Developed country is as we said a lot of banks in Canada of Canadian origin such as the Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada. Royal Bank of Canada, Scotia Bank and Toronto Dominion Bank entities of great national coverage and operations worldwide with subsidiaries in all continents of the world.
The Canadian currency is the Canadian dollar, which has similar appearance to the American dollar, they are issued by the Royal House of the Canadian currency. But it is the Bank of Canada, which is located in the city of Ottawa, the issuer of the currency.
Although this is one of the more recent central banks founded, as it was created in 1934, formerly the Bank of Montreal which served as Central Bank of Canada.
There are five banks that control about 90% of the operations of banking in Canada. These banks are the best for the Americans because the probability of failure is minimal, so your investment will be safe.
The relationship with a bank in Canada is quite clear. Banks offer similar quality services such as transactions over the Internet, networks of automated teller machines (ABMs – ATMs in USA) to make life easier for customers.
Visit several banks and questions about their services or ask your acquaintances that they recommend you a bank. In the long run, it is possible you can not survive in Canada without a bank account. More importantly, is probably need one to receive your salary. You will have to open a bank account to rent or buy a home, pay for gas and electricity, acquire a telephone line and many other needs.
How safe are the Canadian banks?
The Corporation Canadian deposit insurance, in English The Canada Deposit Insurance Corporation (CDIC) is a federal Crown Corporation established in 1967 to provide deposit insurance and contribute to the stability of the Canadian financial system. In Canada, all banking institutions are members of the CDIC that guarantees deposits of savings of up to CAD$ 60,000 per depositor.
When choosing a bank
After you select which Bank to use, go to one of their offices and explain what type of account you are interested in open. You must be prepared to present two forms of identification issued by the Government (e.g.: Passport, driver’s license, Provincial health card, Social Security card) and proof of address (usually require a utilities Bill). As a foreign resident, it is likely that they also want a reference from your employer / University, educational institution or Bank who had relationship previously.
When choosing a Bank, you should consider what so far is the place where you live / work, or what special package offers your empleador-universidad that can lower your cost of banking operations.
The largest Canadian banks are:
Royal Bank of Canada (www.royalbank.com)
TD Canada Trust (www.tdcanada.com)
Canadian Imperial Bank of Commerce (www.cibc.com)
Bank of Nova Scotia (www.scotiabank.com)
Bank of Montreal (www.bmo.com)
All banks in this list have offices in most Canadian cities. There are also many regional banks, credit unions, and international banks such as HSBC, Citibank, ING Bank, UBS, etc. [banner_abajo]