Introduction to Banks in Canada




Introduction to Banks in Canada 

Banks in Canada

According to the Office of the Superintendent of Financial Institutions, as of September 30, 2010,  the Canadian banking industry currently has 22 domestic banks in Canada, 26 foreign bank subsidiaries and 23 full-service foreign bank branches and seven foreign bank lending branches with operations in Canada . In total, these institutions manage close to $3.1 trillion in assets.

The very first chartered bank in Canada was Bank of Montreal which was established in 1817.  Since this time banking in Canada has grown to be a major financial contributor to Canadian society.  Banks in Canada now serve millions of customers and help individuals, small and medium-sized businesses, large corporations, governments, institutional investors and non-profit organizations all across the country.

The major domestic Canadian banks offer a broad range of banking, investment and financial products and services.  The banks in Canada are extremely large and many have country-wide branch retail networks.  Some of the bigger domestic Canadian banks like the RBC, TD Bank, Scotia Bank, CIBC and BMO  also do business in the United States, Latin America, the Caribbean,  Europe,  Asia and all over other parts of the world.  Almost half of the earnings made by these banks are generated outside of Canada.

The most well known banks in Canada and the ones that do the most business and have the biggest brands are the “Big Five” banks.

The Big 5 Banks

Royal Bank (RBC) is the biggest bank in Canada followed closely by the TD Bank. The other three Canadian banks included in the Big Five, listed by assets size order include Scotiabank, Bank of Montreal and CIBC. These five banks are Schedule 1 banks (domestic banks) operating in Canada under government charter. The bank shares must be widely held with no one entity or person holding more than 20% ownership share.

Just how big are the Big Five banks in Canada. Royal Bank has over 1200 retail branches across Canada, TD Bank has over 1100,  Scotiabank has over 1000, BMO (Bank of Montreal) has over 900 and CIBC has over 1000. Royal Bank has approximately  79,000 employees with the other banks following close behind… TD 65,000, Scotiabank 70,000, BMO 38,000 and CIBC 42,000. The asset size of these banks are approximately as follows…RBC with 760 Billion, TD Bank with 619 Billion, Scotiabank 526 Billion, BMO 411 Billion and CIBC 352 Billion.

Many large international banks are also have operations and retail networks in Canada.  As an example HSBC, is an international bank with an extensive retail branch network.  HSBC has a retail branch network of approximately 150.

There are other financial institutions in Canada that compete with the banks in Canada including credit unions, insurance companies and mutual fund companies.

Mortgage Rate Calculator Tool




Find a useful Canadian mortgage rate calculator tool/widget designed by www.ratessupermarket.ca on the right sidebar.

Find current Canadian Banks Mortgage Rates




Most people in Canada obtain mortgages through the major Canadian banks. Its important when you are looking for a mortgage to shop and compare Canadian mortgage rates to get the best possible mortgage deal. Even a small improvement in your mortgage rate can save you thousands of dollars over the life of the mortgage term.

Here is is a list of direct links to mortgage rates posted online by the various major Banks in Canada.

RBC Royal Bank Mortgage Rates

TD Bank Mortgage Rates

BMO Mortgage Rates

Scotiabank Mortgage Rates

CIBC Mortgage Rates

Below you can check out rates offered by other mortgage companies. These are made available by ratehub.ca.

Mortgage rate comparison

 
mortgage rates canada by ratehub.ca

This widget is a dynamically built graphic image that automatically updates whenever mortgage rates change.

Mobile Banking in Canada




Many of the Banks in Canada offer mobile banking.

What is Mobile Banking? Mobile Banking (also known as M-Banking, mbanking, SMS Banking etc.) is a term used for performing balance checks, account transactions, payments, credit applications etc. via a mobile device such as a mobile phone or Personal Digital Assistant (PDA).

In Canada, mobile banking allows customers to do the following on their blackberry, iphone or android after downloading a mobile banking app…View account information, Transfer funds, Pay bills, Find the nearest bank branch or ATM.

It is extremely convenient way to bank when you are on the go… away from home, travelling, etc.

