Canadians Can Save Now In Euros

Canadians Can Save Now In Euros 

To diversify my portfolio, I allocate one to two percent cash in foreign currencies. Up until recently, the American dollar was the only currency I could keep in a Canadian bank offered U.S. dollar account. But now there are more options to diversify. For the first time in Canada, you can deposit and withdraw Euros at your local branch, and Scotiabank is the first Canadian bank to offer that. Scotia Euro Daily Interest Savings Account works like Scotia U.S. Dollar Daily Interest Account. Let me give some highlights.

Advantages

• You can open a Euro Account at any Scotia branch.
• You can directly deposit and withdraw Euros.
•  You don’t need to convert Euros to or from Canadian dollars.
• No monthly fees if you keep at least €200 in your account.
• It pays you interest.
• It saves you foreign currency transaction costs.

Disadvantages

• If your monthly balance falls below €200, you pay a monthly fee of €1.
•  You get only two teller assisted transactions per month with a minimum balance of €200.
• Each additional transaction costs €0.60
• Pays very low interest
• ABM, Web, telephone banking are not allowed
• Account is not CDIC insured

These are just some highlights. Visit Scotia Online for more information. Always do your research making any financial decisions, and make sure to find the product that best suits your needs.