Banking in Canada

First step after relocating is to open a bank account. Find out about retail banks and banking in Canada...

Banking in Canada is considered to be very safe and efficient. Bank branches and ATMs (automated teller machines, sometimes called ABMs - automated banking machines) are readily available across the country. Internet banking, direct debit and telephone banking is also commonplace across Canada. It is normal and fairly essential to have a bank account in Canada, not only for salaries to be paid into, but also in order to connect to utility services such as telephone, gas and electricity.

The Financial Consumer Agency of Canada offers useful advice about financial products and services.

  • For information on banking and financial products: Click here

All major Canadian financial institutions are members of the Canadian Deposit Insurance Corporation (CIDC) which provide insurance for deposits up to a maximum of C$100,000. For details: Click here

Canadian Banking Terminology

For a comprehensive list of Canadian banking terminology - the words used on documentation and statements from the bank, words encountered when opening an account or managing a resident's or foreigner's bank account in Canada

Canadian Banks

The main banks in Canada include:

Other smaller but still significant banks include: