Best Bank in Canada for Newcomers – Choosing the best bank in Canada
One of the most important decisions you will make when moving to Canada is which bank to select. Canadian banks are reliable and convenient for all your banking needs. Unfortunately, not every bank in Canada is created equally. Some charge for their services which means you should shop around to find a bank that works for you.
There are few items that you should consider when choosing a bank in Canada. Along with considering the fees that some banks charge, you should choose a bank that provides branches near your residence. Internet banking is a common feature that banks provide nowadays. However, not all banks offer online banking. If Internet banking is important, then research the best banks available.
Best Bank in Canada: Canada’s Big 5
Canada offers a lot of choice when it comes to banking. There are five major banking brands available across the country, but there are also some smaller regional banks available to work with. It is recommended for individuals who move to Canada to put their money in one of the big five banks as they offer more security and convenience.
In addition, the big five banks are likely to provide more features including Internet banking. Regional banks may provide some short-term incentives, but the big five banks will offer more long-term benefits.
The big five banks in Canada include:
- CIBC
- HSBC Canada
- Scotiabank
- Bank of Montreal (BMO)
- National Bank of Canada
How to choose the best bank in Canada
There are a number of criteria to consider when choosing a bank in Canada and each item is important. Your user experience can be affected positively or negatively depending on how well the bank you choose delivers satisfactory products and services.
Criteria to consider fro new arrivals choosing a bank in Canada are:
- Banking fees – Many of the banks – large and small – charge customers to have a checking account. Fees can be charged up to $30 per month to customers. Fees will depend on the number of monthly transactions you make. Research to find a bank in Canada that charges low or no fees.
- Checks – Compared to other countries around the globe, checks remain a popular way to make payments in Canada. Banks may charge up to $40 for a book of 100 checks. Keep in mind that many employers will request a voided check at the beginning of your employment as a way to get your bank account details. This allows your paycheck to be transferred into your bank account.
- ATM/cash machine charges – Some ATM/cash machines charge a fee to withdraw money. ATMs that are owned and operated by your bank typically do not charge a fee. Other banks’ ATMs may charge a fee, however. In addition, privately owned ATMs tend to always carry fees to withdraw funds.
- Debit cards – Banks do not charge fees for debit card use unless you go over a set amount of debit card uses. Debit cards are the most popular way to pay for goods and services in Canada.
- Interac e-transfer – This is an easy way to send money and pay for goods and services. Simply enter the receiver’s email address and you can send funds quickly and easily. However, both payer and payee must have a bank account that allows Interac e-transfer.
You will need to shop around to find the best back in Canada for you. Not all banks are created equally, so don’t be afraid to explore the many options available. Some accounts such as HSBC Canada allow you to open accounts before you arrive which is always useful though do check around once you arrive for other alternative options. It is usually the case that the first bank you choose is not necessarily the best bank in Canada for your needs as a newcomer.
