In this article, we explore the largest banks in Canada, otherwise known as the “Big Five”. We’ll also share the 15 major foreign banks that are licensed to operate here and discuss account opening.
That said, if you’re looking to open accounts internationally online, you might want to consider opening an international bank account elsewhere. Canada is extremely difficult to navigate as a foreign non-resident and their remote opening is extremely rare.
KEY TAKEAWAYS
- The largest banks in Canada are BMO, CIBC, RBC, Scotiabank, and TD
- In total there are 81 banks in Canada
- 15 major foreign banks are licensed to operate here
- Canadian banking is best suited to domestic residents and businesses
- Foreign non-residents have more options elsewhere
- Remote bank account opening is rarely an option
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Largest Banks in Canada
- How to Choose the Best Bank in Canada
- Who Can Open Bank Accounts in Canada?
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Largest Banks in Canada
The largest banks in Canada include the Bank of Montreal (BMO), the Bank of Nova Scotia (Scotiabank), the Canadian Imperial Bank of Commerce (CIBC), the Royal Bank of Canada (RBC), and Toronto-Dominion Bank (TD). These five banks are often referred to as the “Big Five” Canadian banks and are what most people think of when they consider opening accounts in the country.
Of course, there are many other financial institutions in Canada as well. In fact, Canada is home to 81 banks, including 34 domestic banks, 15 foreign banks, and 32 branches of foreign banks. However, when it comes to account opening most of these other banks will not be suitable options for retail or basic business banking.
Largest Canadian Banks in Canada
- Bank of Montreal (BMO)
- Bank of Nova Scotia (Scotiabank)
- Canadian Imperial Bank of Commerce (CIBC)
- Royal Bank of Canada (RBC)
- Toronto-Dominion Bank (TD)
Largest Foreign Banks in Canada
- Amex Bank of Canada
- Bank of China (Canada)
- Citibank Canada
- ICICI Bank Canada
- ICBC (Canada)
- J.P. Morgan Bank Canada
- KEB Hana Bank Canada
- UBS Bank (Canada)
In the following sections, we’ll detail some of the account opening challenges when asked, “Can a foreigner open a bank account in Canada?”. We’ll also share why it might be better to consider opening elsewhere instead.
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How to Choose the Best Bank in Canada
To choose the best bank in Canada, prospective clients should consider many of the same variables that apply to opening accounts elsewhere. This includes their client profile, regional requirements, banking objectives, and how to transfer money between banks in Canada if this is a requirement.
That said, two of the most important variables to consider before applying to open a bank account here are whether you are a resident or a non-resident and whether you require remote or in-person opening.
The reason that these two variables are so important is that the Canadian banking system almost exclusively caters to Canadian residents. And, remote opening is extremely rare.
With this in mind, if you are a foreign non-resident looking to open a Canadian bank account, you should be targeting banks with non-resident programs that cater to international clients. This ensures that the bank understands your client profile, the onboarding process for foreigners, and can help you navigate document requirements.
Here is a closer look at the factors to consider when choosing a Canadian bank.
Factors to Consider When Choosing a Canadian Bank
- Are you a resident or a non-resident of Canada?
- Do you require remote opening?
- Are you looking to access domestic financing?
- Are you interested in investment products?
- Which region of Canada do you have ties to?
- What is the reason for opening the account?
- Are there other countries better suited to your profile?
However, as mentioned, foreign non-residents may want to consider other jurisdictions instead. Possible alternatives include the EU, the Caribbean, the Channel Islands, parts of Asia, and even the United States.
Who Can Open Bank Accounts in Canada?
While Canada is challenging to navigate for foreign non-residents, it is entirely possible to open accounts here if you can meet the requirements. But, importantly, banks here are heavily regulated and there is little flexibility when it comes to remote opening.
With this in mind, the following list of clients that can open accounts here will only be able to do so successfully if they can navigate the opening process and the requirements imposed by each bank.
Client Groups That Can Open Accounts in Canada
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- Foreign residents
- International students studying in Canada
- Foreign non-residents that can visit Canada to open accounts
- Foreign non-resident Canadian companies with local managers
- Local individuals and companies
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking into opening accounts with the largest banks in Canada. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Major Banks Are in Canada?
Canada is home to many major Canadian banks, foreign banks, and foreign bank subsidiaries. This includes the five large Canadian banks (BMO, CIBC, RBC, Scotiabank, and TD) as well as 15 major foreign banks. Importantly, if you are looking to open a bank account here and you are not a local resident, you should only consider opening with one of the major Canadian banks in a region of Canada where you have ties.
Which Is the No 1 Bank in Canada?
The number one bank in Canada in terms of market share and overall capitalization is the Royal Bank of Canada (RBC). RBC is also one of the most international banks, with international banking, wealth management, and capital markets activities abroad.
That said, while RBC is the largest Canadian bank, that doesn’t mean it is the best banking option for every client. Instead, the best Canadian bank or a particular individual depends on their objectives, reasons for opening an account, client profile, and where they plan on visiting to complete the account opening process.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
