The list of banks in Canada includes approximately 80 banks in the country. These are categorized into chartered banks, credit unions, trusts, and other financial companies. The banking system includes a mix of domestic and international banks, offering extensive banking and financial services.
The banks in Canada are known for their stability, customer service, and a range of financial products and services. Understanding the types, categories, and services offered by Canadian Banks will help you make informed decisions. Let’s explore the list of banks in Canada, categorised for easy reference.
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Largest Banks in Canada
In the list of banks in Canada, the “Big Five” and “Big Six” banks are the largest and most powerful financial institutions in the country. They are the top choice for every other person in the country for the best services offered by them.
Big Five Banks in Canada
The “Big Five” banks in Canada are the Royal Bank of Canada, TD Bank, Bank of Montreal, Scotia Bank, and CIBC. They are called the ‘Big Five’ banks in Canada because of their huge influence on Canada’s economy and their dominant position in the banking sector.
These banks control a large portion of the country’s financial market and have a significant presence internationally. They grew at a much faster rate than the largest US banks between 2008 and 2018, and together, they shape Canada’s financial landscape.
These banks are Canadian multinational corporations, with each having a large banking division in Canada. Check out the list of banks in Canada, particularly the top 5 Canadian banks-
| Bank Name | Market Capitalization (2023) | Net Income (2023) | Services Offered |
| Royal Bank of Canada (RBC Bank) | CAD 187.21 Billion | CAD 14.86 Billion | Comprehensive wealth management, international banking solutions |
| Toronto-Dominion Bank (TD Bank) | CAD 154.21 Billion | CAD 10.78 Billion | Easy online and banking, flexible lending options, affordable TD Global transfers |
| Bank of Montreal (BMO) | CAD 93.86 Billion | CAD 4.37 Billion | Best rewards credit cards, small business support, student account in BoM |
| Bank of Nova Scotia (Scotia Bank) | CAD 76.32 Billion | CAD 7.41 Billion | Global banking network, simple investment solutions, quicker Scotiabank International Money Transfer |
| Canadian Imperial Bank of Commerce (CIBC Bank) | CAD 59.31 Billion | CAD 5.00 Billion | Effortless banking network, innovative financial solutions, competitive rates on CIBC international student bank account |
Big Six Banks in Canada
The National Bank of Canada is the sixth largest bank in Canada. It originally started as a regional bank in Quebec but grew to serve customers across the entire country. Together with the other major banks, it makes up the “Big Six” banks in Canada.
In 2022, these Big Six banks controlled about 93% of all the banking assets in Canada, and this share has remained steady for many years. RBC’s purchase of HSBC’s Canadian division in 2022, worth CAD 13.5 billion, will increase the Big Six’s share of assets to nearly 95%.
Here are the details for the National Bank of Canada:
| Bank Name | Market Capitalization (2023) | Revenue (2023) | Net Income (2023) | Total Assets (2023) | Employees (FTE) |
| National Bank of Canada (NBC) | CAD 29.2 Billion | CAD 10.2 Billion | CAD 3.34 Billion | CAD 424 Billion | 31,243 |
List of Banks in Canada by Legal Classification
This section will include a detailed list of banks in Canada by legal classification. Unlike the categories of banks in the UAE, Canadian Banks are classified based on their ownership and how they operate. There are three main categories: Schedule I banks, Schedule II banks, and Schedule III banks as per Canada Bank Act.
Check out the table to understand the legal classification and the subsequent list of banks-
| Legal Classification | Total Banks | Top Banks |
| Schedule I Banks (Domestic Banks) | 35 domestic banks and 3 federally regulated Credit Unions | Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Montreal (BMO). |
| Schedule 2 Banks (Subsidiaries of Foreign Banks) | 15 | HSBC Bank Canada, ING Direct Canada (now part of Tangerine). |
| Schedule 3 Banks (Branches of Foreign Banks) | 28 | Citibank Canada, Deutsche Bank Canada. |
List of Schedule I Banks in Canada
Schedule 1 banks in Canada are fully owned by Canadians. For example- Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), and Bank of Montreal (BMO) are Schedule I banks in Canada.
