Canada – Banking

What are the main banks in Canada?

Five institutions sit at the core of Canada’s financial system and are collectively referred to as the “Big Five”: Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Canadian Imperial Bank of Commerce (CIBC), Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD). When National Bank of Canada is added to this grouping, the collective term becomes the “Big Six.” Between them, these six institutions account for 93% of all banking assets in the country.

The table below provides an overview of each of the Big Six banks, including standout characteristics and links to official information. Since details such as branch numbers and services change over time, always confirm specifics directly with the relevant institution.

Canada’s financial landscape extends well beyond the Big Six. Desjardins Group and ATB Financial are notable regional players. Desjardins — a federation of autonomous credit unions known in French as caisses populaires — ranks among the largest financial institutions in Quebec and also maintains a presence in parts of Ontario. For customers who prefer digital-first banking, online-only options such as Tangerine (a wholly owned subsidiary of Scotiabank) and Simplii Financial (operated by CIBC) provide low-fee or no-fee accounts that have attracted a large following among tech-comfortable users. A comprehensive list of all federally regulated Canadian banks is available through the Office of the Superintendent of Financial Institutions (OSFI) website. Always confirm current branch locations, contact information, and account products directly with individual banks.

Do any major international banks operate in Canada?

Canada’s Bank Act is the principal federal legislation governing the incorporation and regulation of banks. Its Schedules I, II, and III enumerate all institutions permitted to operate under three separate categories. Schedule II banks are subsidiaries of foreign banks and are authorised to accept deposits in Canada. Schedule III banks, unlike their Schedule I and II counterparts, are not incorporated under the Bank Act and are permitted to operate in Canada — generally within the country’s largest cities — subject to specific restrictions.

One significant development that expats should be aware of: on March 28, 2024, the Royal Bank of Canada completed its acquisition of HSBC Canada, meaning HSBC no longer functions as an independent retail bank in Canada. All HSBC Canada branches ceased operations at midday on March 28, 2024. Twenty-five of these locations closed permanently, while the remaining branches reopened under the RBC banner on April 1, 2024.

Other international banks present in Canada are overwhelmingly focused on corporate, institutional, and wealth management services rather than everyday consumer banking. Well-known names such as Citibank, J.P. Morgan (JPMorgan Chase), PNC, Comerica, Wells Fargo, and Bank of America maintain Canadian operations, but these are primarily directed at cross-border corporate finance, investment banking, treasury functions, and specialist financial products.

Industrial & Commercial Bank of China (Canada) provides personal and corporate banking services to customers in Canada. The State Bank of India (SBI) also operates branches in the country, offering a range of services including personal banking, business banking, and international transactions. Because the international banking landscape evolves frequently, always verify current operations, retail service availability, and contact details directly with the institution concerned, or through the OSFI regulated institutions list.

Do banks in Canada offer accounts or services specifically for expats?

Canada’s major banks have long experience serving internationally mobile customers and those who have recently relocated to the country. The majority of the Big Six have developed dedicated newcomer banking programmes tailored specifically to people preparing to arrive — or who have only just landed — in Canada. These offerings rank among the most newcomer-friendly in the world and are well worth researching before you travel.

Toronto-Dominion Bank (TD) is frequently highlighted as a particularly accessible option for new immigrants, owing to its inclusive policies, multilingual staff, and financial products that are specifically designed around the circumstances of newcomers. RBC similarly runs a dedicated initiative — the “RBC Newcomer Advantage” programme — which pairs arriving residents with Newcomer Advisors to help ease the transition to Canadian financial life.

