Canada’s banking system blends nationwide banks, digital‑only banks, and credit unions backed by deposit insurance. The “right” bank for you among Canada’s top banks depends on what you need, be that branch access, no‑fee digital tools, or newcomer programs.
Exploring your options will give you a sense of what best fits your finances. Here’s what to know before opening an account and how to choose the best bank for you.
Key takeaways
- Canada’s established “big” banks sit alongside strong digital banks and member‑owned credit unions, each with distinct perks for newcomers, students, and everyday banking.
- Deposit protection is automatic at Canada Deposit Insurance Corporation (CDIC) member institutions.
- If you’re moving to Canada, several banks let you start or even open accounts before arrival through dedicated newcomer programs.
- Digital banks (like Simplii and Tangerine, for example) emphasize no‑monthly‑fee everyday banking. Traditional banks emphasize broad product suites and nationwide branch networks.
- Traditional banks handle everyday transfers, but Western Union offers a faster, more flexible way to send money worldwide. Send money to Canada for cash pickup at a nearby Western Union location.
Comparing the best banks in Canada
| Bank name | Best for | Products | Special features |
| BMO | Newcomers, students | Checking, savings, credit cards, mortgages, investing | BMO NewStart® Program; guidance for opening before arrival |
| CIBC | Newcomers who want a starter bundle | Checking, savings, credit cards, mortgages, investing | Smart™ Account for Newcomers + Smart Arrival prearrival option. |
| Coast Capital | Member-owned credit union experience | Checking, savings, mortgages, advice | Federal credit union; CDIC member; open to residents of Canada (outside Quebec) |
| National Bank (NBC) | Newcomers seeking low fixed fees | Checking, savings, credit cards, mortgages | Newcomer account with a period of no fixed monthly fees |
| RBC | Broad branch/ATM access & tools | Full banking suite | Dedicated Newcomer Advantage and extensive network with digital support |
| Scotiabank | Newcomers wanting bundled perks | Checking, savings, credit cards, loans | StartRight® newcomer program with tailored onboarding |
| Simplii Financial | No monthly fee daily banking | Checking, savings, credit card, borrowing | Digital bank; no-fee checking; backed by CIBC |
| Tangerine | App first, no monthly fee banking | Checking, savings, investing | Digital bank; wholly owned by Scotiabank; no monthly fees |
| TD | In-branch support and multilingual help | Full banking suite | New-to-Canada packages; support more than 80 languages |
Top banks in Canada
Below, you’ll find quick overviews of some of the top banks in Canada. We’ll cover what each is known for, highlight their standout features and key products, and break down who they’re best suited for.
1. Bank of Montreal (BMO)
Founded in 1817 as Canada’s first bank, BMO serves 13 million customers across Canada, the US, and various global markets. It’s a full-service institution, with a product lineup that includes checking and savings accounts, credit cards, mortgages, investing, and digital banking. BMO also supports eligible clients with pre-arrival account opening, helping them start banking before they land in Canada.
Strengths:
- Wide variety of products
- Newcomer offers and guidance under NewStart
- Pre-arrival account opening for eligible newcomers
- Broad retail product suite and online tools
Ideal for:
- People relocating to Canada who want to start banking before arrival
- Customers who prefer one bank for daily banking, credit, and lending
2. Canadian Imperial Bank of Commerce (CIBC)
CIBC is among Canada’s most established banks, created in 1961 from the merger of the Canadian Bank of Commerce (founded in 1867) and Imperial Bank of Canada (1875). It offers checking and savings accounts, credit cards, loans and lines of credit, mortgages, investing and registered plans, and insurance.
CIBC tailors onboarding for newcomers with its Smart Account for Newcomers and Smart Arrival, which lets eligible clients open and fund an account before moving.
Strengths:
- Full suite of products
- Online application and promotional fee waivers for newcomers
- Smart Arrival pre-arrival setup for people moving to Canada
- Unlimited transactions on Smart Account for Newcomers
Ideal for:
- Newcomers wanting to bank before they land
- Everyday banking with unlimited-use checking
3. Coast Capital Savings Credit Union
Coast Capital, approved as British Columbia’s first federal credit union in 2018, is a CDIC member. It offers member-owned banking with checking options, mortgages and other loan products, investing products, and digital tools. Membership is open to anyone living in Canada outside Quebec.
Strengths:
- CDIC coverage as a federal credit union
- Checking options with no or low monthly fees
- Online and mobile banking plus regional branches
Ideal for:
- People who value a member-owned model and community focus
- Residents who want a mix of local service and digital access
4. National Bank of Canada (NBC)
National Bank, one of Canada’s six largest banks in Canada and Quebec’s leading bank, runs a strong newcomer offer that includes up to three years with no fixed monthly fees (conditions apply). It provides full retail banking, credit cards, loans and lines of credit, and easy online account opening.
