Banking in Canada is reliable and convenient, though not always free. With some research, you can find out which is the best bank in Canada for you.
It’s becoming more common to offer free banking for your first year, so shop around and don’t be afraid to say you will bring your business elsewhere.
Before you decide on a preferred bank, take into consideration which branches are convenient to your home and place of work, what their opening hours are, and who offers the best credit cards in Canada for your needs.
International money transfers to your new account
First things first: you’ll (hopefully!) have some money you’ll be looking to transfer into your new account.
CIBC’s Global Money Transfer™, CurrencyFair and TransferWise are three of the best ways to arrange an international money transfer, and the latter two companies are offering discounts to Moving2Canada customers.
You can learn more about them, and your other options, in our international money transfer guide.
Which is the best bank in Canada for me?
The ‘Big Five’ banks in Canada all (RBC, BMO, TD, CIBC, and Scotiabank) have programs for newcomers. These come with special newcomer incentives, so be sure to look into them. The best bank in Canada for you will depend on your specific needs. The banks that’ll be covered in this article are as follows:
On June 01, 1961 the largest merger of two Canadian chartered banks took place when the Canadian Bank of Commerce and the Imperial Bank of Canada merged to form the Canadian Imperial Bank of Commerce or CIBC as it is more commonly known. Since then CIBC has grown considerably and has a proud reputation of helping businesses and communities across Canada and around the world grow and prosper. More recently CIBC has positioned itself as a bank with superior customer service. This is illustrated by the fact that CIBC will guarantee that each client of theirs is met by an advisor or representative at a time and location that’s convenient for them.
CIBC continues to invest in the future and they have recently modernized banking platforms to enhance their clients’ experience. The consistent execution of their client-focused strategy is paving the way for transformation of how banking is carried out in Canada, and it also enables CIBC to bring the best service possible to their clients. For example, CIBC Mobile Banking® App continues to earn top spot (6th year in a row!) in the Forrester ranking for functionality and user experience.
Central to CIBC’s status as one of Canada’s most trustworthy banks has been a chequing account that has evolved to meet the needs of its customers. A chequing account with CIBC will allow you to bank just how you want. With one of the largest ATM networks across Canada and top-ranked online and mobile banking as well as Apple Pay, all choice is yours. This is especially helpful for newcomers to Canada who will have one less thing to worry about by choosing CIBC’s convenient chequing account.
Find out more about banking with CIBC here.
The Scotiabank StartRight® Program allows you to open a bank account, and transfer up to $50,000 into it, before you arrive in Canada.
For those living and working in Canada, you’ll receive a $100 bonus when you open an eligible account. You can also avail of a variety of products and services tailored to newcomers.