Banks in Canada list




Canadian Banks List

Here is a list of Schedule 1 Banks in Canada (source Canada Banking Association)

BMO Financial Group
First Bank Tower
1 First Canadian Place
Toronto, Ontario M5X 1A1
(416) 867-5000 Bank West
1010-24 Street SE, P.O. Box 5328
High River, Alberta T1V 2A7
(403) 652-2107
(non-member)

Bridgewater Bank
10310 G.A. MacDonald (39A) Avenue
Box 8180, Station South
Edmonton, Alberta T6H 5X9
1-888-837-2326
(non-member) CIBC
Commerce Court West, 56th Floor
Toronto, Ontario M5L 1A2
(416) 980-2211

Canadian Tire Bank
555 Prince Charles Drive
Welland, Ontario L3C 6B5
(905) 735-3131 Canadian Western Bank
2300-10303 Jasper Avenue
Edmonton, Alberta T5J 3X6
(780) 423-8888

Citizens Bank of Canada
401 – 815 West Hastings Street
Vancouver, British Columbia V6C 1B4
(604) 708-7800 CS Alterna Bank
400 Albert Street, 3rd floor
Ottawa, Ontario K1R 5B2
1-866-560-0120
(non-member)

DirectCash Bank
1420 28th Street North East, Bay #6
Calgary, Alberta T2A 7W6
(non-member) Dundee Bank of Canada
44 King Street West
Toronto, Ontario M5H 1H1
1-888-884-3434

First Nations Bank of Canada
224 4th Avenue South
Saskatoon, Saskatchewan S7K 5M5
1-888-454-3622
(non-member) General Bank of Canada
#006, 11523 – 100 Ave
LeMarchand Mansion
Edmonton, Alberta T5K 0J8
1-877-443-5620
(non-member)

HomEquity Bank
45 St. Clair Avenue West
Suite 600
Toronto, Ontario M4V 1K6
(non-member)

Jameson Bank
200 Front Street West
Suite 2203, P.O. Box 33
Toronto, Ontario M5V 3K2
(non-member)

Laurentian Bank of Canada
1981 McGill College Avenue
Montreal, Québec H3A 3K3
(514) 522-1846 Manulife Bank of Canada
500 King Street North
Waterloo, Ontario N2J 4C6
1-877-765-2265

National Bank of Canada
600 rue de la Gauchetière ouest
Montreal, Québec H3B 4L2
(514) 394-4000 Pacific & Western Bank of Canada
Suite 2002, 140 Fullarton Street
London, Ontario N6A 5P2
(519) 645-1919

President’s Choice Bank
439 King Street West, 5th Floor
Toronto, Ontario M5V 1K4
1-88-88-724-724 Royal Bank of Canada
Royal Bank Plaza, 8th Floor, South Tower
200 Bay Street
Toronto, Ontario M5J 2J5
(416) 974-5151

The Bank of Nova Scotia
Scotia Plaza, 7th Floor
40 King Street West
Toronto, Ontario M5H 1H1
(416) 866-6161

TD Bank Financial Group
P.O. Box 1, 11th Floor
Toronto-Dominion Centre
55 King Street West
Toronto, Ontario M5K 1A2
1-866-222-3456

Here is a list of Schedule 2 Banks in Canada

Amex Bank of Canada
(USA)
101 McNabb Street
Markham, Ontario L3R 4H8
(905) 474-8000 Bank of America (Canada) (In Voluntary Liquidation)
200 Front Street West
Suite 2500
Toronto, Ontario M5V 3L2
1-800-387-1729

Bank Of China (Canada)
(People’s Republic Of China)
Exchange Tower, 130 King Street West, Suite 2730
Toronto, Ontario M5X 1E1
(416) 362-2991

Bank of Tokyo – Mitsubishi UFJ (Canada)
(Japan)
Royal Bank Plaza
Suite 1700, South Tower
Toronto, Ontario M5J 2J1
(416) 865-0220

