5 Top Banks in Canada and What You Need to Know

If you’re looking to learn about the top banks in Canada, you’re in the right place. Canada’s banking industry is one of the most stable in the world, known for its strict regulations, strong capitalization, and customer-focused approach. Whether you’re a resident, an investor, or someone considering moving to Canada in 2025, understanding how the country’s largest banks operate can help you make better financial decisions.

Canada’s banking sector is dominated by what we call the “Big Five” banks. These financial giants handle billions in assets, serve millions of customers, and have a presence both domestically and internationally.

So, how do these banks compare? Which one is the right fit for you? Let’s break it down.

The Big Five, the Top Banks in Canada

The five largest banks in Canada hold a commanding position in the industry, offering everything from personal banking to wealth management and corporate services. Their influence extends far beyond the country’s borders, with many of them operating in the U.S., Latin America, and even Asia. Here’s what you need to know about them.

1. Royal Bank of Canada (RBC)

RBC isn’t just Canada’s biggest bank; it’s also one of the most influential financial institutions in the world. With $1.7 trillion in assets, RBC is a powerhouse that serves over 17 million clients across 36 countries. It’s headquartered in Toronto, though its origins trace back to Halifax in 1864, where it was founded as the Merchants Bank of Halifax to support Canada’s booming timber trade.

RBC is known for its innovative banking solutions, strong wealth management services, and extensive branch network. Whether you need everyday banking, investment guidance, or international business solutions, RBC has you covered.

2. Toronto-Dominion Bank (TD Bank)

Often referred to as TD Bank, this institution is a major player in both Canada and the United States. In fact, if you’ve ever traveled to the U.S., you might have noticed TD Bank, America’s Most Convenient Bank®. With $1.5 trillion in assets, TD has a strong focus on personal banking, business banking, and investments.

It was founded in 1855 and has since grown into one of the largest banks in North America. TD Canada Trust, its retail banking arm, is known for customer-friendly policies, extended hours, and a seamless digital banking experience.

3. Bank of Nova Scotia (Scotiabank)

Scotiabank, with $1.2 trillion in assets, is often referred to as “Canada’s most international bank” because of its vast presence in Latin America and the Caribbean. It was originally founded in 1832 to support trade between Canada and the Caribbean, and that global outlook still defines its operations today.

If you’re someone who travels frequently or does business across borders, Scotiabank is a strong option. They offer global banking solutions, foreign exchange services, and a unique rewards program through Scene+, which is great for earning travel benefits.

4. Bank of Montreal (BMO)

Established in 1817, BMO is Canada’s oldest bank and remains a major financial institution with $976 billion in assets. It has a significant presence in the U.S. through BMO Harris Bank, which has expanded its services for American customers.

BMO is known for its strong small-business banking support and investment solutions. It was a key financial player in Canada’s early development, helping fund railways and national infrastructure. Today, it continues to innovate, especially in digital banking and financial technology.

5. Canadian Imperial Bank of Commerce (CIBC)

CIBC may be the smallest of the Big Five, with $763 billion in assets, but it’s a force to be reckoned with. It was formed in 1961 from a merger between the Canadian Bank of Commerce and the Imperial Bank of Canada—hence the name.

CIBC is a leader in digital banking innovation and wealth management. If you’re looking for a bank that combines traditional financial strength with forward-thinking technology, CIBC stands out. It also has a growing presence in the U.S., catering to cross-border banking needs.

Send Money Easily to Different Countries

How to Send Money to Canada
How to Send Money to India
How to Send Money to Hong kong
How to Send Money to Philippines
How to Send Money to Australia

Why Canada’s Banking Sector is One of the Strongest Globally

Canada’s banks are consistently ranked among the safest in the world, and for good reason. Unlike the U.S., which has thousands of banks competing for business, Canada’s banking system is highly regulated, ensuring financial stability.

Even during the 2008 financial crisis, when many banks in the U.S. collapsed, Canadian banks remained solid. This is because they follow strict lending practices, maintain high levels of capital, and operate in a market where competition is strong but controlled.

Additionally, digital banking is rapidly growing in Canada. While traditional banks still dominate, fintech companies and mobile banking services are gaining traction, making banking more accessible than ever.

Download Transfez App

Transfez App can help you transfer money abroad more quickly and efficiently. Transfez Business can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.

Choosing a bank in Canada depends on what matters most to you. If you’re looking for a globally recognized financial institution, RBC or TD might be the right fit. If you travel frequently or need strong international banking support, Scotiabank’s global reach could be beneficial. For those who prefer a fully digital banking experience, Tangerine offers a modern alternative with no-fee banking.

And if you need to send money abroad, choosing the right bank is just one part of the equation. Whether you’re supporting family overseas or handling international business transactions, Transfez makes it easy to send money to Canada and 70 other countries quickly, securely, and with low fees.