Produced by PNC's Economic Department
PNC Bank Canada Branch headquarters is located in Toronto. We also maintain offices in Montreal and Calgary.
The United States sells more goods to Canada than to all 27 countries of the European Union combined. And more than 30 of the U.S. states count Canada as their number one source for exports.
Although the relationship between the United States and Canada is historically close, Canada has its own customs, laws, rules, regulations – and potential -- that require just as much attention and insight as those of our more distant trading partners.
PNC Bank, through its full service branch in Canada, can help you succeed in this important market.
Through PNC Bank Canada Branch (“PNC Canada”), we offer:
If you are a U.S. company with actual or projected operations in Canada, or a Canadian company, PNC Canada can assist you with credit, depository, and treasury management products and services.Canada is a Vitally Important Market for U.S. Companies.
Now you can process your Canadian receivables using state-of-the-art technology and advanced service options.
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PNC Canada offers a comprehensive suite of treasury management services that can be tailored to help you efficiently manage your Canadian receivables and payables.
PNC Canada's treasury management services can also complement PNC's U.S. products and services so clients with cross-border operations can utilize services such as PINACLE®, PNC's top-rated online banking portal, and A/R Advantage, PNC's wholesale lockbox solution, to support their operations in both countries.
PNC Canada's treasury management services at a glance
*Payables Advantage is offered by PNC Bank, National Association.
PNC Canada’s Corporate Bank provides a wide range of competitively-priced committed and uncommitted revolving and term loan facilities and letters of credit* in Canadian or U.S. dollars to corporate and commercial clients. These facilities can assist with operating expenses, capital equipment purchases, acquisition/expansion activities, and more.
In addition, syndications and club deals can provide flexible access to satisfy larger capital needs, including acquisitions, and can help you take advantage of emerging opportunities.
*Letters of Credit are provided by PNC Bank, National Association
PNC Business Credit is a leading provider of cash flow lending and second lien financing. We offer cross border financing for U.S.- based companies and domestic financing throughout Canada. We are positioned to meet the needs of mid-sized companies. And we believe most companies have strengths that may never appear on a balance sheet or an income statement. Our flexible capital solutions can help you meet your goals.
We finance the key events that drive your achievement. Through a disciplined and consistent lending approach, we work to provide maximum senior debt availability through asset leverage whether you are planning a leveraged buyout, dividend recapitalization or need for additional seasonal liquidity. We find value in accounts receivable, inventory, machinery and equipment, trademarks and patents and intellectual property. And we invest in your future, not just your past, by taking into account company vision, market position, management strength and key personnel.
PNC Equipment Finance (“PNCEF”) is a recognized leader in providing equipment financing solutions to clients throughout the U.S. and in Canada through PNC Canada. In Canada PNCEF offers financing solutions to large corporations, as well as governmental agencies on a wide range of equipment assets. We provide operating leases, loans or capital leases to our clients, assisting them in acquiring the assets they need to run their business. In addition to our direct finance solutions, we offer manufacturers, distributors and equipment resellers finance programs that have proven to increase their equipment sales and provide them a competitive advantage.
PNC Equipment Finance professionals offer special expertise to finance the following assets:
For more than 160 years, PNC has navigated a steady course while growing in size, sophistication and service. Today, we’re one of the largest, best-regarded and best-capitalized financial services companies in the United States. We’ve added more than 3,000 corporate clients in the last three years and are expanding our geographic franchise with offices in 33 states, the United Kingdom and Canada.
Which currencies does the PNC Bank Canada Branch support?
PNC Bank Canada Branch offers both U.S. and Canadian dollar accounts. Wholesale lockboxes are also available in both currencies.
May I deposit foreign currency items?
Prior to depositing checks drawn in a currency other than that of the Designated Account, you must seek approval for exception processing by contacting PNC Bank Canada Branch as described in the Master Banking Services Agreement. Lockbox remittances received in a currency other than that of the lockbox will be processed in accordance with your instructions provided during implementation. To review these options, contact your treasury management officer.
May I make deposits at a branch?
Leveraging our arrangement with the Royal Bank of Canada, clients can be pre-approved to make deposits at more than 1,300 RBC branches in Canada.
How are services for the PNC Bank Canada Branch billed?
All billing for Treasury Management services are integrated through Corporate Account Analysis (CAA). At present, services are billed in USD.
What services does PNC Bank Canada Branch offer that will expedite the collection of my Canadian accounts receivable?
PNC Bank Canada Branch offers its depositors the ability to receive incoming Canadian EFT/ACH payments, incoming wire transfers (with electronic advices), branch deposit services, and wholesale lockbox with imaging and data transmission options. With six lockbox sites throughout Canada, we can help you process your collections efficiently, obtain data on your funds availability, and maximize your cash flow.