Bank One Canada (In Voluntary Liquidation)
(USA)
200 Bay Street
Royal Bank Plaza, South Tower, Suite 1800
Toronto, Ontario M5J 2J2
(416) 865-0466
(non-member)

BNP Paribas (Canada)
(France)
1981 McGill College Avenue
BNP Paribas Tower
Montreal, Québec H3A 2W8
(514) 285-6000

Citco Bank Canada
180 Duncan Mill Road
Toronto, Ontario
M3B 1Z6
(non-member)

Citibank Canada
(USA)
123 Front Street West, Suite 1900
Toronto, Ontario M5J 2M3
(416) 947-5500

CTC Bank of Canada
(Taiwan)
1518 West Broadway
Vancouver, British Columbia V6J 1W8
(604) 683-3882
(non-member)

Habib Canadian Bank
(Switzerland)
918 Dundas Street East, Suite 1-B
Mississauga, Ontario L4Y 4H9
(905) 276-5300

HSBC Bank Canada
(United Kingdom)
885 West Georgia Street
Vancouver, British Columbia V6C 3E9
(604) 685-1000 ICICI Bank Canada
150 Ferrand Drive, Suite 1200
Toronto, Ontario M3C 3E5
(416) 360-0909

Industrial and Commercial Bank of China (Canada)
(China)
Suite 102-103, 350 Highway 7 East
East Asia Centre
Richmond Hill, Ontario L4B 3N2
(905) 882-8182

ING Bank of Canada
(The Netherlands)
111 Gordon Baker Road
North York, Ontario M2H 3R1
(416) 497-5157

J.P. Morgan Bank Canada
(USA)
Royal Bank Plaza, South Tower
P.O. Box 80, Suite 1800, 200 Bay Street
Toronto, Ontario M5J 2J2
(416) 981-9200

J.P. Morgan Canada (In Voluntary Liquidation)
Royal Bank Plaza, South Tower
P.O. Box 80, Suite 1800
200 Bay Street
Toronto, Ontario M5J 2J2
(416) 981-9200

Korea Exchange Bank of Canada
(Korea)
4950 Yonge Street, Suite 1101
Toronto, Ontario M2N 6K1
(416) 222-5200

MBNA Canada Bank
(USA)
1600 James Naismith Drive
Suite 800
Ottawa, Ontario K1B 4A5
(613) 742-4800

Mega International Commercial Bank (Canada)
Madison Centre
(Taiwan)
4950 Yonge Street, Suite 1002
North York, Ontario M2N 6K1
(416) 947-2800

Shinhan Bank Canada
5140 Yonge Street
Suite 2300
Toronto, Ontario M2N 6L7
(non-member)

Société Générale (Canada)
(France)
1501 McGill College Avenue, Suite 1800
Montreal, Québec H3A 3M8
(514) 841-6000

State Bank Of India (Canada)
(India)
Royal Bank Plaza, North Tower
200 Bay Street, Suite 1600
Toronto, Ontario M5J 2J2
(416) 865-0414

Sumitomo Mitsui Banking Corporation Of Canada (Japan)
P.O. Box 172
Suite 1400, Ernst & Young Tower
Toronto Dominion Centre
Toronto, Ontario M5K 1H6
(416) 368-4766

UBS Bank (Canada)
(Switzerland)
154 University Avenue
Toronto, Ontario M5H 3Z4
(416) 343-1800

Walmart Canada Bank
1940 Argentia Road
Mississauga, Ontario L5N 1P9

Here is a list of the Schedule 3 Banks in Canada

Bank Of America, N.A. (Canada Branch)
Suite 2700
200 Front Street West
Toronto, Ontario M5V 3L2
(416) 349-4100

The Bank of New York Mellon
320 Bay Street
Suite 1710
Toronto, Ontario M5H 4A6
(416) 643-3270

Barclays Bank PLC, Canada Branch
Bay Adelaide Centre
333 Bay Street, Suite 4910
Toronto, Ontario M5J 2S1

Capital One Bank (Canada Branch)
5140 Yonge Street
19th Floor
Toronto, Ontario M2N 6L7
(416) 549-2500

