Opening a bank account in Canada

Chapter 2 of 5

There are many banks in Canada. Here are some of the most common ones (non-exhaustive list):

• Desjardins (Quebec and Ontario only)
• NBC (National Bank of Canada)
• RBC (Royal Bank of Canada)
• TD (TD Canada Trust)
• CIBC (Canadian Imperial Bank of Commerce)
• BMO (Bank of Montreal)
• BNS (Scotiabank)
• BLC (Laurentian Bank of Canada)

Despite some of their regional names, these banks can be found all over Canada (with the exception of Desjardins, which only has branches in Quebec and Ontario).

Check the location

First, you should find out which banks are present in the location(s) you want to settle in. For example, if you know you are planning to live in Manitoba, you shouldn’t open a bank with Desjardins, as they are only located in Quebec and Ontario.

If you wish to settle in a rural area of Canada, check which branches you will have access to, as your options will be more limited than if you settle in a city.

This is important to consider because if you make withdrawals from ATMs at banks other than your own, you usually have to pay additional withdrawal fees.

Compare the offerings

Banks in Canada generally offer different banking packages. Basic packages are the least expensive but often come with limitations, such as the number of monthly transactions (payments in stores and ATM withdrawals) you can make for free.

Something else to consider is whether (or not) your bank will offer you a credit card, which will allow you to make online purchases and to build your credit history.