Canada has about 100 banks including domestic banks, foreign banks and foreign banks’ representative offices.
Canadian banks offer a wide range of banking services such as consumer/retail banking, private banking, corporate banking and investment banking.
Whether you want to compare and choose the best bank in Canada or expand your knowledge about the Canadian banking industry, knowing the full list of banks in Canada is worthwhile.
Here I present the complete list of banks in Canada ranging from the big banks, schedule 1-3 banks and online banks.
Let’s explore them!
Full List of Banks in Canada
There are currently 34 domestic banks in Canada split across different parts of the country with most of them residing in Toronto, Ontario.
The following is the full list of Canadian domestic banks that are regulated under the Bank Act.
| Name | Head Office |
| B2B Bank | Montreal, Quebec |
| Bank of Montreal | Toronto, Ontario |
| Bank of Nova Scotia (Scotiabank) | Toronto, Ontario |
| Bridgewater Bank | Edmonton, Alberta |
| Caisse populaire acadienne ltรฉe (UNI) | Caraquet, New Brunswick |
| Canadian Imperial Bank of Commerce (CIBC) | Toronto, Ontario |
| Canadian Tire Bank | Oakville, Ontario |
| Canadian Western Bank | Edmonton, Alberta |
| Coast Capital Savings Federal Credit Union | Surrey, British Columbia |
| Concentra Bank | Saskatoon, Saskatchewan |
| CS Alterna Bank | Ottawa, Ontario |
| Digital Commerce Bank | Calgary, Alberta |
| Equitable Bank | Toronto, Ontario |
| Exchange Bank of Canada | Toronto, Ontario |
| First Nations Bank of Canada | Saskatoon, Saskatchewan |
| General Bank of Canada | Edmonton, Alberta |
| Haventree Bank | Toronto, Ontario |
| Home Bank | Toronto, Ontario |
| HomeEquity Bank | Toronto, Ontario |
| Laurentian Bank of Canada | Montreal, Quebec |
| Manulife Bank of Canada | Waterloo, Ontario |
| Motus Bank | Toronto, Ontario |
| National Bank of Canada | Montreal, Quebec |
| Peoples Bank of Canada | Vancouver, British Columbia |
| President’s Choice Bank | Toronto, Ontario |
| RFA Bank of Canada | Toronto, Ontario |
| Rogers Bank | Toronto, Ontario |
| Royal Bank of Canada | Toronto, Ontario |
| Tangerine Bank | Toronto, Ontario |
| Toronto-Dominion (TD) Bank | Toronto, Ontario |
| Vancity Community Investment Bank | Vancouver, British Columbia |
| VersaBank | London, Ontario |
| Wealth One Bank of Canada | Toronto, Ontario |
Full List of Foreign Banks in Canada
There are currently 15 foreign banks in Canada that operate as subsidiaries of eligible foreign institutions.
The following is the current list of foreign banks in Canada that are also regulated under the Bank Act:
| Name | Head Office |
| Amex Bank of Canada | Toronto, Ontario |
| Bank of China (Canada) | Markham, Ontario |
| Cidel Bank Canada | Toronto, Ontario |
| Citco Bank Canada | Toronto, Ontario |
| Citibank Canada | Toronto, Ontario |
| CTBC Bank Corp. (Canada) | Vancouver, British Columbia |
| Habib Canadian Bank | Mississauga, Ontario |
| ICICI Bank Canada | Toronto, Ontario |
| Industrial and Commercial Bank of China (Canada) | Toronto, Ontario |
| J.P. Morgan Bank Canada | Toronto, Ontario |
| KEB Hana Bank Canada | Toronto, Ontario |
| SBI Canada Bank | Toronto, Ontario |
| Shinhan Bank Canada | Toronto, Ontario |
| UBS Bank (Canada) | Toronto, Ontario |
HSBC Bank Canada has discontinued operation following its complete acquisition by RBC.
Full List of Foreign Bank Branchesย in Canada
The Canada Bank Act authorizes eligible foreign banks to establish branches in the country.
One of the limitations of foreign bank branches in Canada is that their deposit limit is usually $150,000 and above. Anything less than that may not be accepted.
