International services
The following section outlines the main changes regarding international services,1 including foreign exchange and trade solutions.
National Bank offers a wide array of services to which you will have access. Please refer to the migration letter to find the effective date and time of the migration of your products and services. As National Bank continues to make improvements to its services and solutions, please refer to nbc.ca/lbc-business for future updates.
6.1 Foreign currency accounts and foreign exchange
National Bank’s foreign currency solutions simplify your international transactions and help mitigate the risks associated with exchange rate fluctuations through the following products and services:
- Accounts in euros, US dollars, renminbi (yuan) and 12 other currencies.
- State‑of‑the‑art online platform for managing your foreign exchange (FX) transactions with centralized and dynamic control.
- Easy access to experienced foreign exchange dealers specializing in financial risk management (currencies, rates and commodities).
- Comprehensive risk analysis of your business or investment portfolio using our cross‑asset framework.
- Daily economic publications and market alerts.
If you currently use the FX solutions provided by Laurentian Bank, you will now use National Bank’s corresponding solution: FX United. This online trading platform allows you to carry out and manage your foreign exchange contracts in a simple and efficient manner.
At migration, all current issued currency hedging contracts will remain in effect. Unless otherwise specified by a National Bank representative, no action is required on your part.
Foreign currency solutions
| National Bank product | Product description | Details |
|---|---|---|
| Foreign currency account
For more information, please refer to nbc.ca/foreign‑currency‑account. |
National Bank’s foreign currency accounts simplify your international transactions by allowing you to receive funds and make payments in 15 different currencies directly through the online banking platform. Foreign currency accounts are available for the following currencies:
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There is no minimum balance required for opening an account. Deposits can be withdrawn on demand through our online banking platform and are converted into the currency of the receiving account. Cash deposits and withdrawals are not permitted, and cheques (and other paper items) cannot be processed on foreign currency accounts, with the exception of USD cheques. There is no interest on deposits and no overdraft protection on accounts. You will be able to receive a monthly account statement via our online banking platform in Bank Administration Institute format detailing the previous business day’s transactions. Monthly management fees apply to foreign currency accounts, and transaction fees will be charged. For more information on our standard fees, please refer to our Fee Guide for Banking Services for Businesses at nbc.ca/lbc‑business‑legal. |
| Spot FX transactions
For more information, please refer to nbc.ca/exchange‑risk |
Spot foreign exchange transactions are the simplest form of currency transactions. They allow you to receive the current day’s exchange rate at any time to cover immediate needs. For more information on exchange rates, please refer to nbc.ca/exchangerate. |
As a National Bank business client transacting in currency, the exchange desk (trader) allows you to transact directly through the online banking platform. Settlement must be made within two days of the transaction. |
| Foreign exchange risk solutions
For more information, please refer to nbc.ca/exchangerate. |
Forward contracts, currency swaps and/or currency options entered into with Laurentian Bank will be transferred to National Bank and kept until maturity. | National Bank will contact you in order to assist with the transfer of these contracts. |
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Forward contracts This contract allows you to manage your foreign exchange risk by securing your migration rate ahead of time for a transaction you plan to make. This eliminates the uncertainty associated with currency fluctuations. The foreign exchange contract is a commitment to transact the amount and rate on the agreed date. Note that any change of date will generate a monetary adjustment to your account (debit or credit) depending on the changes in market rates and the contract rate. |
No minimum amount per contract is required. The forward exchange rate reflects the prevailing spot rate, adjusted upwards or downwards by the prevailing forward rates. The maximum term allowed depends on your needs and the credit arrangements made with National Bank. This contract can be settled on a fixed date, or remain open over a 30‑day period (up to 180 days in some cases). You can carry out the transaction online by signing in to the online banking platform. |
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Range forward contracts (collars) In range forward contracts, you negotiate a range in which the exchange rate will be allowed to fluctuate rather than a fixed rate. This type of contract allows you to benefit from a favourable market variation up to a pre‑determined level; if the market rate moves in the wrong direction, the collar will offer you a safety net. |
Maximum and minimum rates are based on the market rates for the selected dates, as well as the exchange rates you used in your budget. The maximum length of the collar depends on your business needs and authorized credit limit. The minimum amount necessary is the currency equivalent of CAD 200,000 per transaction. |
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Average-rate forward contracts This contract provides the same benefits as the forward and the range forward, but over a longer period; it is very useful for recurring transactions at the spot rate throughout a contract term. |
The average rate is calculated from the noon rate of the chosen period. A cash settlement is then made based on the difference between this average and the rate negotiated on your contract for the amount covered. This settlement offsets the spot rate obtained during the period. |
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Other foreign exchange (FX) derivative products In addition to collars and forward exchange contracts, we offer a wide range of currency hedging strategies, including:
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The minimum amount necessary is the currency equivalent of CAD 200,000 per transaction. The duration is from 3 days to 12 months (or up to 60 months with credit authorization). A trader will assess your needs and profile to recommend an appropriate risk‑management strategy. |
1 Payments and accounts in CNY (Chinese yuan renminbi) are subject to certain restrictions.
6.2 International trade services
National Bank offers various tools to facilitate your trade activities. Documentary credit, documentary collection and the letter of guarantee are designed to provide security and confidence in your international transactions.
If you currently use Laurentian Bank’s international trade services, you will have access to a similar service at National Bank as of your migration date.
- If your business requires international trade services, National Bank provides everything you need to import and export simply and securely, with the support of a single team.
- National Bank’s trade offering includes Global Trade Solutions, an online portal that helps you manage and track your trade transactions. You can submit requests, access templates and get real‑time updates on your transactions. You can easily issue and amend documentary credits or letters of guarantee and view detailed reports.
If you are the applicant of a letter of guarantee or a documentary credit issued by Laurentian Bank, the obligations with respect to the beneficiary will remain in effect. You will receive a separate communication providing more details on the migration of these products.
Please note that, for any instrument subject to renewal or extension, fees and terms and conditions may be adjusted in accordance with National Bank’s standards at the time of renewal or extension. For more information on our standard fees, please refer to Fee Guide – Import Export Trade Finance Solutions at nbc.ca/lbc‑business‑legal.
Let’s stay in touch
We care about your experience during the transition to National Bank. If you have any questions about migrating your products from Laurentian Bank to National Bank, please consult the following support options.
Pre-migration support: For any immediate inquiries related to your accounts and products, contact Laurentian Bank Customer Service.
- By phone: 1-866-499-4886 (toll-free) daily from 8 a.m. to 9 p.m.
- By email: mail@laurentianbank.ca
- Or contact your branch.
Migration information: For up-to-date information and an FAQ, visit National Bank’s migration site at nbc.ca/lbc-business.
Your financial goals matter to us, and we’re here to support you along the way. We’re committed to providing you with high-quality service by giving you access to an even broader range of products and services, additional digital features and an expanded banking network across Canada.
We’re looking forward to starting this next chapter with you.
1 Certain services may be subject to eligibility conditions.