Citibank, N.A.
Citibank Place, Suite 1900
123 Front Street West
Toronto, Ontario M5J 2M3
(416) 947-5500

Comerica Bank
Suite 2200, South Tower
Royal BankPlaza, 200 Bay Street
Toronto, Ontario M5J 2J2
(416) 367-3113

Deutsche Bank A.G.
199 Bay Street, Suite 4700
Commerce Court West
Box 263
Toronto, Ontario M5L 1E9
(416) 682-8400

Dexia Credit Local S.A.
800 Victoria Square
Montréal, Québec H4Z 1A1
(514) 868-1200
(non-member)

Fifth Third Bank
12th Floor, 20 Bay Street
Toronto, Ontario M5J 2N8
(non-member) First Commercial Bank
Suite 100, 5611 Cooney Road
Richmond, British Columbia V6X 3J6
(604) 207-9600
(non-member)

HSBC Bank USA N.A.
70 York Street, 4th Floor
Toronto, Ontario M5J 1S9
(416) 868-8000

JPMorgan Chase Bank N.A.
P.O. Box 80
Suite 1800, South Tower
Royal BankTower, 200 Bay Street
Toronto, Ontario M5J 2J2
(416) 981-9200

Maple Bank GmbH
Toronto Dominion Centre
Suite 3500
P.O. Box 328
Toronto, Ontario M5K 1K7 Mizuho Corporate Bank, Ltd., Canada Branch
100 Yonge St.
Box 29, Suite 1102
Toronto, Ontario M5C 2W1
(416) 874-0222

M&T Bank
Brookfield Place, TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto, Ontario
M5J 2S1
(non-member)

Northern Trust Company (Canada Branch)
145 King Street West, Suite 1910
Toronto, Ontario M5H 1J8
(416) 365-7161
(non-member)

Rabobank Nederland, (Canada Branch)
95 Wellington St., Suite 1830
P.O. Box 57, TD Centre
Toronto, Ontario M5K 1E7
(416) 941-9777
(non-member)

Société Générale (Canada Branch)
Suite 1800
1501 McGill College Avenue
Montreal, Québec H3A 3M8
(514) 841-6000

The Royal Bank of Scotland N.V.
Suite 1500, Aetna Tower, TD Centre
79 Wellington Street
Toronto, Ontario M5K 1G8
(416) 367-0850

State Street Bank And Trust Company
Suite 1500, 30 Adelaide Street East
Toronto, Ontario M5C 3G6
(416) 362-1100

United Overseas Bank Limited
P.O. Box 11616
1680-650 Georgia Street West
Vancouver, British Columbia V6B 4N9
(604) 662-7055
(non-member)

UBS AG (Canada Branch)
161 Bay Street
BCE Place, Suite4100
Toronto, Ontario M5J 2S1
(416) 343-1800

U.S. Bank N.A.
120 Adelaide Street West, Suite 2300
Toronto, Ontario M5H 1T1
(416) 306-3500
(non-member)

Lending Branches

Allied Irish Banks, p.l.c.
70 York Street
Suite 1260
Toronto, Ontario M5J 1S9
(416) 850-2191
(non-member)

AmTrust Bank
3300 Bloor Street West, Suite 3110
Clarica Centre, Centre Tower
Etobicoke, Ontario M8X 2X3
(non-member)

Credit Suisse, Toronto Branch
1 First Canadian Place
Suite 2900
Toronto, Ontario M5X 1C9
(416) 352-4500

Merrill Lynch International Bank Limited
181 Bay Street
Suite 400
Toronto, Ontario M5J 2V8
(non-member)

PNC Bank Canada Branch
The Exchange Tower
130 King Street West, Suite 2140
Toronto, Ontario M5X 1E4
(416) 361-1744

Union Bank of California, N.A.
440 – 2nd Avenue Southwest
Suite 730
Calgary, Alberta T2P 5E9
(non-member)
WestLB AG
Toronto Branch
Suite 2301, North Tower
200 Bay Street
Toronto, Ontario M5J 2J1
(416) 216-5000
(non-member)

Send money online in Canada




Here are the best ways to send money online in Canada to places in Canada and around the world.