That said, there are currently 27 full-service foreign bank branches in Canada highlighted below:
| Name | Head Office |
| Bank of America, National Association | Toronto, Ontario |
| Bank of China Limited | Toronto, Ontario |
| Bank of New York Mellon (The) | Toronto, Ontario |
| Barclays Bank PLC | Toronto, Ontario |
| BNP Paribas | Montreal, Quebec |
| Capital One Bank (USA), N.A. | Toronto, Ontario |
| China Construction Bank | Toronto, Ontario |
| Citibank, N.A. | Toronto, Ontario |
| Comerica Bank | Toronto, Ontario |
| Deutsche Bank AG | Toronto, Ontario |
| Fifth Third Bank, National Association | Toronto, Ontario |
| First Commercial Bank | Richmond, British Columbia |
| JPMorgan Chase Bank, National Association | Toronto, Ontario |
| M&T Bank | Toronto, Ontario |
| Maple Bank GmbH | Toronto, Ontario |
| Mega International Commercial Bank Co., Ltd. | Toronto, Ontario |
| Mizuho Bank, Ltd. | Toronto, Ontario |
| MUFG Bank, Ltd. | Toronto, Ontario |
| Northern Trust Company (The) | Toronto, Ontario |
| PNC Bank, National Association | Toronto, Ontario |
| Coรถperatieve Rabobank U.A. | Toronto, Ontario |
| Sociรฉtรฉ Gรฉnรฉrale | Montreal, Quebec |
| State Street Bank and Trust Company | Toronto, Ontario |
| Sumitomo Mitsui Banking Corporation | Toronto, Ontario |
| U.S. Bank National Association | Toronto, Ontario |
| United Overseas Bank Limited | Vancouver, British Columbia |
| Wells Fargo Bank, National Association | Toronto, Ontario |
Full List of Foreign Bank Representative Offices in Canada
As the name implies, foreign bank representative offices serve as the representatives of foreign banks in Canada.
Since they are offices, they are usually not allowed to perform any banking activity in the country beyond representation and liaison with the clients of foreign banks in Canada.
The following are the current 18 foreign bank representative offices in Canada and their locations.
| Name | Head Office |
| Agricultural Bank of China Limited | Vancouver, British Columbia |
| Attijariwafa Bank | Montreal, Quebec |
| Banco Base, S.A., Instituciรณn de Banca Mรบltiple | Toronto, Ontario |
| Bank of Communications Co., Ltd. | Toronto, Ontario |
| Banque Centrale Populaire du Maroc | Montreal, Quebec |
| Banque Degroof Petercam Luxembourg S.A. | Montreal, Quebec |
| Banque Marocaine du Commerce Extรฉrieur S.A. | Montreal, Quebec |
| Banque Transatlantique S.A. | Montreal, Quebec |
| Caixa Economica Montepio Geral | Toronto, Ontario |
| Caixa Geral de Depรณsitos, S.A. | Toronto, Ontario |
| CaixaBank, S.A. | Toronto, Ontario |
| Crรฉdit Agricole Corporate and Investment Bank | Montreal, Quebec |
| Crรฉdit Industriel et Commercial S.A. | Montreal, Quebec |
| Doha Bank | Toronto, Ontario |
| JN Bank Limited | Toronto, Ontario |
| Landesbank Baden-Wรผrttemberg | Toronto, Ontario |
| MetaBank | Pickering, Ontario |
| Natixis | Montreal, Quebec |
Top Categories of Banks in Canada
We can roughly group Canadian banks into three categories – big banks, Schedule banks, and online banks. Let’s take an overview of each of the categories below.
Big Banks in Canada
Big banks in Canada refer to banks with high market capitalization. The common categorizations of big banks in Canada cut across “The Five Big Banks” and “The Six Big Banks”.
Below is a highlight of “The Five Big Banks” and “The Six Big Banks” in Canada.
The Big Five Banks in Canada
The Big Five Banks refers to the top five Canadian banks with the leading market capitalization.
The following are The Big Five Banks in Canada and their market capitalization:
- Royal Bank of Canada (RBC)
- Toronto-Dominion (TD) Bank
- Bank of Nova Scotia (Scotiabank)
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
READ ALSO:
- CIBC e-Transfer Limit
- Scotiabank e-Transfer Limit
- BMO e-Transfer Limit
- RBC e-Transfer Limit
- Tangerine e-Transfer Limit
- Simplii e-Transfer Limit
- HSBC e-Transfer Limit
- EQ Bank e-Transfer Limit
- TD e-Transfer Limit
The Big Six Banks in Canada
The Five Big Banks including the National Bank of Canada constitute “The Six Banks” in Canada. The following is their highlight:
- Royal Bank of Canada (RBC)
- Toronto-Dominion (TD) Bank
- Bank of Nova Scotia (Scotiabank)
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
- National Bank of Canada
READ ALSO: How to Close TD Bank Account
Schedule Banks in Canada
Domestic and foreign banks in Canada are differentiated under three schedules as discussed below.
List of Schedule 1 Banks in Canada
Schedule 1 banks in Canada refer to domestic banks that are regulated under the Federal Bank Act. These banks are allowed to perform eligible banking activities including deposit collections.