They are the largest and most well-known banks in Canada. They can offer a wide range of banking services to individuals and businesses across Canada and internationally.
Since they are entirely Canadian, they follow strict Canadian regulations to ensure safety and stability. Here’s the list of Banks in Canada, particularly Domestic banks under the Schedule I category of Canada’s Bank Act-
| Bank Name | Established | Headquarters | Ownership | Notes |
| B2B Bank | 2012 | Toronto | Owned by Laurentian Bank of Canada | Previously known as “B2B Trust”. |
| Bank of Montreal (BMO) | 1817 | Montreal | A public company, part of the Big Five | Operational headquarters in Toronto. |
| Bank of Nova Scotia (Scotiabank) | 1832 | Toronto | A public company, part of the Big Five | Operates as “Scotiabank”. |
| Bridgewater Bank | 1997 | Calgary | A wholly-owned subsidiary of the Alberta Motor Association (AMA) | – |
| Caisse populaire acadienne ltée | 1946 | Caraquet, New Brunswick | Federal Credit Union, member-owned | Became a federally chartered credit union in 2016. |
| Canadian Imperial Bank of Commerce (CIBC) | 1961 | Toronto | A public company, part of the Big Five | Includes Simplii Financial, a direct banking operation. |
| Canadian Tire Bank | 2003 | Oakville, Ontario | Owned by Canadian Tire | – |
| Canadian Western Bank | 1988 | Edmonton | Public company, regional bank | Formed through the merger of two banks. |
| Coast Capital Savings Federal Credit Union | 1940 | Surrey, BC | Federal Credit Union, member-owned | Became a federal credit union after a 2016 member vote. |
| Concentra Bank | 2017 | Saskatoon | Private | Provides wholesale banking services to credit unions. |
| CS Alterna Bank | 2000 | Ottawa | Owned by Alterna Savings | – |
| Digital Commerce Bank | 2007 | Calgary | Private | Previously known as DirectCash Bank. |
| Equitable Bank | 2016 | Toronto | Public company, regional bank | Became a Schedule I bank in 2013. |
| Exchange Bank of Canada | 2016 | Toronto | Subsidiary of Currency Exchange International | Provides foreign currency services. |
| Fairstone Bank of Canada | 2009 | Toronto | Private | Rebranded from DuoBank in 2022. |
| First Nations Bank of Canada | 1996 | Saskatoon | Indigenous shareholders | First chartered bank independently controlled by Indigenous people. |
| General Bank of Canada | 2005 | Edmonton | Private | Specializes in auto financing and commercial loans. |
| Haventree Bank | 2018 | Toronto | Private | Specializes in alternative mortgage programs. |
| Home Bank | 2015 | Toronto | Owned by Home Trust Company | Formerly CFF Bank, rebranded in 2016. |
| HomeEquity Bank | 2009 | Toronto | Privately held by Birch Hill Equity Partners | Focuses on reverse mortgages. |
| Innovation Federal Credit Union | 2007 | Swift Current, SK | Member-owned | Became a federal credit union in 2023. |
| Laurentian Bank of Canada | 1846 | Montreal | Public company, regional bank | Primarily operates in Quebec. |
| Manulife Bank of Canada | 1993 | Toronto | Owned by Manulife Financial Corporation | – |
| Motus Bank | 2019 | Toronto | Owned by Meridian Credit Union | – |
| National Bank of Canada | 1859 | Montreal | Public company, regional bank | Primarily operates in Quebec. |
| Peoples Bank of Canada | 2020 | Vancouver | Owned by Peoples Group | – |
| President’s Choice Bank | 1996 | Toronto | Owned by Loblaw Companies | Merged with CIBC’s Simplii Financial in 2017. |
| RFA Bank of Canada | 2017 | Toronto | Private | Previously Street Capital Bank, but granted Schedule I status in 2016. |
| Rogers Bank | 2013 | Toronto | Owned by Rogers Communications | – |
| Royal Bank of Canada (RBC) | 1864 | Montreal | A public company, part of the Big Five | One of Canada’s largest banks. |
| Tangerine Bank | 2013 | Toronto | Owned by Scotiabank | Formerly ING Direct Canada, rebranded in 2014. |
