worlds. This is just plain economics.

 

[PommeDeRoute]

There is a big difference between catering to Muslim clients and adhering to a repressive set of laws that many in this forum have probably sought or are seeking to flee.

If I want to open a bank here in Canada and cater to Americans, it does not mean that I need to conduct business according to Christian fundamentalist principles, or require my employees or customers to carry guns.

Some might say that hard work, frugality and industry are traditionally Protestant principles. There is nothing wrong with incorporating those general principles into the way my "American" bank would do business. These would also go a long way in preventing future crises. Let's just make sure, though, that "sound economics" don't become a smokescreen for more sinister political agendas.

 

[New2Canada]

I don't think anyone is running away from Islamic banking. If that is their biggest worry (ie Islamic banking), they have a great life.

Remember, just because Iowa has death penalty doesn't mean all of Iowa's laws are bad or just because Rush Limbaugh is fundamentalist in his ideas according to some, doesn't make all his ideas bad.
Besides, who said anything about brining fundamentalists principles here, whether it is Christian or Islamic. Islamic banking is just that, it is banking. It doesn't have to religious, just like Yoga is a good exercise form, even though much of it comes from Hindu text. Practicing Yoga wouldn't make you a Hindu fundamentalist.

 

[PommeDeRoute]

Nobody is running away from Islamic banking, but there are plenty who flee Sharia:

http://europenews.dk/en/node/25423

Do you mean to say that a father killing his own daughter because of her faith is not fundamentalist?

http://www.independent.ie/world-news/christians-flee-spread-of-islamic-law-375025.html

How about amputation of hands for theft, death for adultery?

http://www2.irb-cisr.gc.ca/en/research/rir/?action=record.viewrec&gotorec=433930

How about immigrants to CANADA fleeing Sharia in Nigeria because of its treatment of homosexuals?

http://www.tolerance.ca/Article.aspx?ID=35670&L=en

How about this person who also fled Sharia and came to Canada?

Now, several years ago, Canadians rejected Sharia in Canada vociferously. See: http://www.nosharia.com/

Why do you think hundreds of thousands of people every year want to come to Canada? Do you think it's because Canada imposes the death penalty for adultery and amputates hands for theft or oppresses its homosexuals? Canadians, thank goodness, have rejected this nonsense and are known the world over for a free and peaceful society.

Canadians are also known as very tolerant people. Those with bad intentions recognize this and prey on Canadians who are trusting and are afraid to be branded as racist. That is not to say that Canadians are gullible. It's just that trusting, honest people are never inclined to believe the worst in anybody. So that it why the nonsense of Sharia in Canada can even be entertained. Entertained it was because Canada is a free society. It was also rejected and I, as a new Canadian, think that Sharia was given as much of a chance, as much of a debate as it should be given and now it is time to make sure this type of repression, this type of disregard for human rights, this glorification of violence is given NO PLACE in our society.