Banking in Canada

Which bank serves you best?

This is a case-case fitness to one's lifestyle and financial situation, where different banks offer different rates and services that are most compatible to different customers. For example, Royal Bank of Canada is considered the best bank in Canada wherever you are. But not for us, because we don't want to pay the monthly fee and we do not require man of their benefits and privileges. Similarly, TD bank is another big bank that has really great banking services and insurance. Again, we can't bank with them because... not enough ATMs (in Canada these are called Automated Banking Machines, ie ABMs) around us. 

For us, our criteria revolves around:

1) no fee for the bank accounts

2) no fee credit cards

3) extensive branch and ABM coverage around the city (and close to where we stay)

4) competitive mortgages

5) preferential foreign currency exchange

6) high interest savings account

7) free money transfer and cheque books (yes, a few banks charge for requesting and then using those)

The top banks in Canada wherever you go are:

a) Royal Bank of Canada

b) Scotiabank or Bank of Nova Scotia

c) Bank of Montreal

d) Toronto Dominion Bank (TD Bank)

e) Commercial Imperial Bank of Canada

and the less popular in Canada

f) Tangerine

g) Simplii

h) HSBC Canada

You do have HSBC in Canada but they are not as popular as the others and they may not have many ABMs around (as compared with the others)