What is the mail pickup and processing schedule for a Canada Branch lockbox?
Mail is received at the lockbox site by 8:30 a.m., when Canada Post is finished processing for the day. Canada Post has no mail pickup on weekends or holidays and has only a single shift Monday through Friday. Standard lockbox reporting time is 4:00 p.m. Earlier times are available upon request. Consult your treasury management officer for more details and options.
What are some of the differences between Canadian lockbox processing and a U.S.-based lockbox?
- Lockbox deposits are processed overnight for same-day value (funds deposited on the day the items are received and processed)
- Post-dated (future valued) checks are permitted in Canada. Clients will identify how post-dated items should be handled during the implementation process
- Canada Post delivers mail only once per day Monday through Friday (business days) only
What is a Pre-Authorized Debit?
A pre-authorized debit (PAD) is a withdrawal from your account at a financial institution (FI) that is initiated by a company or an FI that has your authority to do so. PADs are often used as a convenient way to make recurring payments to an organization or transfer investment funds on an ongoing basis. Frequent use of PADs includes mortgage and utility payments, membership dues, charitable donations, RSP investments, and insurance premiums. The requirements for PADs are set out in the Canadian Payments Association’s Rule H1. Your company may also originate PADs. For more information, please consult your PNC treasury management officer and check out the Canadian Payments Association’s Business guide to the power of the pre-authorized debit at http://www.cdnpay.ca/imis15/eng/Home/Payment_Guides/Businesses/eng/business/pay ment_guides/business_power_of_pads.aspx
What web-based tools do you offer for your PNC Bank Canada Branch treasury management services?
PNC Bank Canada Branch offers online access to all your Canadian treasury management functions, including current-day reporting, lockbox and outgoing check images, EFT origination, and much more.
Previous-day reporting for PNC Bank Canada Branch accounts is available via PINACLE®. Through PINACLE’s Multibank Services, you can view your bank accounts around the world and determine your global cash position with adhoc FX rate analysis, USD equivalents and custom balance reports.
May I obtain a daily BAI file of my PNC Bank Canada Branch account activity?
PNC Bank Canada Branch offers a daily BAI file containing all previous-day transactions processed through the account. The file is transmitted by 7:30 a.m. ET.
Will the PNC Bank Canada Branch accounts be covered by the United States Federal Deposit Insurance Corporation (FDIC) or similar depositor insurance?
Deposits with PNC Bank Canada Branch are held in Canada and are therefore not insured by the United States Federal Deposit Insurance Corporation (FDIC), nor are they guaranteed by the United States Government or any agency thereof.
As a Canadian Schedule III Full Service Branch, deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation (CDIC).
What are the float and funds availability rules for PNC Bank Canada Branch?
Canada has no float on Canadian dollar check deposits regardless of the time zone.
What is the payment clearing system in Canada?
Canada’s two main interbank payment clearing systems are the Large Value Transfer System (LVTS) and the Automatic Clearing Settlement System (ACSS).
The LVTS is the country’s real-time settlement system, used for high-value and urgent electronic payments (comparable to a wire). It is operated by the Canadian Payments Association (CPA). Also operated by the CPA, the ACSS is the country’s main low-value payments clearing system (comparable to ACH). It is used to process bulk electronic payments as well as CAD-denominated checks. USD-denominated checks can be settled via correspondent banks in New York using the U.S. Dollar Bulk Exchange system (USBE).
What is the check clearing process in Canada?
There is one centralized check clearing system, with six clearing centers across the country and 11 direct clearers.
The Canadian Payments Association (CPA) operates the clearing of checks and relies on two systems for the clearing and settlement of payments: the ACSS and the LVTS. Additionally, many banks outsource check processing to Symcor/Intria.
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PNC and PNC Bank are registered marks of The PNC Financial Services Group, Inc. ("PNC").
In Canada, PNC Bank Canada Branch, the Canadian branch of PNC Bank, National Association (“PNC Bank”), provides bank deposit, treasury management, lending (including asset-based lending through its Business Credit division) and leasing products and services (through its Equipment Finance division). Deposits with PNC Bank Canada Branch are not insured by the Canada Deposit Insurance Corporation. Deposits with PNC Bank Canada Branch are not insured by the Federal Deposit Insurance Corporation, nor are they guaranteed by the United States Government or any agency thereof. In the event of failure of PNC Bank, National Association, deposits with the PNC Bank Canada Branch would be treated as unsecured general liabilities, and you would be considered a general creditor of PNC Bank, National Association.
Lending and leasing products and services, as well as certain other banking products and services, may require credit approval.
PNC Bank Canada Branch does not provide legal, tax or accounting advice.