Opening Bank Account In Canada

Company may not conduct any business unless it has a bank account. It is possible to state that the company turns out to become practically useless till it does not hold a corporate bank account. The best choice is to open an account in the local jurisdiction. Nowadays, due to straightening AML regulations, Bank compliance, and KYC procedures, it becomes more and more challenging to open bank accounts in many EU, Asian, and Middle East countries.

Canadian banks still have a great deal of loyalty to domestic & foreign businesses and a pretty easy procedure to open a bank account. The Canadian banking system is represented by five of the largest banks, so-named «The Big Five»:

Scotiabank
TD Canada Trust
Canadian Imperial Bank of Commerce (CIBC)
Royal Bank of Canada (RBC)
Bank of Montreal (BMO)

All of them have a solid global reputation and are noticeable for their high service levels. Canadian banks are considered reliable, safe, and trustworthy to their clients. Canadian bank system regulations ensure the stability of the Canada-based banking structures and exclusion of any possible risks.

What Do Canadian Banks Offer?

Clients can benefit from the wide range of products offered by Canadian banks:

Internet Banking
Standing order/Direct debit
Cheque book
Credit card or Debit card
CHAPS available
Telephone banking
Investments, mortgages, credit lines
Paperwork and documentary operations

The bank account can be open in Canadian and US dollar, euro, and in some cases in pound sterling, Swiss franc, Japanese

Main Advantages of Canadian Banks

Speaking about the main benefits of Canadian banks, it is worth mentioning the following ones:

Reputation & high rating
Stable financial system & ever-growing economy
High level of bank account privacy
Global multinational outreach
Access to a variety of investment and financial products

This list can be continued with other important characteristics. Choose the banking structure carefully to keep your funds safe. The following aspects should be studied before selecting an offshore bank, such as:

The political and economic stability of the country where the bank is located.
Bank service conditions (fees, minimum deposit, etc).
The excellent reputation of the local structures and the country of your interest.
A wide range of financial products offered.

To sum up, Canadian banks offer a variety of products and services to meet your business needs, including business banking account, ABM services, business credit cards, cash management, commercial mortgage, debt financing, export financing, Internet and telephone banking, leasing options, credit lines, overdraft protection, trade finance, etc.

One of the most valuable services a bank can provide is the ability to protect its customers» privacy. Canadian banks are leaders in keeping their customers» personal information accurate, confidential, private, and secure.