Exchange Bank of Canada Review and FAQs

Updated

Share:

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest

Canada’s foreign exchange and international payment services provide a range of processing and foreign currency exchange services, including wire transfers, foreign cheques clearing, mobile payments, global EFTS, etc.

Although there are many forex service providers in Canada, the Exchange Bank of Canada stands out as Canada’s only Schedule 1 foreign exchange bank. With a particular focus on foreign exchange and international payments, the Exchange Bank of Canada is a trusted ally for several financial institutions and corporate entities in Canada.

How does the Exchange Bank of Canada compare to other international payment service providers and banks in Canada regarding payment solutions, operation, pricing, and other relevant services? Here’s a review of the bank’s services and operations.

About Exchange Bank of Canada (EBC)

Exchange Bank of Canada (EBC) is generally known as Canada’s foreign exchange bank. Currency Exchange International Corp. wholly owns the Toronto-based Schedule 1 bank. As a significant player in the financial sector and foreign exchange, Exchange Bank of Canada provides wholesale forex services and other financial solutions to Canadian businesses and financial institutions.

As Canada’s only Schedule 1 Canadian bank specializing in foreign exchange, Exchange Bank of Canada boasts a client-first approach to providing industry-leading technology and solutions for cost-effective and trusted payment processes.

Historically, EBC was established as Currency Exchange International of Canada Corp. (CXI Canada) in 2011, a Currency Exchange International Corp subsidiary (CXI). In 2012, CXI Canada applied to the Canadian Minister of Finance to continue operations as a bank (Exchange Bank of Canada) under the Bank Act.

In 2016, the office of the superintendent of finance (OSFI), by order of the Minister of Finance, endorsed the application for banking services. The approval gave CXI Canada to commence and continue operations as a federally regulated financial institution in Canada. As a result, CXI Canada became the Exchange Bank of Canada (English) and Banque de Change du Canada (French). EBC formally commenced banking operations in 2016 and became a Schedule 1 bank.

Company Exchange Bank of Canada (EBC)
Founded 2016
Former Name Currency Exchange International of Canada Corp (2011-2016)
Sector Financial services
Industry Banking
Headquarters Toronto, Ontario
Website www.ebcfx.com
Parent company Currency Exchange International Corp.
Products and services Foreign currency cheques clearing,
foreign currency bank drafts,
foreign currency exchange,
travellers’ cheques,
international wire transfers,
global EFTs,
international payments, and more

EBC Products and Services

Exchange Bank of Canada offers wholesale products and services in tune with its mission of simplifying foreign exchange using technology, industry expertise, and unparalleled customer service. EBC specializes in foreign exchange and payment services to financial institutions and businesses.

These services include:

  • Foreign currency cheques clearing
  • Foreign currency bank drafts
  • Foreign currency exchange
  • Travellers’ cheques
  • International wire transfers
  • Global EFTs
  • International payments, etc.

Unlike other Schedule 1 banks in Canada, Exchange Bank of Canada doesn’t accept deposits nor transact with retail customers. EBC provides financial service solutions to financial institutions, corporations, and other businesses in different industries.

EBC Solutions for Financial Institutions

Exchange Bank of Canada provides an enhanced suite of secure and convenient foreign exchange and international payment services for its clients. The bank offers financial institutions support to reduce costs, maximize revenue, and an easy-to-use delivery process.

EBC solution package for financial institutions comes in a state of the art international processing software (EBCFX). The online solution offers a range of customizable financial institutions, including online and offline payments, compliance verification system (CVS), FedEx shipping integration, reporting and complete reconciliation processing, international payments platform, etc.

Categories of EBC Solutions For Financial Institutions

Exchange Bank of Canada solutions designed for financial institutions include the following services:

  • Foreign banknote exchange services
  • International payments
  • Foreign cheques clearing.
  • Foreign bank draft issuance

EBC Solutions for Corporations

Exchange Bank of Canada has a team of dedicated account managers who provide customized international products and services to help each client’s business succeed in the global marketplace. The team of experts offers timely risk-based strategies that enable businesses to grow, regardless of their industry.

Business clients can also take advantage of the EBCFX software to simplify and integrate with their business platform for a simplified and streamlined payment processing method in over 180 countries. Apart from the regular market updates, rate alerts, and the customer support team, EBC’s solutions are designed for companies and businesses of all sizes to achieve their business goals.

Industries Involved in EBC Solutions for Corporations

EBC’s solutions for corporate and businesses cut across diverse sectors and industries, including:

Education

International payment solutions for higher education institutions and students of international studies programs

Importers and Exporters

Exchange Bank of Canada provides international wire transfers to over 180 countries using the EBCFX software to simplify the import and export payment process.

Non-Governmental Organizations and International Development Organizations

Exchange Bank of Canada provides customizable and automated payment solutions for NGOs in Canada. Exchange Bank of Canada is a member of the World Association of Non-Governmental Organizations (WANGO) and supports NGOs with solutions that aid international payments.

Travel

Exchange Bank of Canada provides automated and straightforward solutions for international purchase orders and invoices to travel industry businesses, such as tour operators and travel agents.

EBC Services for Corporations

Available services and solutions for corporations and businesses include:

  • Foreign banknote exchange services
  • Hedging and risk management
  • International payments
  • Foreign cheques clearing
  • Foreign drafts issuance

Exchange Bank of Canada Solution Services for Financial Institutions and Corporations

1.      Foreign Banknote Exchange Services

With world-class client-oriented services at competitive rates, EBC provides specialized foreign currency exchange services to its customers. Exchange Bank of Canada is one of the largest providers of foreign currency exchanges (banknotes) to financial institutions and corporations in Canada. The foreign banknote exchange services and the EBCFX foreign exchange software provide an easy-to-use forex solution to Canadian financial institutions and businesses.

