Banking in Canada

Banking in Canada is safe and secure being ranked the world’s best systems in the world with 8,000 branches and 18,000 ATM’s across the country. Expats are able to connect to their home country bank accounts with most of them having international banking options and with some allowing expats to open a bank account before arriving in the country.

Expats who have set up their account before moving to Canada must make sure that they activate their account when they have arrived. When you do this, you will need to provide details of the address you will be staying at and original immigration documents.
There are many banks in Canada, some of the popular and largest ones include: Royal Bank of Canada, Bank of Montreal, Deutsche Bank and Canadian Imperial Bank of Commerce all offering many services such as online banking and access to all accounts.
As an expat you should ensure that you open a bank account as soon as possible to assist transactions from your home country. Major bank accounts will have offers for new arrivals in the country as well as monthly fees attached to current accounts.

Documentation required by Banks

The documents required when opening a bank account:

  • Passport and Work Permit
  • Drivers license
  • Letter from employer to verify income
  • Letters of reference from a bank in your home country
  • Social Insurance Number
  • If you are activating your account you will need to show an IMM 142 document (temporary residents) or an IMM 5292 (permanent residents)

Candian Money

The currency in Canada is the Canadian Dollar (CAD) divided into 100 cents

Coins Notes
5 cents 5 CAD
10 cents 10 CAD
25 cents 20 CAD
1 CAD 50 CAD
2 CAD 100 CAD