The banking system in Canada is considered to be one of the most efficient in the world. The majority of towns have both banks and ATM machines and customers can take advantage of a number of applications which can make banking easier and more convenient such as internet and telephone banking. All banks in Canada are part of the Canadian Deposit Insurance Corporation which covers the deposits of all banking customers up to $100,000.

The larger banks in Canada have branches in all the cities and large towns in the country. Most banks will allow you to begin the process of opening a new bank account before you arrive in the country. You will need to provide two pieces All documents must be in date and all details must be correct. You do not need to make a deposit when you open an account and there are no fees involved for opening an account.

There are no limitations to who can open a bank account. You can do so before you are a permanent resident and you do not have to be in employment to have a bank account in Canada.

The most common type of bank account in Canada is the checking account. This is the equivalent of the current account in the UK. These are used for day to day banking but pay little or no interest. A savings account is required if you need to earn more interest. Some accounts will set a minimum balance which must be maintained in order to earn the interest and some will set a limit on the amount of money which can be withdrawn or the number of withdrawals that can be made. It is also possible in Canada to have a US bank account. If you have a large number of transactions in US currency then this may be beneficial for you. This can be done through a Canadian bank. Some banks do charge an annual fee for a bank account but there are many non-fee accounts available at Canadian banks.

Many people opt to use a debit card when shopping and it is normal for many people to carry only a small amount of cash. Cards are usually the ‘chip and pin’ type, so you need a number to complete transactions. Most Canadian residents will also have a credit card and these are often required when shopping online or hiring a car. It is not uncommon for an expat to be able to obtain a credit card when they first arrive in Canada. Loans are more difficult for an expat to get when they first arrive but when a credit rating has been established this can be done. Some banks will be happy to accept a credit report from your country of origin.

Many people who have internet banking choose to receive their statements electronically. You can opt to have a paper statement and these are sent out on a monthly basis.

The banks are usually open in the larger towns and cities from 8 am to 5 pm from Monday to Friday. It is not normal practice to close at lunchtime but the opening hours will vary according to area. Rural branches may only have part-time opening hours.

International banks such as HSBC and Citibank have branches in Canada but there are also a number of Canadian banks which have a good reputation. These include the Bank of Montreal, Scotiabank, the Royal Bank of Canada and the TD Canada Trust. These are the larger banks and there are several smaller banks which offer good service including the National Bank of Canada and the Canadian Western Bank Group. All provinces also offer smaller local banks.

Useful Resources

HSBC Canada
Tel: 1 888 310 4722
www.hsbc.ca

Citibank Canada
Citigroup Place
123 Front St W
Suite 1100
Toronto, ON
M5J 2M3
Tel: 416 947 5500
www.citi.com/canada

Bank of Montreal
Tel: 1 877 225 5266
www.bmo.com

Scotiabank
Tel: 1 800 267 1234
www.scotiabank.com

Royal Bank of Canada
Tel: 1 800 769 2511
www.rbc.com

TD Canada Trust
Tel: 1 866 222 3456
www.tdcanadatrust.com

National Bank of Canada
Tel: 514 394 5555
www.nbc.ca

Canadian Western Bank Group
Tel: 1 800 663 1124
www.cwbankgroup.com