Global Major Cities Guide

Information about banking services, opening accounts, and accessing ATMs in Montreal.

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Comprehensive Guide to Banks in Montreal, Canada

Montreal, as one of Canada’s largest cities, has a well-developed banking system that caters to both residents and newcomers. The city is home to several major Canadian banks, credit unions, and financial institutions that offer a wide range of services. Below is a detailed guide to help you navigate the banking system in Montreal, including information on major banks, services, fees, account opening procedures, and tips for newcomers.

1. Major Banks in Montreal

Canada has a highly centralized banking system, and Montreal hosts branches of all the major banks. These banks are known for their reliability, security, and customer service. Here are the key players:

a. The Big Five Banks

Royal Bank of Canada (RBC)
- Services: Personal and business banking, mortgages, credit cards, investment services, and insurance.
- Special Programs: RBC offers a "Newcomer Advantage" program with no monthly fees for 12 months and free international money transfers for newcomers.
Toronto-Dominion Bank (TD Canada Trust)
- Services: Everyday banking, credit cards, loans, and wealth management.
- Special Programs: TD offers a "New to Canada Banking Package" with no monthly fees for six months and a credit card with no credit history required.
Bank of Montreal (BMO)
- Services: Personal and business accounts, mortgages, and investment services.
- Special Programs: BMO’s "NewStart Program" includes a free banking plan for one year and access to a secured credit card.
Scotiabank
- Services: Personal banking, credit cards, loans, and investment services.
- Special Programs: Scotiabank’s "StartRight Program" offers no monthly fees for 12 months, unlimited international money transfers, and a credit card with no credit history required.
Canadian Imperial Bank of Commerce (CIBC)
- Services: Everyday banking, mortgages, loans, and investment services.
- Special Programs: CIBC’s "Welcome to Canada Banking Package" includes no monthly fees for one year and a credit card with no credit history required.

b. Other Financial Institutions

National Bank of Canada (Banque Nationale): Headquartered in Montreal, it offers tailored services for newcomers, including free banking for one year and assistance with building credit.
Desjardins: A Quebec-based credit union offering competitive rates, community-focused services, and newcomer-friendly programs.

2. Services Offered by Banks

Banks in Montreal provide a wide range of services, including:

Chequing Accounts: For daily transactions like paying bills, shopping, and receiving salaries.
Savings Accounts: For earning interest on deposits.
Credit Cards: Options for newcomers with no credit history, including secured credit cards.
Loans and Mortgages: For personal, auto, or home financing.
International Money Transfers: Services like wire transfers and remittances.
Investment Services: Mutual funds, retirement savings plans (RRSPs), and tax-free savings accounts (TFSAs).
Mobile and Online Banking: Apps and websites for managing accounts, paying bills, and transferring money.

3. Costs and Fees

Banking fees in Canada can vary depending on the institution and the type of account. Here’s a general breakdown:

a. Monthly Account Fees

Basic chequing accounts: $4–$16 per month.
Premium accounts: $25–$30 per month (often waived if you maintain a minimum balance, e.g., $3,000–$5,000).
Newcomer accounts: Many banks waive fees for the first 6–12 months.

b. Transaction Fees

Most accounts include a limited number of free transactions (e.g., 12–25 per month). Additional transactions may cost $1–$1.50 each.
Unlimited transaction accounts are available for higher monthly fees.

c. ATM Fees

Using your bank’s ATMs: Free.
Using another bank’s ATM: $2–$3 per transaction.
International ATM withdrawals: $5–$7 per transaction, plus currency conversion fees.

d. Other Fees

Overdraft protection: $5–$10 per month.
Wire transfers: $10–$50, depending on the destination and amount.

4. How to Open a Bank Account

Opening a bank account in Montreal is straightforward, even for newcomers. Here’s what you need to know:

a. Documents Required

Identification: Two pieces of ID, such as:
- Passport (mandatory for newcomers).
- Canadian driver’s license or provincial ID card.
- Permanent Resident (PR) card or Confirmation of Permanent Residence (COPR).
- Study or work permit (for temporary residents).
Proof of Address: A utility bill, lease agreement, or letter from your employer.
Social Insurance Number (SIN): Required to open an account that earns interest or for tax purposes.

b. Steps to Open an Account

Visit a branch in person or apply online (some banks allow online applications for newcomers).
Provide the required documents.
Choose the type of account (chequing, savings, or both).
Deposit an initial amount (if required).

c. Tips for Newcomers

Many banks have multilingual staff to assist you in French, English, or other languages.
Ask about newcomer packages and promotions.
If you don’t have a credit history in Canada, inquire about secured credit cards to start building one.

5. Special Considerations for Newcomers

Language: Montreal is a bilingual city, so most banks offer services in both French and English. However, it’s a good idea to confirm your preferred language when visiting a branch.
Credit History: Canadian banks may not recognize your credit history from another country. Start building your credit by using a secured credit card or a newcomer-friendly credit card.
Cultural Norms: Canadians value politeness and patience. Be prepared to wait in line at branches, and don’t hesitate to ask questions if you’re unsure about something.
Bank Hours: Most branches are open Monday to Friday (9:30 AM–5:00 PM), with some open on Saturdays. Online and mobile banking are available 24/7.

6. Local Tips for Banking in Montreal

Use Credit Wisely: Credit cards are widely accepted in Montreal, and using one responsibly can help you build a strong credit history.
ATMs: Look for your bank’s ATMs to avoid extra fees. Desjardins ATMs are particularly common in Quebec.
Currency Exchange: Banks offer currency exchange services, but specialized currency exchange offices may provide better rates.
Mobile Banking: Download your bank’s app for easy access to your accounts, bill payments, and e-transfers.
E-Transfers: Interac e-Transfers are a popular way to send money within Canada. They’re fast, secure, and often free with most accounts.

7. Additional Resources

Financial Consumer Agency of Canada (FCAC): Offers resources for understanding banking in Canada.
Newcomer Services: Many banks partner with immigrant support organizations to provide financial literacy workshops.
Government Programs: Look into programs like the Canada Learning Bond (CLB) and Registered Education Savings Plan (RESP) for long-term savings.

By understanding the banking system in Montreal and taking advantage of newcomer-friendly programs, you can set yourself up for financial success in Canada. Don’t hesitate to compare banks and ask questions to find the best fit for your needs.