Shinhan Bank Canada Review: Is It Worth It?
Shinhan Bank Canada Review Rating: 2.5/5
Shinhan Bank Canada is one of the foreign banks in Canada with its parent company located in Korea.
In this post, I will provide an honest review of the bank to help you determine whether it’s the perfect choice for you.
Let’s get started!
About Shinhan Bank Canada
| Legal name | Shinhan Bank Canada |
| Year founded | 2009 |
| Institution number | 355 |
| Parent company | Shinhan Bank Korea |
| CEO | Dong Gu Bae |
| Head office | New York, Ontario |
| Provinces covered | Ontario and British Columbia |
| Number of branches | 4 |
| Products and services | Banking, term deposit, GIC, mortgage, loans, debit card, credit card, global wire transfer |
| Deposits protection by | CDIC |
| Best for | Newcomers to Canada, international students and their parents, and foreign workers |
| Accessibility | In-branch and online (+mobile app) |
| Website | https://www.shinhan.ca/ |
Shinhan Bank Canada (SHBC) is a federally regulated foreign bank that was founded in 2009 to provide private and commercial banking solutions to Canadians.
The bank is a subsidiary of the Korean bank named Shinhan Bank which has branches in 20 countries across five continents.
Shinhan Bank Canada’s head office is located in New York, Ontario with other branches in Mississauga, Thornhill and Coquitlam in British Columbia.
As a brick-and-mortar bank with online banking access, SHBC shares many similarities with other traditional banks in Canada.
From banking, investing, mortgages, loans, debit cards, and credit cards to global wire transfers — the bank competes considerably with its peers.
Finally, Shinhan Bank Canada is a member of
Canada Deposit Insurance Corporation (CDIC). This means that your deposits with it are protected up to $100k per insured account.
Shinhan Bank Canada Offerings
The about offers the following banking and financial solutions as of the time of reviewing:
- Chequing accounts (+debit cards) Credit cards (through a partnership with Desjardins)
- GICs and term deposits
- Mortgages (commercial and residential)Â
- Loans (personal loans, lines of credit and HELOC)
- Global wire transfer service
In the following passages, I will explain more about Shinhan Bank Canada’s offerings.
Shinhan Bank Canada Rates
The following are the interest rates at Shinhan Bank across savings, chequing, GICs, and mortgage accounts:
Shinhan Bank Canada Savings & Chequing Rates
The bank offers varying interest rates on its savings and chequing accounts.
Below are Shinhan Bank Canada savings and chequing rates as of April 8, 2024:
| Account | Interest Rate |
| Regular savings, TFSA and RRSP | 1.00% (on CAD and USD) |
| e-Savings Accounts (applicable on TFSA and RRSP) | 1.05% |
| High-interest savings account (HISA) | 1.00% to 1.70% |
| Chequable Savings Account | 0.30% |
These are some of the lowest savings rates you will find in Canada both within traditional and online-only banks
Shinhan Bank Canada GIC Rates
The bank has various GIC rates including special GICs for international students.Â
Below are the 5-year GIC rates on non-registered and registered accounts as of April 8, 2024:Â
| Terms | Non-Registered Rates (mini. deposit of C$1,000) | TFSA and RRSP Rates |
| 1-year | 4.90% | 5.10% |
| 2-year | 4.35% | 4.55% |
| 3-year | 3.70% | 3.90% |
| 4-year | 3.70% | 3.90% |
| 5-year | 3.70% | 3.90% |
Compared with other brick-and-mortar banks, Shinhan Bank Canada competes significantly in terms of GIC rates.
Shinhan Bank Canada Mortgage Rates
SHBC offers residential and commercial mortgages. You need to contact them to know the commercial mortgage rates.
Below are the Shinhan Bank Canada residential closed mortgage rates as of April 8, 2024:Â Â
| Term | Rate |
| 1-year fixed | 7.29% |
| 2-year fixed | 6.84% |
| 3-year fixed | 6.54% |
| 4-year fixed | 6.49% |
| 5-year fixed | 6.44% |
| 5-year variable | P-0.70% |
Comparatively speaking, the above rates are not among the lowest at the moment. So if you’re looking for better mortgage rates, you may want to consider alternatives like Nesto.
Shinhan Bank Canada Fees
Shinhan Bank Canada charges various fees to cover the cost of its operation as a brick-and-mortar bank.
But it waves monthly fees on its everyday banking package chequing accounts if you meet the minimum balance as shown below:
In addition, the bank waives service fees for transactions through Exchange Network.
The following are some of the fees that Shinhan Bank Canada charges to maintain its operation:
| Service | Fee |
| Pre-authorized payment | $0.75 |
| Cheque withdrawal by clearing | $0.75 |
| Non-Sufficient Funds (NSF) fee | $45.00 |
| Interac e-Transfer | Free to receive, $1.50 to request and $5 to cancel//return |
| ATM withdrawals at SHBC ATM withdrawal | $0.50 |
| ATM deposit at Exchange Network | $3.00 |
| Debit payment (POS) | $0.50 |
| Bank draft (in CAD, USD) | $10.00 |
| Transfer between SHBC | $5.00/transfer(to cover cheque) |
| Account balance transfer to other banks | $20.00 |
| Inactivity fee within 2 to 4 years | $20 |
| Account closure within 16 to 90 days of opening | $20.00 |
Download this PDF document to see all the fees that SHBC charges.
Shinhan Bank Canada Promotions
One thing that impresses me about Shinhan Bank Canada is its wide range of promotions that are available to both new and existing members.
