Global Major Cities Guide

Information about opening bank accounts, accessing ATMs, and common banking services in Quebec City.

Sections

1. Types of Banks Available in Quebec City

Quebec City offers a mix of local, national, and international banks, as well as credit unions (caisses populaires). Here’s an overview:

a. Major Canadian Banks:

These banks have a strong presence in Quebec City and across Canada:

Royal Bank of Canada (RBC)
Toronto-Dominion Bank (TD Bank)
Scotiabank
Bank of Montreal (BMO)
Canadian Imperial Bank of Commerce (CIBC)

b. Local Banks and Credit Unions:

Desjardins Group: The largest credit union in Canada and a dominant financial institution in Quebec. Desjardins is deeply rooted in Quebec’s culture and offers a wide range of services.
Laurentian Bank of Canada: A smaller bank with a focus on Quebec and Eastern Canada.

c. International Banks:

While less common, some international banks have branches or partnerships in Quebec City, such as:

HSBC Canada
BNP Paribas (limited presence, often for business clients)

d. Online-Only Banks:

Tangerine (owned by Scotiabank)
Simplii Financial (owned by CIBC)
Wealthsimple (for investment and savings accounts)

2. Opening a Bank Account

Opening a bank account in Quebec City is relatively simple, but the process may vary depending on your residency status. Here’s what you need to know:

a. Required Documents:

For most banks, you’ll need the following:

Proof of Identity: Passport, Canadian driver’s license, or permanent resident card.
Proof of Address: Utility bill, lease agreement, or a letter from your employer.
Social Insurance Number (SIN): Required if you plan to earn interest on your account.
Immigration Documents: Temporary residents (e.g., work or study permit holders) may need to provide their visa or permit.

b. For Non-Residents:

Non-residents can open a bank account in Canada, but the process may require additional documentation, such as:

A valid passport.
Proof of your home address in your country of residence.
A reason for opening the account (e.g., studying, working, or investing in Canada).

c. Steps to Open an Account:

Research banks and choose one that suits your needs (e.g., low fees, international transfers, or French-language services).
Visit a branch in person (appointments are often required).
Provide the necessary documents.
Choose the type of account (see below for account types).
Deposit an initial amount (if required).

3. Types of Bank Accounts

Banks in Quebec City typically offer the following types of accounts:

a. Chequing Accounts:

Used for daily transactions (e.g., paying bills, shopping, or receiving your salary).
Often come with a monthly fee, though some banks waive fees for students, seniors, or newcomers.
Limited free transactions per month; additional transactions may incur fees.

b. Savings Accounts:

Designed for saving money and earning interest.
Limited transactions per month (fees may apply for withdrawals).
Interest rates vary by bank and account type.

c. Specialized Accounts:

Newcomer Accounts: Many banks offer special packages for newcomers, including fee waivers for the first year and free international money transfers.
Student Accounts: Fee-free or low-cost accounts for students with proof of enrollment.
Business Accounts: For entrepreneurs or small business owners.

4. Associated Costs

Banking in Quebec City comes with some costs, which vary by institution and account type:

Monthly Account Fees: $4–$30 CAD, depending on the account.
ATM Fees: Free at your bank’s ATMs; $2–$5 CAD for using another bank’s ATM.
Interac e-Transfer Fees: Often free, but some banks charge $1–$1.50 per transfer.
Overdraft Fees: $5–$10 CAD per overdraft transaction.
International Transfers: $10–$30 CAD per transfer, plus exchange rate fees.

5. ATM and Payment Systems

Quebec City has a well-developed banking infrastructure, making it easy to access cash and make payments.

a. ATMs:

Widely available throughout the city, including at bank branches, shopping malls, and convenience stores.
Look for the Interac logo for domestic transactions.
Some ATMs allow international withdrawals (fees apply).

b. Payment Systems:

Debit Cards: Linked to your chequing account and widely accepted.
Credit Cards: Visa, Mastercard, and American Express are commonly used.
Contactless Payments: Tap-to-pay is widely accepted for purchases under $250 CAD.
Mobile Payments: Apple Pay, Google Pay, and Samsung Pay are supported by most banks.

6. French Language and Cultural Considerations

Quebec City is predominantly French-speaking, and this extends to banking services. Here’s what to keep in mind:

Language of Service: Most banks offer services in both French and English, but smaller branches may prioritize French. It’s helpful to know basic banking terms in French.
Cultural Nuances: Quebecers value politeness, so greet bank staff with “Bonjour” and use “Merci” when appropriate.
Documentation: Ensure your documents are translated into French or English if they’re in another language.

7. Tips for Financial Services in Quebec City

Compare Banks: Use online tools to compare fees, interest rates, and newcomer packages.
Leverage Newcomer Offers: Many banks provide free banking for the first year, so take advantage of these promotions.
Understand Taxes: If you’re earning income in Canada, familiarize yourself with the tax system and how it affects your banking.
Use Desjardins for Local Integration: Desjardins is highly regarded in Quebec and offers excellent French-language support.
Plan for International Transfers: If you need to send money abroad, consider using online services like Wise or PayPal for lower fees.

8. Financial Literacy Resources

Government of Canada: Offers free resources for newcomers to understand banking and taxes.
Desjardins Financial Education: Provides workshops and tools in French and English.
Local Community Centers: Many immigrant support organizations in Quebec City offer guidance on managing finances.

By following this guide, you’ll be well-prepared to navigate the banking system in Quebec City, whether you’re a visitor, student, or new resident. Let me know if you need further assistance!