Banking in Canada

Canadian banks are considered among the safest in the world and has been recognized for this soundness by the World Economic Forum. There are five major chartered banks in the country, a few smaller banks, many credit unions and a handful of trust companies and other options. Deposits of up to $100,000 are protected by the Canada Deposit Insurance Corporation and all financial institutions are governed by the Office of the Superintendent of Financial Institutions.

Anyone can open a bank account in Canada by showing identification in person. Some financial institutions allow people to open accounts electronically or over the phone. Canada is very progressive with electronic banking with the highest number of ATMs per capita and constant innovations in both secure electronic access and new products. This allows the ability to send money to loved ones in other parts of the world quickly and easily.