Banking in Canada is simple and convenient. Everyone needs a bank of course, to manage financial matters: writing and cashing cheques, saving money, receiving a mortgage to purchase a home, or a loan to buy a car. Canada has a number of national banks as well as other financial institutions such as credit unions.

Most financial institutions charge fees for services, and they offer different rates of interest. It’s a good idea to compare before you decide where to do your banking.

To Open an Account

Simply go to a branch that is conveniently located for you. Look for a service desk with a sign that says “new accounts.”

ID Required

Banks usually ask to see, minimum, two pieces of ID in order to open a new account. A passport is best, but banks will usually accept another piece of ID with your picture, such as a driver’s license. A major credit card, social insurance card, and a birth certificate are all good backups.

1 Account or 2?

There are 3 main types of accounts. Savings accounts usually earn higher interest rates but do not allow you to write cheques. Chequing accounts do not usually pay interest. Combination accounts pay some interest and allow a restricted number of cheques per month.

Machine, Online, or Face to Face

For most transactions, like withdrawals, transfers, and deposits, customers don’t need to go to the bank and stand in line for service. Automated Bank Machines (ABMs — often called ATMs) are everywhere in Canada.

Most banks offer Internet services, which allow you to check account balances, pay bills, and transfer money online.

However, when you want to do your banking face to face, tellers are happy to help. Many banks provide service in English, French, Chinese, and other languages. Most banks are open from 9:30 or 10 a.m. to 4 p.m. on weekdays and are closed on Saturdays and Sundays.

Take Care with Your Card

When you open an account, you will be given a swipe card, which you can use at ABMs. This is also a debit card, with which you can pay at any business using the Interac debit system. Your PIN number is your protection against theft, so keep your number a secret.

Information Sources

• Banking and Borrowing in Edmonton provides information and links.
• Banks in Edmonton lists the banks in the city. 
• Living in Alberta - Money and Banking is a Government of Alberta website for newcomers.
• Major Banks and Contact Information
• Ways to Pay for Purchases is a Government of Alberta website that provides an overview on different ways of paying for purchases. 

About Banking In Canada

Canadian Bankers Association provides information about the banking industry in Canada, along with consumer information about exchange rates, credit cards, mortgages, and calculators to help with financial planning. Its links are comprehensive, with a lot of financial information of interest to immigrants.

EPL Banking Resources has numerous resources on banking, personal finance, and taxes. This Edmonton Public Library site lists the titles in their catalogue and includes links to related sites.

Ombudsman for Banking Services provides free services to consumers for dealing with complaints about financial services and businesses.