Canada

Banking in Canada

About Canada

Canada is located above the United States of America, and also sits next to Alaska, in North America. It has varied terrain, including high and wide mountain ranges, and also low areas. The country is very well established, with a diverse range of cultures and people. The original inhabitants of Canada were Eskimos, and now the majority of the residents are Western, and English speaking. Canada also has a strong history with the French, and this language is still commonly used here.


Canada and the United States of America have a good relationship, and are very easy to travel between. Canada and the USA share a lot of similarities, but the cultures, laws and values are still remarkably different. If you are from USA, or any other English speaking country, you should have no trouble getting around and doing business in Canada. The people are friendly and will help you if they can.

The Banking System in Canada

The Canadian banking system is very unique and well regarded throughout the world. On a social level, Canadian banks play a huge part in people’s lives, including being the major employer for Canadian workers. They are also the highest tax payers in Canada, and contribute greatly to the country’s growth and economy.

Banking is Canada is considered to be very stable. Despite a recent world economic crisis, Canadian banking has proven to be one of the most reliable systems in the world, which makes it suitable for international investments, and business banking.


 

Banking in Canada also has a strong network, with ATM’s almost on every street corner, and no shortage of the world’s latest banking technologies. If you are banking in Canada, expect to have access to credit cards, debit cards, telephone banking systems, and a range of extended financial services.

The Canadian banking system is also considered to be highly efficient, which means less paperwork and procedures. Less waiting time, and ease of use. The systems are also considered to be some of the most safest in the world, which helps provide peace of mind that your money is secure, but also ready for you to access at any time.

Major Banks in Canada

Royal Bank of Canada

The Royal Bank of Canada, is also named the RBC Financial Group. It is the largest financial institution in Canada and also serves private and business customers on an international level.

Toronto-Dominion Bank

The Toronto-Dominion Bank, is the second largest bank in Canada, and it is also one of the largest banks in all of North America. In the United States of America, this banks is named the TD Bank.

Bank of Nova Scotia

The bank of Nova Scotia is also known as Scotiabank, and is the key international bank in all of Canada. It has presences in many other countries, including the Caribbean, Latin American Countries, and India.

Bank of Montreal

The Bank of Montreal is also named the BMO Financial Group, and dating back to the early 1800’s, this is Canada’s oldest bank. It now has over 900 branches in Canada, and is still one of the top banks in Canada.

Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce is another one of Canada’s largest banks. It is a chartered bank that has international presences in Asia, the Caribbean, USA, and the UK.

Canadian Currency

The banking system in Canada uses the Canadian dollar, which is exceptionally good for trading in international business. It is listed as one of the top seven most traded currencies in the world, so if you are travelling internationally, a Canadian dollar is worthwhile keeping. It is however surpassed but the US dollar, which can be traded almost anywhere.