All Bank Reviews

There are three types of banks in Canada: large banks, trust companies, and credit unions. They vary in size, range of services, and some more subtleties that are not essential for an ordinary client. As a rule, banks and trusts operate throughout the country, while credit unions are limited to the province of their registration. The main function of banks is money transfer. They receive salaries and other payments to the bank account; payments are made from bank accounts, cash is withdrawn. In which bank or credit union to open an account for most ordinary people, including for newly arrived immigrants, it does not matter much. I must say right away that this is only about personal accounts (accounts for business are not considered in the article). Personal bank accounts of different banks may differ in the amount of payment for certain services, taking into account the province of residence.
Common Mistakes When Using Banks For all banking operations, they turn to a bank clerk. You need to contact the bank only the first time you open an account. In the future, use the account via the Internet and ATMs. At the same time, money and time in queues are saved. Yes, and you can use the bank around the clock. The next common mistake is the currency exchange in the bank, while there are exchange points and numismatic shops where the exchange rate is more profitable than in banks. Often customers keep money in banks for a long time, while it is more profitable to invest. It is known that interest on bank deposits is subject to the same tax as salaries, and dividends from Canadian companies and income from realized capital growth are taxed at a reduced rate. If you know that you will not use any amount for at least three years, then it is recommended to invest. Statistics show that for a long time, the average growth of invested money exceeds the growth of bank interest. Do not rely on the knowledge of bank employees. The clerk at the counter can accept or give your money. 

For other questions, it is better not to contact him. Banking advisers can recommend financial products only to their bank, while there are many others. Only the independent financial adviser can offer the most comprehensive range of financial services. When choosing a bank, I would recommend paying attention to the following. Opening hours: as a rule, credit unions work longer than large banks during the day and can work on Saturdays. Large banks have duty departments that work on weekends. The convenience of the location of a specific branch (does not play a big role since many use payments via the Internet and ATMs). Accounting for the cost of the service can allow you to win up to $ 100- $ 150 per year. While many banks charge a monthly fee for their service or require a minimum limit of $ 500 – $ 3,000, President Choice Financial (a subsidiary of CIBC and Superstore) does not charge such a fee. 

Rbc Toronto-dominion bank Bank of nova scotia Canadian Imperial Bank of Commerce Bank of Montreal Some facts at the end of 2008. It’s easier to get a credit card at Royal Bank of Canada, while a minimum balance of one or two thousand dollars in a CIBC or TD Canada Trust account will allow you to avoid monthly payments for using the account. Bank transfers within Canada – Bank of Montreal (BMO), HSBC and Scotia Bank are the fastest to receive certified checks and bank drafts. All banks allow you to open accounts in US dollars. In addition to this, Scotia Bank opens accounts in euros, and HSBC- in euros, British pounds, Japanese yen, Swiss francs, and Hong Kong dollars. Most of all, automatic banking machines have a CIBC bank. 

TD Canada Trust has convenient hours of work – there are always offices that work until seven and even 8 in the evening, as well as on weekends. Royal Bank is convenient when you do business outside of Canada and receive a lot of payments from abroad. Not always, the advantage of the bank can be estimated in monetary terms compared with the cost of similar services in other banks. Sometimes there are other factors that are more significant. For example, the presence in a specific department of a specialist who speaks Russian or possible assistance in opening an account in absentia. All Canadian banks are equally reliable (it would be more correct to say, equally unreliable) – deposits are insured by the state in the amount of up to 100 thousand.

Canadian dollars. In conclusion, I want to say: do not “go in cycles” on one bank. Accounts can be in different banks, and each one has its own function. In one bank, they get a mortgage; in another, they save on banking services. In the third, they have a credit card.

Review of a few bank services

Royal Bank of Canada ( RBC )

Royal Bank of Canada ( RBC ), RBC Royal Bank, or RBC Financial Group – the largest financial institution in Canada. The bank serves 18 million customers and has 80,100 employees worldwide. The company is headquartered in Montreal, Quebec, and its operational headquarters in Toronto, Ontario. The bank was founded in 1864 in Halifax, Nova Scotia. The number of the RBC Institution (or bank number) is 003.

 They serve approximately ten million customers through its network of 1,209 branches. RBC Bank was an American branch of banking services for individuals with 439 branches across six states in the Southeast, which served more than a million customers. RBC also has 127 branches across seventeen countries in the Caribbean, which serve more than 1.6 million customers. The Royal Bank of Canada (RBC), Canada’s largest bank of Canada, has filed a 4-patent application to integrate digital assets into its system. This will give the company the opportunity to launch a trading platform for the exchange of cryptocurrencies, such as Bitcoin and Ethereum

 “For individual users, managing cryptographic keys and conducting operations with various crypto assets can be a problem. In some situations, it may take some time to confirm transactions with cryptographic assets, and/or they may be incompatible or not supported by trading systems or outlets.

 RBC will be able to offer its customers the opening of bank accounts with the ability to store digital assets. With their help, bank customers will be able to make purchases in stores and the Internet.

 Over the past three years, The Royal Bank of Canada has published at least 27 patents related to distributed ledger technology, including credit ratings, vehicle accounting, and loan offers. Since 2017, the bank has been using a blockchain-based system to transfer payments to American banks and to verify the identity of its customers.

HSBC Bank

HSBC Bank was founded in 1996… The bank provides facilities of deposit and loans. The bank has many branches all over the world.HSBC is a subsidiary bank of a foreign organization. The main direction of the bank is to work with corporate clients, work with individuals is less than one percent. The bank has an active customer base; the monthly turnover of clients’ accounts is 350–500 billion rubles. Among the bank’s offers, there are the following services:

  • issuing bank cards;
  • bank accounts;
  • export and import;
  • investment;
  • operational service;
  • payments
  • insurance;
  • and others.

For individuals, HSBC Bank provides the following services:

  • debit and credit cards;
  • deposits
  • bank accounts;
  • loans
  • investments;
  • private wealth management;
  • another.

HSBC Bank operates in the securities and currency markets. Bank customers can count on services in all countries where HSBC branches are present. The bank offers a variety of trade finance products, and for buyers and suppliers – an accelerated flow of funds.

Citibank

Citibank is a member of Citigroup Corporation. This financial corporation owns all Citibank shares.

The bank was founded in 1993, and as of today, its client base has amounted to 3 thousand corporate clients and 800 thousand private clients, which also include more than 500 thousand credit cardholders. Among the bank’s customers, you can see large foreign and Russian companies, industrial enterprises, and financial organizations.

Today, there are more than thirty Citibank branches located in major cities of the country in Moscow, St. Petersburg, etc.

In addition, Citibank ATMs are located in these cities, and their number reaches forty.

Citibank’s services include:

  • loans ;
  • debit and credit cards;
  • contributions;
  • work with investments;
  • insurance;
  • operations with securities;
  • documentary operations;
  • overdrafts;
  • and others.

In the reliability rating of Forbes magazine, Citibank has been a leader for several years in a row. At the moment, the bank is reducing the number of its branches, proceeding to improve remote services.