Banks in Canada

Canada’s banking system is well-developed and mature, and generally very conservative and regulated. Although federal agencies control most of the country’s financial sector, credit and trust companies, as well as life insurance companies, can also be subject to federal or provincial regulations.

The banking system in Canada groups financial institutions into five main categories:

  • Chartered banks
  • Trust and credit companies
  • Cooperative credit movement
  • Life insurance companies
  • Securities traders.

The country has approximately 35 local banks, 21 subsidiary banks with foreign banks, 28 branches of foreign banks with a full-service package and four credit branches with foreign banks. Together, these institutions manage assets with a value of more than C $ 4.6 trillion. Banks represent more than 70% of the total assets of the Canadian financial services sector and the six largest domestic banks represent more than 90% of the assets of the banking sector. Six major banks have a significant presence outside of Canada in regions such as the United States, Latin America, the Caribbean and Asia.

Banks in Canada operate through an extensive network with more than six thousand branches and eighteen thousand automatic banking machines (ABMs) throughout the country. This makes Canda the country with the largest number of ATMs and the highest penetration rate of electronic channels such as debit cards, internet banking and telephone banking per capita in the world.

In everyday commerce, banks in Canada generally fall into two categories:

Five major national banks (The Big Five)

Smaller second-line banks (despite the fact that a large national bank and a smaller second-rate bank may have the same legal status and legal classification).

The five largest banks in Canada:

  • Royal Bank of Canada (RBC)
  • Toronto Dominion Bank (TD)
  • Bank of Nova Scotia (Scotiabank)
  • Bank of Montreal (BMO)
  • Canadian Imperial Trade Bank (CIBC)

Second-tier Banks

Well-known smaller banks (mainly Canadian domestic banking organizations or Canadian subsidiaries of foreign banks) are the following:

  • Canadian Western Bank
  • National Bank of Canada
  • Laurentian Bank, HSBC Bank Canada
  • Tangerine Bank (formerly ING Bank of Canada, and now a subsidiary of Scotiabank)

Banking hours in Canada

Banks in Canada are usually open Monday through Thursday from 8:00 AM to 5:00 PM and 6:00 PM. Most bank branches are open until 6 p.m. and 7 p.m. on Friday.

Some banks are open on Saturdays from 9 a.m. to 3 p.m. and until 4 p.m.

Currency Exchange

The currency of Canada is the Canadian dollar (CAD).

Travelers arriving in Canada can exchange their currency for CAD before or after arrival. Those who arrive in Canada with more than $ 10,000 must report this to customers before they enter the country. This amount can take the form of a check, cash or other monetary instruments.

Banks' Branches and ATMs in Canada

Trying to find a bank branch or ATM in Canada?
Choose your bank from the list below, click on the title and get the full list of branches/ATMs with addresses, contacts and opening hours.