Across the Big Six, newcomer accounts typically share a number of common features:

• No-fee or low-fee chequing and savings accounts for a defined introductory period (often 6–12 months; check current terms directly with each bank, as of 2025)
• The ability to open an account before arriving in Canada, often entirely online or by visiting a branch in your home country if available
• No Canadian credit history required to open a basic account
• Multilingual support and dedicated newcomer advisors at many branches
• Bundled services such as credit card applications, mortgages, and investment advice tailored to new residents

Eligibility criteria and fee structures differ from bank to bank and are updated regularly, so always review the current terms and conditions directly with the institution. Relevant official programmes include RBC’s Newcomer Banking (rbc.com), TD’s New to Canada Banking Package (td.com), Scotiabank’s StartRight Programme (scotiabank.com), BMO’s NewStart Programme (bmo.com), and CIBC’s Newcomer Banking (cibc.com). Take time to compare current offers carefully before making a decision, and always confirm all fees and qualifying conditions directly with the bank.

What are typical bank opening hours in Canada?

The majority of Canadian bank branches — particularly those belonging to the Big Five — are open Monday through Saturday, with doors typically opening somewhere between 8:00am and 10:00am. Closing times vary depending on location but generally fall in the range of 4:00pm to 7:00pm. Branches located within busy shopping centres or high-traffic urban areas may remain open slightly later to serve commuters and shoppers. Conversely, branches in smaller towns or rural communities may operate reduced hours or close on additional days during the week.

Most major bank branches are closed on Sundays and on Canadian federal public holidays. These include New Year’s Day, Good Friday, Victoria Day, Canada Day (July 1), Labour Day, Thanksgiving (the second Monday in October), Remembrance Day (November 11, though observance varies by province), Christmas Day, and Boxing Day (December 26). Certain provinces also observe additional statutory holidays, meaning branch hours can differ from one region to another — it is always advisable to check with your specific branch.

Canada’s banks invest heavily in technology, and as a result, online banking platforms, mobile apps, and telephone banking services are available around the clock, every day of the year. Most routine tasks — transfers, bill payments, balance enquiries — can be handled at any hour without requiring a branch visit. ATM coverage is also extensive: as of 2017, Canada recorded 227.82 ATMs per 100,000 adults, placing it third globally. That density has remained strong, meaning access to cash is rarely a challenge even outside major urban centres.

What do expats need to know about the banking system in Canada?

Canada’s banking sector has earned a global reputation as one of the most secure and dependable in the world, having navigated the 2008 financial crisis without the systemic disruptions experienced in many other nations. The concentration of assets among the Big Six is widely regarded as a source of stability, underpinned by conservative lending practices and rigorous oversight. For expats, this translates to strong reassurance — the probability of a bank failure is extremely low by any international measure.

Deposit Protection (CDIC): The Canada Deposit Insurance Corporation (CDIC) is a federal crown corporation, established in 1967 to promote stability in the financial system. Each deposit category is insured separately up to CAD $100,000, including principal and interest (as of 2025). Depositors holding deposits in more than one category can have more than $100,000 in total coverage. The CDIC serves a function comparable to that of the FDIC in the United States, though the two systems differ in their specific coverage limits and rules. It also performs a broadly similar role to the UK’s Financial Services Compensation Scheme (FSCS), again with differing categories and thresholds — always consult cdic.ca for current figures and eligible deposit types.

It is worth noting that deposits held at provincial credit unions fall outside the CDIC’s remit. These institutions are instead covered by provincial deposit insurers — such as the Deposit Insurance Corporation of Ontario (DICO) or the Credit Union Deposit Insurance Corporation (CUDIC) in British Columbia. If you choose to bank with a credit union, establish which provincial scheme applies to your deposits.

Bilingual Services: Canada’s two official languages are English and French. In Quebec and much of New Brunswick, customers can expect — and are legally entitled to — service in French. All of the major banks provide fully bilingual services, and many additionally offer support in a wide array of other languages, which is especially valuable in Canada’s multicultural urban centres such as Toronto, Vancouver, and Montreal.

Foreign Currency Accounts: The majority of major Canadian banks permit customers to hold accounts denominated in foreign currencies, with US dollars being by far the most common option. This is a practical facility for those receiving overseas income or coordinating finances across borders. Account fees and foreign exchange margins vary considerably between institutions — verify the current terms with your chosen bank before proceeding.