| Toronto-Dominion Bank (TD) | 1955 | Toronto | A public company, part of the Big Five | Operates as “TD Canada Trust”. |
| Vancity Community Investment Bank | 1997 | Vancouver | Owned by Vancity Credit Union | Now a non-deposit-taking bank no longer offers savings or loans. |
| VersaBank | 1980 | London, Ontario | Public company, regional bank | Originally founded as Pacific & Western Trust Corporation. |
| Wealth One Bank of Canada | 2015 | Toronto | Private | Focuses on serving Chinese Canadians. |
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List of Schedule II Banks in Canada
Schedule II banks in Canara are owned by foreign companies but operate in Canada as separate legal entities. For example- HSBC Bank Canada and ING Direct Canada are Schedule II banks in Canada.
While they are controlled by foreign parent companies, these banks must still follow Canadian rules for the part of their operations that happens within Canada.
They can provide services to individuals and businesses, but their profits are sent back to their parent companies outside of Canada. Here’s the list of banks in Canada, particularly under the Schedule II category-
| Bank Name | Parent Country |
| AMEX Bank of Canada | USA |
| Bank of China (Canada) | China |
| Cidel Bank Canada | Barbados |
| Citco Bank Canada | Netherlands |
| Citibank Canada | USA |
| CTBC Bank Corp. (Canada) | Taiwan |
| Habib Canadian Bank | Switzerland |
| HSBC Bank Canada | UK |
| ICICI Bank Canada | India |
| Industrial and Commercial Bank of China (Canada) | China |
| J.P. Morgan Bank Canada | USA |
| KEB Hana Bank Canada | South Korea |
| SBI Canada Bank | India |
| Shinhan Bank Canada | South Korea |
| UBS Bank (Canada) | Switzerland |
Please Note:
- Bank of China (Canada) was previously a Schedule III representative office.
- HSBC Bank Canada was acquired by RBC in March 2024.
- KEB Hana Bank Canada was formerly known as the Korea Exchange Bank of Canada.
List of Schedule III Banks in Canada
Schedule III banks in Canada are foreign banks that operate in Canada, but they do so as branches rather than fully separate companies. For example- Citibank Canada and Deutsche Bank Canada are Schedule III banks in Canada.
These banks are directly controlled by their parent companies outside of Canada. They don’t have separate legal status in Canada, so they are treated more like a branch of a foreign company.
They provide limited services compared to Canadian banks and are generally smaller in size and reach. Here’s the list of banks in Canada under the Schedule III category.
| Bank Name | Parent Country |
| Bank of America, National Association | USA |
| Bank of China Limited | China |
| Bank of New York Mellon (The) | USA |
| Barclays Bank PLC | UK |
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) | Japan |
| BNP Paribas | France |
| Capital One Bank (USA), N.A. | USA |
| China Construction Bank | China |
| Citibank, N.A. | USA |
| Comerica Bank | USA |
| Deutsche Bank AG | Germany |
| Fifth Third Bank National Association | USA |
| First Commercial Bank | Taiwan |
| JPMorgan Chase Bank, National Association | USA |
| M&T Bank | USA |
| Maple Bank GmbH | Germany |
| Mega International Commercial Bank Co., Ltd. | Taiwan |
| Mizuho Bank, Ltd. (Canada Branch) | Japan |
| MUFG Bank, Ltd. | Japan |
| Northern Trust Company, Canada Branch (The) | USA |
| PNC Bank, National Association | USA |
| Rabobank Nederland | Netherlands |
| Société Générale (Canada Branch) | France |
| State Street | USA |
| Sumitomo Mitsui Banking Corporation, Canada Branch | Japan |
| U.S. Bank National Association | USA |
| United Overseas Bank Limited | Singapore |
| Wells Fargo Bank, National Association, Canadian Branch | USA |
Please note that the liquidation of the Maple Bank GmbH, which is a holding group in Canada is in process.
