The Canadian financial system is famous worldwide for its safety. The Canada Deposit Insurance Corporation (CDIC) guarantees the security of Canadian banks. This safeguards your deposits up to $100,000, which means that if a Canadian CDIC bank collapses while holding your funds, the federal government will reimburse you up to $100,000. Over the past 50 years, the CDIC has saved over 2 million Canadians from losing a total of $26 billion in deposits.
Since 1817, BMO has assisted clients from all walks of life in pursuing opportunities, overcoming obstacles, and achieving greatness. As the first bank in Canada, BMO is backed by more than 200 years of trusted experience. BMO’s mission is to boldly expand the good in business and life, which requires a focused focus on growing, investing, championing progress, and being a catalyst for change. BMO is widely regarded as one of the greatest Canadian banks, with more than 12 million clients across personal and business banking, wealth management, and financial services. The staffs have significant expertise in servicing immigrants, assisting them in settling in Canada and starting their new lives there.
Royal Bank of Canada (RBC)
RBC is Canada’s largest bank based on market capitalization. RBC, which was formed in Halifax in 1884, has a market capitalisation of $196, 5 billion at present. On March 1, 2022, the bank had 1,210 branches and 4,200 ATMs. $RY is the ticker symbol for RBC on the Toronto Stock Exchange. RBC’s client services include checking accounts with monthly fees ranging from $4 to $30. In addition, RBC provides its customers with mortgages, savings, insurance, and investment accounts. RBC offers an array of insurance options, such as home, vehicle, health, life, and travel. The bulk of RBC’s offices across North America, Europe, Asia-Pacific, the Caribbean, and South America are administrative. Most RBC retail stores are located in North America. In addition to retail banking, RBC is Canada’s leading investment bank.
In 1961, the Canadian Bank of Commerce and the Imperial Bank of Canada merged to become the Canadian Imperial Bank of Commerce, or CIBC, as it is often known today. CIBC’s standing as one of the largest banks in Canada depends on its commitment to future investment. They recently improved their banking systems in order to enhance the consumer experience. The consistent application of their client-focused strategy is paving the way for a change in the way banking is performed in Canada and enables CIBC to give the highest level of customer service imaginable. For example, the CIBC Mobile Banking® App stays at the top of the Forrester ranking for how well it works and how easy it is to use.
Toronto-Dominion Bank (TD)
With a market value of $180.6 billion, TD is the second-largest bank in Canada. It was founded in 1855 and trades on the Toronto Stock Exchange under the name $TD. TD has 1,091 locations and 2,800 automated teller machines as of March 1, 2022. TD specializes in retail banking and has the largest branch network in Canada and the United States. The bank offers equivalent services to those of other Canadian banks, with a focus on items for students and new Canadians. For example, TD’s “TD First Class Travel Visa Infinite Card” is a fantastic solution for frequent Canadian travellers. Also, TD locations are open for longer hours so that customers can bank when it’s most convenient for them.