Banking

Banking is Canada is widely considered as one of the most stable and safest in the world. There are over 8000 branches and almost 20,000 ATMS.

The ‘big’ five banks are:

  • RBC
  • TD Canada Trust
  • Scotia Bank
  • Bank of Montreal
  • CIBC

HSBC is the only bank that operates high street branches in the UK and Canada.

Bank accounts cannot usually be opened from abroad and will need to be opened in person in Canada (you do not need to be resident or a PR/ Citizen to open an account).

Bank accounts in Canada are normally in Canadian Dollars (CAD$) and are called Chequing accounts (Not the US ‘Checking accounts’).

All banks offer credit cards, Mortgages, deposit accounts, business accounts and online banking.

It is a good idea to open a Canadian Bank account as soon as possible (often on a trip to Canada) prior to Emigrating. Also opening a Credit Card facility (deposited funds) is a really good idea as this will provide you with a credit rating when you move to Canada. New immigrants will normally not transfer a credit rating with them to Canada, although bringing proof of a previous banking history/ credit rating is well worth the effort (Equifax/ Experian for example).

TorFX