Features

  • It enables customers to trade over 80 foreign currencies
  • Currency order and shipment tracking available
  • The secure and automated transaction process
  • Customizable setup
  • Integrated with tools and information for auditors and administrators
  • Live notifications and transaction updates
  • User role and permission-based system
  • Trade CAD and foreign American Express Travelers’ cheques

2.      International Payments (Wire Transfers)

Unlike other international payment services like World Remit, PayPal, or traditional wire transfers, the Exchange Bank of Canada payments solution integrates with the easy-to-use EBCFX to provide timely and cost-effective international payment services. Clients of EBC can incorporate the software into their business platform to make or receive international payments.

Features

  • Real-time exchange rates
  • Same-day order confirmation
  • International wire transfers available in over 180 countries.
  • Competitive pricing
  • Flexible reporting and support.
  • Integrated with SWIFT for fast international wire transfers
  • Beneficiary validation tools to reduce errors

3.      Foreign Cheques Clearing

Exchange Bank of Canada provides foreign cheques clearing services to its clients. Financial institutions and corporations can automate the clearing process with a digital remote process for CAD cheques to reduce cost, time and increase security. This service enables personal and business account holders of partner financial institutions to deposit foreign cheques for clearing by EBC.

Features

  • Competitive pricing and low service fee
  • Enhanced cash flow
  • Compliance verification screening (CVS)
  • Real-time exchange rate
  • Cheques collection reporting
  • Dedicated customer support

4.      Foreign Bank Draft Issuance

Unlike international wire payments, foreign bank drafts have lower fees. Hence, they are suitable alternative payment methods for international transactions. Bank drafts are drawn on one of EBC’s correspondent banks in the beneficiary’s country for prompt payments.

Features

  • Foreign bank drafts come with no additional currency conversion fees
  • Available in several currencies
  • A suitable alternative to electronic fund transfers
  • Dedicated customer support team

5.      Hedging and Risk Management

Exchange Bank of Canada’s hedging and foreign exchange risk management helps businesses to manage and reduce the impacts of forex market volatility. EBC’s foreign currency hedging protects your business against the effects of foreign exchange risk by stabilizing cash flows and protecting budgeted rates.

Depending on your hedging strategy, some essential tools to be incorporated include fixed-dated forwards, open-dated forwards, and FX Swaps.

EBC Foreign Currency Exchange and International Payment Technology Solutions

Exchange Bank of Canada (EBC) is a principal actor in providing foreign exchange and international payment technology solutions to financial institutions and corporations.

To access its services’ complete functionality, EBC develops technology/software solutions –EBCFX and EBCFX Now. These services are accessible on any internet-enabled web browser.

EBCFX

The EBCFX is an online foreign exchange software. The web-based EBCFX platform is suitable for use by financial institutions and wholesale foreign currency exchangers. It comes with a customizable and automated setup that enables buying and selling over 80 foreign currencies and other foreign currency services.

EBCFX Now

The EBCFX Now is a web-based modern international payments platform. The online platform is suitable for corporations, NGOs, and organizations involved in international payments. The EBCFX Now simplifies cross-border and cross-currency payments with faster global payments management.

EBC Regulations and Compliance

Exchange Bank of Canada is a Schedule 1 bank in Canada (domestic owned). The bank’s operation is subject to the Superintendent of Financial Institutions (OSFI).

Also, the bank implements a regulatory compliance risk management program, tools, policies, and guidelines in line with the regulatory requirements. The compliance program of Exchange Bank of Canada includes the Anti-Money Laundering (AML) and the Know Your Customers (KYC) global practices.

EBC Customer Service

For questions and feedback, you can contact the customer support team of Exchange Bank of Canada via the following channels:

Contact Us Form (On Screen)

Phone: 1-888-223-3934

Mail: Exchange Bank of Canada

390, Bay St.

Toronto, Ontario

M5H 2Y2

Email: [email protected]

FAQs

Is EBC a non-profit institution?

Exchange Bank of Canada is not an NGO. It was established for-profit, providing forex and international payment service to financial institutions and businesses.

Can I open a deposit account with Exchange Bank of Canada?

EBC services are designed for only financial institutions and corporations. The bank does not accept or transact business with individuals. You can contact the customer service team to integrate the bank’s services if you have a company.

Related Posts

Post Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Essential reads, delivered weekly

Join the Financial Literacy Train. Get the latest financial information delivered right to your inbox.

Newsletter

Deals and Offers

We’ve rounded up the Best life in Canada, with the best promotions, and the best sign-up bonuses, to help you maximize your benefits.

EQ Bank US Dollar Account

Earn more on your US dollars

World Elite Mastercard

A card for travelling with exclusive perks

Platinum Mastercard

Earn 1 point for every dollar spent

Reviews

Post Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Advertiser Disclosure

Canada Buzz is an advertising-supported blog. Some products and services that appear on this site are from companies from which Canadabuzz receives compensation. We may alter brand placements on our website to amplify our partners and their offers. Any time you click to our partner websites or register for a product or services through an affiliate link on our website, we may earn a commission at ZERO cost to you.

Canada Buzz is a purely informational blog. Opinions expressed on this blog are NOT endorsed by the reviewed brands. The information provided on this website does not constitute financial or professional advice. However, our team strives to bring you quality, unbiased information.

Odeyemi O.

Highlights

Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

Latest Post

Kareena Maya

Personal Finance and Travel Rewards Expert Contributor

Highlights

Experience

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.