Regulatory Oversight: The bank regulator is the Office of the Superintendent of Financial Institutions (OSFI), whose authority is derived from the Bank Act. The Bank of Canada is responsible for monetary policy and macro-level financial system oversight. The Financial Consumer Agency of Canada (FCAC) manages consumer protection issues and serves as a valuable resource for expats seeking information about their rights or wishing to raise concerns about financial services.

No Currency Controls: Canada imposes no exchange controls, so funds can be transferred freely in and out of the country. That said, large international transfers may trigger mandatory reporting obligations — see the section on managing cross-border finances below for further detail.

How Do I Open a Bank Account in Canada as an Expat?

For newcomers, setting up a bank account in Canada is a notably straightforward process. Unlike in many countries, you are not required to have an established credit history, a local address, or even be physically present in Canada at the time of application with several of the major banks. The steps below provide a practical guide — but always verify current requirements on the official website of your chosen bank or by contacting them directly before beginning your application.

1. Choose your bank: Spend time comparing the Big Six banks and their respective newcomer programmes (see the expat accounts section above). Think about factors such as where branches are located relative to your new home, monthly account fees, the quality of the mobile banking platform, availability of multilingual staff, and any introductory incentives. If you have no need for in-person services, online-only banks such as Tangerine or EQ Bank may be worth considering.
2. Gather your documents: Standard requirements across most major Canadian banks include:
   • Valid passport or government-issued photo ID
   • A second piece of identification (such as a driver’s licence, national ID card, or permanent resident card)
   • Proof of Canadian address (lease agreement, utility bill, or letter of employment) — note that some newcomer accounts allow you to apply before you have a fixed address
   • Your Canadian Social Insurance Number (SIN) if you have one — this is required for interest-bearing accounts for tax purposes, but some accounts can be opened before you have a SIN
   • Your visa, work permit, study permit, or permanent resident documentation
3. Apply before arrival if possible: A number of major banks allow you to initiate the account opening process from your home country, either through their websites or via dedicated newcomer portals. TD, RBC, Scotiabank, BMO, and CIBC all offer pre-arrival account opening for eligible applicants. Having an active account ready when you land means salary payments can begin immediately and you will have access to funds from your first day in Canada.
4. Visit a branch or complete online verification: Even when an application is started online, most banks will ask you to verify your identity face-to-face at a branch within a specified window after arriving — typically anywhere from 30 to 90 days. Bring your original documents to this appointment.
5. Make an initial deposit (if required): Many standard chequing accounts carry no minimum opening deposit requirement. Some accounts — especially those offering elevated interest rates or additional features — may stipulate a minimum balance. Check the current conditions with your chosen bank directly, as these figures are subject to change.
6. Set up online and mobile banking: As soon as your account is active, register for online banking and install the bank’s mobile application. Configure Interac e-Transfer — Canada’s widely used peer-to-peer payment platform — and connect your account to any payment apps you plan to use regularly.
7. Apply for a credit card: Establishing a Canadian credit history is essential for securing rental accommodation, obtaining a mobile phone contract, and eventually applying for a mortgage. Most newcomer packages include a starter credit card with a modest credit limit that requires no existing Canadian credit score. Enquire about this option when you open your account.

For authoritative information on your rights when applying to open a bank account in Canada, the Financial Consumer Agency of Canada (FCAC) is the recommended starting point. Under Canadian law, banks are generally obliged to open a basic account for any eligible applicant who meets identity verification requirements, subject to limited exceptions. The FCAC website sets out your entitlements as a consumer in plain terms.

What banking and payment apps are widely used in Canada?

Canada’s digital banking infrastructure is mature and highly developed. Every one of the Big Six banks offers a full-featured mobile application capable of handling account management, bill payments, e-transfers, and a wide range of other functions. Mobile banking adoption rates in Canada are among the highest internationally, reflecting both the quality of the technology on offer and the country’s strong telecommunications infrastructure.