1. Interac E-Transfer. Canadian Banks offer Interac E-Transfer service, which allows customers to transfer money online using internet banking. Both the sender and the recipient need to have a bank account in Canada with one of the Canadian banks and be set up for online banking. To send money all you will need is the recipients email or mobile phone number.

The sender will need to go online to their bank’s website, login to their account by typing their access card number and password. Choose to “Make a Transfer” as done on TD Canada’s website as an example, and then choose “Send Money” under Interact E Transfer heading.

The sender needs to give the recipient a password for a “Security Question” to accept the money. A recipient will see a note in their email box that they have received money. They will click on the link in the email which allows them to choose the bank they wish to deposit the funds into. They will be prompted to type in the password they have been given by the sender. Once the correct password has been entered the funds will be deposited to their account and the transfer cannot be undone.

Many credit unions in Canada offer Interact E-transder service too.

Cost: The Interact E-transfer fee: is $1.50 per transaction (typically at most banks)

2. Paypal. You can transfer money free using Paypal to persons in Canada. You will need to have an account with Paypal and have your bank account linked.

Cost: Free

Other online money transfer services include:

3. Western Union. E-commerce business that offers money transfer service. Western Union has over 510,000 Agent locations in 200 countries and territories.
You can send money online now using the Western Union website. You will need to register online to set up an account. Use your Canadian bank-issued Visa® or MasterCard® to send money online. Also if you are a Scotia customer, you can send money online or by using your mobile phone for a fee* of $9 plus 1% of money sent.

Cost: The cost varies. The fee is based on the amount of the money sent and it also depends on where the sender is sending the money (which country/location).

MoneyGram. MoneyGram brand is recognized throughout the world as a leading global payment services company. MoneyGram’s money transfer service moves money quickly and easily around the world in over 196 countries and over 200,000 agents. You can now send money directly to a bank account using the MoneyGram service.

Hyperwallet. Hyperwallet is a Canadian based global money transfer service business. You can send money online using Hyperwallet’s money transfer service. Send money online (to 31 countries) for just $7.00 per transfer with no wire fees for senders or recipients.

Cost: The fees vary based on dollar amount of money being sent and the location where the funds are being sent.

CanadianForex. CanadianForex, which started in 2007, has grown into one of the world’s largest online foreign exchange companies. What you should know is that they offer great rates and low fees (and even no fees!), however they do not offer overseas money transfers under CAD2,000 and no cash transfers. The maximum fee you can be charged is CAD15. Every funds transfer is free starting from CAD10,000 or equivalent.

Xoom Global Money Transfer. Recipients do not need a bank account or Internet connection to receive funds. Senders have the option to send money using a credit card, debit card or bank account. You can deposit money to any Dollar (CAD) bank account including TD, Royal Bank, CIBC and Scotiabank.
Most money transfers are deposited within two business days. You can send up to $2,999 for only $4.99.

Axis Bank and ICICI Bank Canada (Both Indian Banks) allow customers to send money online in Canada to locations in India. The transfer fees are usually free if you do foreign exchange.

MoneyBookers.com which is another online money transfer business.

Canadian Bank Credit Ratings




Canadian banks are evaluated by credit rating agencies to evaluate their credit worthiness and provide a future outlook on their ability to pay back the debt and the likelihood of default. Canadian Banks are reviewed by the following credit agencies on a regular basis – DBRS, MOODY’S, STANDARD & POOR’S and FITCH.

Credit rating evaluations are fluid and change all the time. Sometimes credit ratings are upgraded and other times they are downgraded. Canadian Bank credit ratings are often tied to the Canadian economy, the Canadian real estate market, Canadian employment rates, the global economy, GDP, etc. Historically Canadian Banks generally have had high credit ratings.