Strengths:
- Up to three years of no-fee banking for newcomers
- Simple online account opening
- International transfer options through online banking
Ideal for:
- Newcomers seeking predictable everyday costs
- Clients who prefer to manage accounts online
5. Royal Bank of Canada (RBC)
Incorporated in 1869, RBC is another of Canada’s longest-established banks. It has a large branch and ATM footprint, claiming more than 1,100 branches and 4,000 ATMs nationwide. Its Newcomer Advantage program includes offers like no-monthly-fee banking for a year and access to credit cards without a Canadian credit history.
Strengths:
- Dedicated newcomer program with fee-free options
- Nationwide branches and digital tools
- Full product range from banking to investments
Ideal for:
- Customers wanting in-person help plus robust digital tools
- New arrivals seeking an easy first-year setup
6. Scotiabank
Founded in 1832, Scotiabank has grown into one of Canada’s largest financial institutions, serving more than 25 million customers across the Americas and beyond. Its StartRight program supports newcomers with checking, savings, and credit-building products. Eligible clients can also open an international account online to move funds before arriving.
Strengths:
- StartRight onboarding and guidance for newcomers
- Pre-arrival international account setup
- Range of checking packages and Scene+™ rewards
Ideal for:
- Newcomers who want early setup and credit-building tools
- Digital users who value nationwide branch access
7. Simplii Financial
Opened in 2017, Simplii is a digital bank backed by CIBC, created to offer simple, fully digital banking for people who prefer to manage their money online. It offers a no-fee checking account, savings, and credit products, and provides access to more than 3,400 CIBC ATMs across Canada. Everything runs through online and mobile platforms.
Strengths:
- No-monthly-fee daily banking
- Backed by CIBC infrastructure
- Fast digital setup and app-first experience
Ideal for:
- Fee-conscious customers comfortable without branches
- Newcomers seeking simple, online-only banking
8. Tangerine
Tangerine is a wholly owned subsidiary of Scotiabank and a CDIC member. The bank built its reputation as a pioneer in digital banking, emphasizing simplicity, transparency, and accessible tools. It offers no-fee checking, high-interest savings, and a smooth digital experience with no traditional branches.
Strengths:
- No monthly account fees
- CDIC membership
- Clean, easy-to-use mobile app
Ideal for:
- Digital-first users who prefer no-fee banking
- Savers who want clear, online tools
9. Toronto-Dominion Bank (TD)
TD Bank Group, founded in 1855, is one of Canada’s largest banks, serving nearly 28 million customers worldwide. With more than 1,000 branches and 2,500 ATMs across Canada, TD combines extensive in-person service with a strong digital platform. Its New to Canada package helps newcomers open accounts and access credit.
Strengths:
- Guided newcomer banking packages
- Support in more than 80 languages
- Extensive branch and ATM network with digital access
Ideal for:
- New arrivals seeking multilingual, in-person help
- Customers who want both branch and mobile flexibility
How to choose the right bank in Canada
The best Canadian bank for you depends on how you plan to manage your money. Major banks like RBC, TD, Scotiabank, BMO, and CIBC offer full-service options and broad branch access. Digital banks such as Simplii Financial and Tangerine provide low-fee everyday banking through easy mobile tools, while credit unions like Coast Capital focus on community service and member ownership.
If you’re new to Canada, look for newcomer or student programs that waive monthly fees and help you build credit. Before opening an account, compare features such as digital access, account fees, and transfer options.
When sending or receiving funds internationally, monitor the USD-to-CAD exchange rate so you know your money’s value once it arrives. Ultimately, your decision will come down to which bank best fits your daily needs and long-term goals.
Send money abroad
Once you’ve found the right bank, you can still rely on Western Union for quick, reliable international transfers. Whether you’re supporting family, paying expenses, or managing finances across borders, our global network makes it simple to send funds digitally or in person.
Try the Western Union® app to send money for convenience and real-time tracking, or send money now directly from your browser.
FAQs
Banks with newcomer programs, such as RBC, Scotiabank, BMO, CIBC, and National Bank, stand out for expats. These banks offer pre-arrival account setup, waived fees, and multilingual support, making them reliable choices for people moving to Canada.
CIBC and BMO make it easy for foreigners to open accounts before arrival, while RBC and Scotiabank provide strong in-person assistance and newcomer guidance once you’re in Canada.
Most banks require Canadian residency to open a standard account, but several, like BMO, CIBC, and National Bank, let eligible newcomers begin the process online before they arrive.
Major Canadian banks generally offer global transfer services, though fees and timing vary. For a faster, flexible alternative, you can send money internationally with Western Union’s trusted global network.