Interac e-Transfer: This is the backbone of peer-to-peer payments in Canada, performing a broadly similar role to the UK’s Faster Payments system or Australia’s PayID. Using only an email address or mobile phone number, Interac e-Transfer lets you send and receive funds in real time between Canadian bank accounts, with no need to share account numbers. It is built into every major bank’s mobile and online banking platform and is used daily by Canadians for everything from splitting restaurant bills to paying monthly rent. A small per-transaction fee typically applies to outgoing transfers — consult your bank for current charges, as of 2025 — though many account packages include unlimited free e-Transfers.

Online-only banks and fintechs: Tangerine, originally launched as ING Direct in 1997, is an online bank that now operates as a Scotiabank subsidiary. Its no-fee everyday banking model appeals strongly to cost-conscious customers. Simplii Financial, operated by CIBC, offers a similarly low-cost digital banking experience. EQ Bank is another well-regarded online-only institution, distinguished by competitive savings interest rates and the absence of monthly fees. All three are fully regulated and hold CDIC membership.

International apps: Wise (formerly TransferWise) is well established in Canada and is a go-to tool for many expats needing to send money abroad at competitive exchange rates. Revolut has entered the Canadian market and continues to develop its service offering, though functionality may differ from what European users are accustomed to — always check the current Canadian feature set on Revolut’s official website. PayPal enjoys broad acceptance across Canada for both online purchases and personal transfers. Google Pay and Apple Pay are supported at contactless terminals in the vast majority of retail outlets across the country. All fintech companies providing payment or money transfer services in Canada are required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as money service businesses.

Buy Now, Pay Later and digital wallets: Instalment payment services such as Afterpay and Klarna are available through selected Canadian retailers. Contactless debit and credit card payments are accepted almost universally at point-of-sale terminals throughout Canada, making physical cash far less of a necessity for daily life than in many other parts of the world.

How can expats manage money between Canada and their home country?

Canada places no restrictions on moving money internationally — there are no currency controls, and funds can be sent to or received from virtually any country, subject to applicable anti-money-laundering rules. This makes cross-border financial management relatively uncomplicated, though there are specific reporting requirements that expats should understand.

Bank wire transfers: Every major Canadian bank offers international wire transfer services — sometimes referred to as SWIFT transfers — accessible through online banking platforms and at branches. Fees and the exchange rate margins applied by banks vary significantly and can add up to a meaningful cost on large transfers. A typical international wire from a major Canadian bank may carry a fee of CAD $15–$50 per transaction (as of 2025), with an additional margin embedded in the exchange rate used. Always check the current fee schedule directly with your bank before sending significant sums.

Third-party transfer services: Providers such as Wise, OFX, and Remitly generally offer considerably more favourable fees and exchange rates than the major banks for international remittances. These services are regulated in Canada and must be registered with FINTRAC. Comparing current rates across multiple providers before initiating a transfer — particularly for large amounts — can result in meaningful savings.

Reporting requirements for large cash transfers: Canadian financial institutions are legally required to report international electronic funds transfers of CAD $10,000 or more to FINTRAC (as of 2025). This constitutes a reporting obligation, not a restriction on the movement of funds, and is comparable in principle to equivalent thresholds imposed in the United States under FinCEN rules, or within the European Union under AMLD5 obligations. If you are moving large sums, be prepared to provide documentation of the source of those funds. Current thresholds can be confirmed at fintrac-canafe.gc.ca.

Foreign account reporting for tax purposes: Canadian tax residents who hold foreign assets with a total cost exceeding CAD $100,000 may be required to disclose these to the Canada Revenue Agency (CRA) each year on Form T1135 (Foreign Income Verification Statement) (as of 2025). This obligation is broadly analogous to the FBAR requirement in the United States or HMRC’s foreign income disclosure rules in the United Kingdom. Canadian tax obligations are complex — seek advice from a qualified tax professional and refer to the Canada Revenue Agency (CRA) for up-to-date guidance.