Recently however, in July 2012, Standard & Poor’s Ratings Services cut its outlook from stable to negative on seven Canadian banks, sighting concerns over unsustainably of high home prices and high consumer debt levels. Moody’s had cut 15 banks credit ratings in June 2012 too. Here is a link to an article from the Montreal Gazette about Moody’s credit rating downgrade .

To view the current 5 Big Canadian Bank Credit Ratings published on their websites we have provided direct links to the RBC Credit Ratings, CIBC Credit Ratings, Scotiabank Credit Ratings, BMO Credit Ratings and TD Bank Credit Ratings:

Current RBC Credit Ratings
Current BMO Credit Ratings
Current CIBC Credit Ratings
Current Scotiabank Credit Ratings
Current TD Bank Credit Ratings

Useful websites for Canadian banking and financial information




Listed below are very useful websites for information on Canadian Banking and Financial Information.

Canadian Bankers Association – The Canadian Bankers Association (CBA) works on behalf of 51 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 260,000 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada’s economy. The Association also promotes financial literacy to help Canadians make informed financial decisions.

Financial Consumer Agency of Canada – The Financial Consumer Agency of Canada (FCAC) is an independent body working to protect and inform consumers of financial services. They were established in 2001 by the federal government to strengthen oversight of consumer issues and expand consumer education in the financial sector.

Canadian Banks in Australia




Canadian Banks in Australia

Royal Bank of Canada
TD Bank

Source: List of Foreign Banks in Australia – Australian Prudential Regulation Authority

List of Canadian Banks in London, England




List of Canadian Banks in London, England

Bank of Montreal
Bucklersbury House
11 Walbrook
London, EC4N 8ED
Tel: 020 7236 1010
Fax: 020 7664 8161

Bank of Nova Scotia
Scotia House
33 Finsbury Square
London, EC2A 1BB
Tel: 020 7638 5644
Fax: 020 7638 8488

BMO Nesbitt Burns Int’l
Bucklersbury House
3 Queen Victoria Street
London, EC4N 8NT
Tel: 020 7666 5101
Fax: 020 7329 0371

CIBC World Markets
Cotton Centre
Cotton Lane
London, SE1 2QL
Tel: 020 7234 6000
Fax: 020 7407 4127

National Bank of Canada
Princes House
95 Gresham Street
London, EC2V 7LU
Tel: 020 7726 6581

Royal Bank of Canada
71 Queen Victoria Street
London, EC4V 4DE
Tel: 020 7489 1188
Fax: 020 7329 6144

TD Canada Trust
Triton Court
14-18 Finsbury Square
London, EC2A 1DB
Tel: 020 7920 0272
Fax: 020 7638 1042

Canadian Banks in USA




Canadian Banks in USA

TD Bank, BMO and RBC all have large US branch networks, however RBC just recently announced (June 20, 2011) that they have sold their regional US retail banking network which included over 400 branches located in 6 Southern US states to PNC Financial Services Group for $3.45 billion. The deal is expected to close in 2012 and will need to receive regulatory approval.

Scotiabank has Caribbean branches and operates 9 branches in the US Virgin Islands.

TD Bank operates branches in New England and the Northeastern part of the US under the business name TD Bank North. BMO has retail branch operations in Chicago-area under Harris Bank and as mentioned above RBC had branches located in North Carolina, South Carolina, Virginia, Georgia, Florida and Alabama under the RBC USA moniker.

RBC offers a suite of cross-border banking products.

For example they offer the RBC Access USA checking account which is ideal if you’re a Canadian resident who lives in the U.S. part-time (such as a retiree or student) or if you travel to the U.S. frequently for business or pleasure.

Three key benefits are that one you are able to transfer funds between your Canadian accounts and your RBC USA checking account free of service fees or without having to pay wire transfer or foreign transaction fees. Secondly pay US bills with your RBC Bank account online at no extra charge. Third you are able to access your money in the U.S. via a network of ATMs and at over 430 branches.
RBC plans to maintain their suite of cross-border banking products after the sale of their us regional banking operations.

Visit the RBC USA website for more information and detail about products and services.