Scotiabank announced today the official launch of a euro savings account.

Scotia is the first of the major Canadian-based institutions to offer a euro savings product. HSBC Canada currently offers a euro-denominated savings account, though.

“As an international bank based in Canada, Scotiabank recognizes the value of offering this account to customers with friends or family in Europe,” said Gillian Riley, managing director, term deposits and day to day banking at Scotiabank. “This is a further step in our commitment to reflect the unique needs of multicultural communities through our banking services, building on our recent money transfer pilot with Western Union.”

The Euro savings account services include cash withdrawals and deposits, but automated bank machine, telephone and Internet banking services are offered.

Interest on the account ranges from 0.25% to 0.50%, depending on the balance, is calculated on the daily closing balance and is paid out monthly. There is a monthly service fee of one euro, which is waived on balances of 200 euros or more.

The launch comes at a time when the U.S. dollar is weakening and the euro has been outpacing the once-almighty greenback.