Guide to Banks in Canada

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
The best contacts and resources to help you get it done

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.

The official source of Banks in Canada is the Banks in Canada page at Business.com