US-Canada corridor: For expats juggling finances specifically between Canada and the United States, several of the Big Six banks — most notably TD and BMO, both of which have a substantial US presence — may offer cross-border banking packages designed to simplify the management of accounts on both sides of the border. Check current product offerings directly with the relevant institution.

Frequently Asked Questions

Can I open a Canadian bank account before I move to Canada?

Yes — the majority of the Big Six banks provide newcomer account programmes that allow you to begin the application process from outside Canada, either online or by visiting a branch in certain countries. You will generally be required to complete an in-person identity check at a Canadian branch within a defined period after you arrive. Review the current pre-arrival options directly with RBC, TD, Scotiabank, BMO, and CIBC, as procedures and eligibility conditions vary between institutions.

Do I need a Canadian Social Insurance Number (SIN) to open a bank account?

A SIN is not always required to open a basic chequing account. However, one is necessary for any account that earns interest, since Canadian banks must report that interest income to the Canada Revenue Agency (CRA) for tax purposes. You can apply for a SIN through Service Canada once you are in the country. Always confirm the current requirements with your chosen bank before applying.

How are my deposits protected if a Canadian bank fails?

The Canada Deposit Insurance Corporation (CDIC) is a federal crown corporation, established in 1967 to promote stability in the financial system. Each deposit category is insured separately up to CAD $100,000, including principal and interest (as of 2025). Depositors holding deposits in more than one category can have more than $100,000 in total coverage. CDIC coverage is automatic and free for depositors at member institutions — no application is needed. Visit cdic.ca for the full list of covered deposit categories and member institutions.

Are there accounts for non-residents or people who don’t yet have a Canadian address?

Certain major banks will open accounts for non-residents, particularly those holding a valid Canadian visa or who have received immigration approval. Newcomer banking programmes at the Big Six are specifically constructed to remove barriers such as the need for an established Canadian address or credit history. Requirements differ between banks — contact each institution directly to confirm eligibility, and consult the Financial Consumer Agency of Canada (FCAC) for guidance on your entitlements.

What is Interac e-Transfer and how does it work?

Interac e-Transfer is Canada’s primary real-time domestic payment platform, embedded in the mobile and online banking applications of all major Canadian banks. It enables you to send money instantly to anyone holding a Canadian bank account, using only their email address or mobile number — the sender never needs the recipient’s account details. It is the standard mechanism through which Canadians pay one another for rent, shared expenses, and personal transactions. Check current transaction fees and daily sending limits with your bank, as these vary (as of 2025).

Can I use Wise, Revolut, or other international fintech apps in Canada?

Yes — Wise is fully operational in Canada and is widely relied upon by expats for international transfers and holding multi-currency balances. Revolut has launched in Canada, though the range of features available may not match what users in Europe are accustomed to; consult Revolut’s official website for the current Canadian offering. PayPal, Google Pay, and Apple Pay are all broadly accepted across the country. Any business providing money transfer or payment services in Canada is required to register with FINTRAC as a money service business. Always verify a provider’s regulatory standing and confirm current features before use.

Are banking services available in French and other languages in Canada?

Yes. As an officially bilingual country, Canada requires all major banks to offer services in both English and French. French-language service is standard in Quebec and expected throughout much of the country. In addition to the two official languages, branches in larger cities — particularly Toronto, Vancouver, and Montreal — frequently offer assistance in Mandarin, Cantonese, Punjabi, Hindi, Spanish, and numerous other languages. Contact your chosen bank to find out what language support is available at your nearest branch.

What should I know about building a Canadian credit history as a newcomer?

Canada’s credit system is managed primarily by two bureaus — Equifax Canada and TransUnion Canada — which compile records of borrowing and repayment behaviour. A solid credit score is important for securing rental housing, signing up for a mobile phone plan, and eventually qualifying for a mortgage. Most newcomer banking packages include a starter credit card that can be issued without a pre-existing Canadian credit score. Making regular purchases on this card and clearing the balance in full every month is one of the most effective ways to establish a positive credit record quickly. Ask about newcomer credit card options when you open your account.