Below is a brief overview of some SHBC promotions and giveaways as of the time of writing:
Registered Accounts Promotion
This promotion offers bonus rates on GIC and term deposits on TFSA, RRSP and RRIF accounts as follows:
| RRSP, TFSA and RRIF Term Deposit Bonus Rates | RRSP and TFSA GIC Bonus Rates |
| 3.6% on 9-month term | 3.9% on 9-month term |
| 5.1% on 1-year term | 5.25% on 1-year term |
The promotion expires on March 1 2024.
Healthy New Year Promotion
This promotion offers 1 bottle of Bee-Propolis 500mg to every Shinhan Bank Canada client who meets the following eligibility:
- Invest a minimum of CAD10,000 in your TFSA, RRSP, RRIF GIC or term deposit account within 9 months or more
- Make a Google Review for one of Shinhan Bank Canada’s branches
Wealthy New Year Contest
This is a referral contest where you get $1,000 worth of Gold Bar (10g) by inviting a friend to join Shinhan Bank Canada.
The winner of the contest will be announced on April 5, 2024.
Pension Plan Promotion
This is a giveaway that offers $1,000 to those who set up direct deposit for their pension plan (CPP, OAS or GIS) to Shinhan Bank Canada from December 11, 2023, to January 26, 2024.
If you’re a newcomer to Canada or a senior, SHBC has special packages for you. Check them out here.
Shinhan Bank Canada Pros & Cons
The following are the key pros and cons of Shinhan Bank Canada based on the above reviews:
Pros
- Competitive GIC rates: The bank has some of the best GIC rates in Canada within traditional and online banks.Â
- Generous promotions: SHBC sets itself apart from its peers by offering various promotions to new and existing customers.
Cons
- High fees: Like other traditional banks, Shinhan Bank Canada has high banking fees ranging from maintenance fees to transaction fees.
- Low savings rates: Compared to other traditional banks, SHBC has low savings rates.Â
- High rates on loans mortgages: SHBC loans and mortgage rates are not among the best out there.
- Limited products accounts: If you’re looking for an all-in-one banking solution, SHBC is not for you as it doesn’t offer other banking and financial solutions such as insurance, RESP, and FHSA accounts.
- Limited branches: The bank is only available in 4 branches across Ontario and British Columbia.
- Slow website: It takes like forever for their web pages to load, hurting users’ online banking experience.
My Shinhan Bank Canada Rating Methodology
I rate Shinhan Bank Canada 2.5 out of 5 stars based on comparative analysis and the ratings of the following factors:
Rating Methodology
Overall Rating
With the above ratings, my Shinhan Bank Canada review is negative. Due to the special packages the bank offers to newcomers, I only recommend it to:
- Newcomers to Canada from Korea
- Newcomers to Canada looking to establish a credit history
- International students and their parents
- Foreign workers looking for tailored banking services
Alternatives to Shinhan Bank Canada
From the above reviews, you can see that SHBC doesn’t have the best banking solutions out there.
However, the bank is suitable for those looking to earn competitive GIC rates and newcomers to Canada looking for tailored solutions.
If you don’t fall under the above categories, you need to consider SHBC alternatives.
But the perfect alternative will depend on your needs and situation.
If you have a complex situation, want to save/invest a large amount or are looking for all-in-one banking solutions without regard to fees and interest, you should consider one of the big banks: RBC, TD, BMO, Scotiabank or CIBC.
Since each of the big banks has its areas of strength and weaknesses, I suggest you read reviews about them before narrowing your selection.
But if you’re someone like me who values low banking fees and competitive interest rates, then consider online-only banks.
Some of the best online banks out there include:
- EQ BankÂ
- Tangerine
- Simplii Financial
- Neo Financial
- Motive Financial (reviewÂ
- Oaken Financial (review)
- Saven Financial (review)Â
In case you’re wondering which online bank is perfect for you, read our guide on how to choose the best online bank in Canada.
If you’re a newcomer to Canada and want to build your credit history from scratch, Expedier was established specifically for people like you.
Download the Expedier app on Google PlayStore or App Store. When you use my referral code HOPE2270 to sign up, you will get a $10 bonus after transacting at least $100.
To learn more about the app, read our Expedier review.
FAQs on Shinhan Bank Canada Reviews
Who owns Shinhan Bank Canada?
Shinhan Bank Canada is owned by Shinhan Bank, a Korean bank with a presence across 20 countries and 5 continents.
Who is the CEO of Shinhan Bank Canada?
Dong Gu Bae is the current President and CEO of Shinhan Bank Canada.
What is the bank code for Shinhan Bank Canada?
The bank code or institution number of Shinhan Bank Canada is 355.
What are Shinhan Bank Canada’s exchange rates?
The exchange rates change frequently according to market fluctuations. Visit the homepage of their online banking to see the updated exchange rates.
Verdict on Shinhan Bank Canada Review
That brings to an end my review of Shinhan Bank Canada.
Why I don’t recommend the bank, I find it to be more suitable for newcomers to Canada especially those coming from Korea.
However, the bank’s drawbacks should be a point of concern to both existing Canadians and newcomers.
The alternative? Big banks or online banks. You should decide according to your needs and situation.
Let me know in the comments the bank you’re going with.
Shinhan Bank Canada Review
Summary
My Shinhan Bank Canada review is negative. I only recommend the bank to newcomers to Canada especially those coming from Korea, where the bank originated.