The following is the current list of Schedule 1 banks in Canada:
- ADS Canadian Bank
- B2B Bank
- BMO Financial Group
- The Bank of Nova Scotia
- Bridgewater Bank
- Caisse populaire acadienne ltรฉe (UNI Financial Cooperation)
- CIBC
- Canadian Tire Bank
- Canadian Western Bank
- Coast Capital Savings Federal Credit Union
- CS Alterna Bank
- Duo Bank of Canada
- Equitable Bank
- Exchange Bank of Canada
- General Bank of Canada
- Haventree Bank
- Home Bank
- HomeEquity Bank
- Laurentian Bank of Canada
- Manulife Bank of Canada
- motusbank
- National Bank of Canada
- Peoples Bank of Canada
- President’s Choice Bank
- RFA Bank of Canada
- Rogers Bank
- Royal Bank of Canada
- Tangerine
- TD Bank Group
- Vancity Community Investment Bank
- VersaBank
- Wealth One Bank of Canada
- Wyth Financial
List of Schedule 2 Banks in Canada
Schedule 2 banks refer to the banks that operate as the subsidiaries of foreign banks in Canada. The following is the current list of Schedule 2 banks in Canada:
- Amex Bank of Canada
- Bank Of China (Canada)
- Citibank Canada
- Habib Canadian Bank
- HSBC Bank Canada
- ICICI Bank Canada
- Industrial and Commercial Bank of China (Canada)
- J.P. Morgan Bank Canada
- KEB Hana Bank Canada
- SBI Canada Bank
- Shinhan Bank Canada
- UBS Bank (Canada)
List of Schedule 3 Banks in Canada
Schedule 3 banks refer to the branches of foreign institutions that are regulated under the Federal Bank Act. The following is the current list of Schedule 3 banks in Canada:
- Bank of America National Association
- Bank of China, Toronto Branch
- The Bank of New York Mellon
- Barclays Bank PLC, Canada Branch
- BNP Paribas
- Capital One Bank (Canada Branch)
- China Construction Bank, Toronto Branch
- Citibank N.A.
- Comerica Bank
- Deutsche Bank A.G.
- Fifth Third Bank, Canada Branch
- JPMorgan Chase Bank, N.A. – Toronto Branch
- Mega International Commercial Bank Co. Ltd. Canada Branch
- Mizuho Bank, Ltd., Canada Branch
- MUFG Bank, Ltd., Canada Branch
- PNC Bank Canada Branch
- Rabobank Canada
- State Street Bank and Trust Company
- Sumitomo Mitsui Banking Corporation, Canada Branch
- U.S. Bank National Association
- Wells Fargo Bank, N.A., Canadian Branch
Online Banks in Canada
Online banks operate through the Internet as direct banks or stand-alone digital banks.
While some online banks have physical branches, most of them don’t have any. Due to their low operational costs, online banks offer more affordable banking solutions than traditional brick-and-mortar banks.
This is in addition to their competitive savings and investment rates, low minimum balance, convenience and easy access.
If you’re to bank the modern way and save more banking costs, online banking is the way to go. The following are some of the best online banks to choose from in Canada:
- EQ Bank
- Tangerine Bank
- Simplii Financial
- Neo Financial
- Motive Financial
- Saven Financial
- Peoples Trust
READ MORE:
- Learn how to choose the best online banks in Canada
- Learn how to Read a Cheque in Canada
- Learn about what a civic number in Canada entails
Takeaways
Canada hosts a considerable number of banks with some of them competing significantly with the world’s best banks.
Knowing the available banks in Canada will help you compare and choose the best option without stress.
But if you’re looking to save costs along the way, I recommend you check out some of the best online banks because of their low-cost and competitive rates.
What is your favourite bank in Canada? Kindly let me know in the comment section.
FAQs on the List of Banks in Canada
What is the oldest bank in Canada?
The Montreal Bank (BMO) is regarded as the oldest bank in Canada having been founded in 1817.
How many banks are in Canada?
There are currently 96 banks in Canada with 35 being domestic banks, 16 foreign banks, 27 full-service foreign bank branches and 18 serving as foreign bank representative offices.
Who is the number 1 bank in Canada?
The Royal Bank of Canada (RBC) is currently the number 1 bank in Canada based on market capitalization.
What are the top 3 banks in Canada?
The top 3 banks in Canada are the Royal Bank of Canada (RBC), Toronto-Dominion (TD) Bank, and the Bank of Nova Scotia (Scotiabank). They rank in the top 3 based on their market capitalization.
Which is the best bank of Canada?
For traditional brick and mortar banks, all the big banks constitute some of the best banks in Canada based on their range of services, security, customer support and so on.
The Five Big Banks in Canada comprise the Royal Bank of Canada (RBC), Toronto-Dominion (TD) Bank, Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC).
But if you’re looking for the best online bank in Canada, consider EQ Bank, Tangerine Bank, Neo Financial, Simplii Financial or Saven Financial.
What is the safest bank in Canada?
The Royal Bank of Canada, TD Bank, BMO, Scotiabank and CIBC are some of the safest banks in Canada.
Have more questions on the list of banks in Canada? Kindly drop them in the comment section below.
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