Banking in Canada

Opening a bank account in Canada is a relatively easy task. There are many banks to choose from and each will offer services and accounts tailored to students. Prior to your departure for Canada you should check if your bank in your home country is affiliated with any Canadian banks, this will facilitate the transfer of funds between the two countries.

When opening a bank account at a Canadian bank you will need to provide various forms of identification. Depending on the bank you choose you will be asked to provide personal identification such as your passport, student identification card, Canadian address, and letter of acceptance from a Canadian education institution. Check with the bank to find out what other documentation you will need to provide.

To open a bank account you will need to make a deposit, so find out if the bank you choose has a minimum deposit requirement. When your account is activated you will receive a debit card that can be used for point-of-sale purchases and will allow you to do transactions at automatic teller machines (ATMs). While ATMs are widely available some ATMs will charge a small user fee to withdraw cash, this is usually the case when you use the ATM of a bank other than your own.

The main banks in Canada are listed below. You can visit the branch of a bank to discuss your options but it is best to make an appointment to do so. To make an appointment or research and compare services and fees click on each bank to go to its website.

BMO Bank of Montreal

RBC Royal Bank

Scotiabank

TD Bank Group

National Bank of Canada

Facts About the Canadian Banking System

The Canadian Bankers Association gives this list of facts about the Canadian banking system:

  • Number of bank branches across Canada: 6,205, of which approximately 2,100 are rural and small town branches.
  • Number of banks in Canada: 80.
  • Number of transactions logged at bank-owned ABMs in Canada (2012):  842 million.
  • Canadians are careful borrowers, and mortgage arrears in Canada remain very low (in fact, as of June 2013 only 0.31% of bank mortgages are in arrears).
  • Banks contribute approximately 3.1% to Canada’s GDP.
  • Amount banks and their subsidiaries paid in salaries and benefits in Canada in 2012: $20.8 billion.
  • In 2012, banks employed 275,280 Canadians and industry employment has increased by 14.4% over the past ten years while full-time industry employment has increased by 25.4% over the same period.
  • Number of people employed by Canadian banks in other countries in 2012: 108,740.
  • Percentage of senior managers with the six largest banks who are women (2011): 33.3%. Women constitute 65.3% of the workforce at Canada’s six largest banks (excluding subsidiaries).
  • Banks provide financing to some 1.6 million small and medium-sized businesses.
  • Canada’s Bank Act is reviewed and updated every five years to ensure the regulatory structure is keeping pace with changes in the industry.
  • Percentage of Canadians who give banks a good performance rating when it comes to being stable and secure: 87%.
  • Percentage of Canadians that have a favourable impression of banks in Canada: 86%.
  • Percentage of Canadians who trust banks to protect the privacy of their personal information and transactions: 83%.
  • #1 – Canada’s ranking by the World Economic Forum for the most sound banking system in the world, (a ranking achieved six years in a row).

Bank of Canada

The Bank of Canada, head-quartered in Ottawa, operates only as Canada’s central bank and is not used by the general public for banking services. Read the history of the Bank of Canada here.

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