Expand your knowledge about banks in Canada to improve your business opportunities to trade and live in Canada. The banking system is Canada is quite different from the US model, and has more in common with the system used in England. Make a list of the types of products and services that you would like to receive from Canada business banking companies to see if those are available.

Schedule meetings with the staff from a bank in Canada to explore options available, including the legal requirements to open a corporate bank account in Canada and the types of transaction that can be done via online banking in Canada. Follow the three steps below to learn more about banking in Canada.

1. Read about government regulation of Canadian banks.

2. Look at Canadian bank business products.

3. Study alternative banks of Canada.

Action Steps
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Review government regulation of Canadian banks

Canadian banking is highly regulated with close monitoring by the Bank of Canada. Banks are limited in the services they can offer. Any requests for new business lines must be formally submitted and approved before they can be offered to the public.

I recommend: Visit the Canadian Department of Justice website to read the Bank Act, which describes the banking regulations in Canada. Take a look at information on the Office of the Superintendent of Financial Institutions of Canada website to learn which institutions are covered under this law.

Review Canadian banks' product offerings

Explore the websites of one of the five main global banks in Canada--BMO, CIBC, TD, Scotia or RBC. These Canadian commercial banks operate in many countries internationally, including the USA. All banks offer a US currency account option to allow Canadians to receive and purchase in US dollars.

I recommend: Visit Scotiabank to learn about the commercial bank products offered by Canadian banks. Discover how easy it is to switch all your business banking to BMO Bank of Montreal from your current financial institution by using the PowerSwitch service.

Investigate alternative Canadian banks

An international bank in Canada is regulated under Canadian law and is ultimately responsible to its shareholders, but credit unions report to their members. When you open an account in a credit union, you pay a membership fee and purchase shares in the union. Dividends from the credit union financial statements are paid out to the members each year.

I recommend: Review the corporate mission statement of a credit union to learn more about the types of causes they support. The credit union's purpose is to support the community it operates in. While they make money, just as banks do, they are more focused on social responsibility than pure profit. Read the mission statements of Alterna Credit Union and Desjardins. Get analysis of Canadian credit unions from professional analyst Bob Leshchyshen.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Banks in Canada are ranked highly in the global banking industry for the quality of products available and their corporate management. Visit the local branch of these Canadian banks in the US to learn more.

The Bank of Canada is the central bank for the nation. Its reputation as one of the most secure banking institutions in the world lures a variety of business owners. As an international bank in Canada, it regulates monetary policy, currency and foreign banking rules. Commercial banking in Canada attracts a significant number of global investors. Non-residents opening up a bank account in Canada typically require a passport, letter of recommendation and proof of address. The requirements for opening a business bank account differ by bank and business type. However, proof of registration is typically a standard.

Banks in Canada offer a variety of services you need to do business. They handle foreign exchanges, wealth management, investments and business loans. Most Canadian commercial banks offer services to expand your business internationally. Technological advances allow for virtual banking services by phone or online and e-commerce options for business.

Canadian banks are available to assist you in your selection. Take into account these factors:

1. Look to the "big six" banks of Canada for your business account.

2. Select smaller Canadian commercial banks that offer localized service.

3. Foreign-based banks have a large presence in Canada for international banking.

Action Steps
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Compare global central banks in Canada

The 'big six' Canadian banks control most of the financial assets with the convenience of 8,000 bank branches covering most Canadian cities. These national Canadian banks have secure assets to ensure the coverage of business interest and investments.

I recommend: Compare business services at the National Bank of Canada, Royal Bank of Canada, TD Canada Trust, Canadian Imperial Bank of Commerce, Scotiabank (formerly Bank of Nova Scotia) and Bank of Montreal online. These national banks have large assets which make them ideal for global business.

Consider banks in Canada for personalized local service

Smaller Canadian banks typically operate in specific regions of Canada. Though they have smaller assets than national banks, they offer local decision making and faster processing time for loans and credit applications.

I recommend: ATB Financial in Alberta has accounts available in US and Canadian funds. Access their business account selection calculator to choose bank services that match your business goals. For residents, virtual banking with Citizens Bank of Canada allows you to bank online, by mail or phone.

Review services available through international banking in Canada

When conducting business in Canada consider an international bank. Canada has a number of foreign banks that often specialize in international trade and financial management. Find the tools and services needed to expand your business into different countries.

I recommend: For global banks in Canada with US ties, open an online international business account with Citibank. HSBC Bank Canada offers global business banking solutions.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Consider one of the big six for international banking in Canada. Banks with large national chains operate extensively in foreign markets around the world. Contact a specific banking institution for details.

With great advances in technology in recent decades, international banking has become an interwoven web of electronic transactions with few obstacles to overcome, including Canadian banks. However, banking systems are not identical in each and every country for reasons like different currencies, regulations and banking systems.

With the right banks in Canada education and training, transacting investments from US-based banks to global banks in Canada should be relatively easy. Some reasons to diversify your funds to an international bank in Canada include the following:

1. Canadian banks are ranked the most efficient, safest and soundest in the world.

2. Banks in Canada are the most tech-savvy with the highest number of electronic channels per capita, such as debit cards and Internet banking.

3. Canada banks attract a significant amount of foreign investors because of the regulation of monetary, currency exchange and foreign banking policies.

Action Steps
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Take a university course to learn Canada business banking

There are universities both in the US and in Canada that offer programs for banks in Canada education and training. Earn a degree in banking, a certificate or simply take courses to learn about the banking policies in Canada.

I recommend: CSI Global Education offers online and distance classes to learn about Canadian financial institutes in every area from investments to regulatory practices. The Royal Canadian Institute of Technology offers a diploma course for international students to learn the "ins" and "outs" of being a bank teller in a Canadian bank.

Learn about international banking in Canada from other users

Forming associations with professionals experienced in Canadian banking will provide access to insider information, research, statistics and publications. These associations help you make wise investment and financial choices by directing you to the best banking solutions in Canada.

I recommend: The Canadian Bankers Association provides lots of free information, resources and business tools for banking in Canada. Take part in the Canadian Financial Forum to get free advice on finance, loans, investments, real estate and the Canadian economy.

Choose a Canadian bank that provides online training

Many banks now provide basic education on how to use the their online services. Online banking in Canada has never been easier, since it is now extremely secure and user-friendly.

I recommend: CIBC, a major international bank based in Canada, has free online demos of how to use their secure online services to complete transactions and monitor investments for business accounts, as well as holders of the CIBC business Visa card. The National Bank of Canada offers a video tutorial for international banking services, as well as video demos on how to use Internet banking services to monitor accounts and investments.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Many banks of Canada have branches in the United States. You can ease your anxiety over international banking by choosing a bank with a local branch and go there to get more in-depth information.