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List of Banks in Canada for International Students
Canada is a popular destination for international students, offering high-quality education and a welcoming environment. When studying abroad, having the right banking partner is essential for managing finances effectively.
Many Canadian banks provide services tailored to the needs of international students, including student accounts with no monthly fees and easy access to funds. Below is a list of the top 10 banks in Canada that cater to international students, along with their best services and features.
| Bank Name | Best Services | Features |
| Royal Bank of Canada (RBC) | Student banking accounts | No monthly fees, free transactions, and discounts on services. |
| Toronto-Dominion Bank (TD) | TD Student Account | No monthly fee for students, unlimited transactions, and access to over 3,000 ATMs. |
| Bank of Montreal (BMO) | BMO Student Account | No monthly fees, free Interac e-Transfers, and access to mobile banking. |
| Bank of Nova Scotia (Scotiabank) | Scotiabank Student Banking Program | No monthly fees for the first year, unlimited transactions, and a credit card option. |
| Canadian Imperial Bank of Commerce (CIBC) | CIBC Smart Account for Students | No monthly fees, free transactions, and access to CIBC’s mobile app. |
| HSBC Canada | HSBC Student Account | No monthly fees for students, global banking access, and foreign currency exchange services. |
| National Bank of Canada | National Bank Student Account | No monthly fees, free transactions, and personalized financial advice. |
| Laurentian Bank | Laurentian Bank Student Account | No monthly fees, unlimited transactions, and a dedicated student advisor. |
| Simplii Financial | Simplii Financial High-Interest Savings Account | No monthly fees, competitive interest rates on savings, and online banking. |
| Tangerine Bank | Tangerine No-Fee Daily Chequing Account | No monthly fees, unlimited transactions, and easy online account management. |
This was all about the list of banks in Canada. Choosing the right bank as an international student in Canada can greatly enhance your financial experience. Make sure to carefully examine the services, features, and benefits based on your needs and requirements.
FAQs
Over 80 banks are operating in Canada, including domestic and foreign institutions. This includes major banks, credit unions, and smaller regional banks.
Canada has approximately 35 domestic banks. These banks primarily serve the local population and businesses with various financial products.
The top five banks in Canada are the Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). These banks dominate the market and offer a wide range of services.
The sixth largest bank in Canada is the National Bank of Canada. It primarily serves clients in Quebec but has a growing presence across the country.
Royal Bank of Canada (RBC) is often considered one of the safest banks in Canada due to its strong financial stability and extensive risk management practices. It consistently ranks high in safety assessments.
The State Bank of India (SBI) operates branches in Canada, providing various banking services to the Indian community and others. It focuses on personal banking, business banking, and international services.
The oldest bank in Canada is the Bank of Montreal (BMO), established in 1817. It has played a significant role in Canada’s banking history.
Tangerine Bank is often cited as one of the fastest-growing banks in Canada, particularly due to its online-only model and competitive interest rates on savings accounts. Its focus on digital banking appeals to tech-savvy customers.
Toronto-Dominion Bank (TD) is frequently recommended for new immigrants due to its welcoming policies, multilingual staff, and tailored financial products for newcomers. They offer various services to help immigrants settle comfortably.
The Bank of Canada is controlled by its Governor and a Board of Directors, which reports to the Minister of Finance. The Governor is responsible for monetary policy and overall operations, while the Board provides oversight and guidance.
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