Hi there, when you just arrived in Canada or started to make your own money, one of the first things to do is open a bank account. I recommend the banks that offer the best services and benefits among the various options available in the region. Quebec has several banks, but some stand out for their popularity and quality of service.

5 Banking options in Quebec and how to choose your bank

Top 5 banks I recommend

  1. Desjardins:
    • Deep roots in the local community.
    • Wide range of financial services and benefits.
    • Emphasis on community involvement.
  2. BMO (Bank of Montreal):
    • Prominent banking institution with a presence in Quebec.
    • Comprehensive banking solutions for individuals and businesses.
    • Focus on customer satisfaction and innovation.
  3. Tangerine Bank :
    • Online bank known for its simplicity and convenience.
    • No-fee daily banking and savings accounts.
    • Innovative digital banking platform with mobile app.
  4. TD Canada Trust:
    • Popular bank offering a range of financial products and services.
    • Convenient online banking platform.
    • Personalized financial advice.
  5. Scotiabank:
    • Major bank with a widespread presence in Quebec.
    • Diverse financial products and services.
    • Convenient ATM network and digital banking options.

How to choose the right bank for you

Choosing the right bank among the options mentioned requires careful consideration of various factors. Here’s how you can make an informed decision:

  1. Financial Needs : Consider whether you require basic banking services, investment opportunities, loans, or specialized services for businesses.
  2. Fees and Charges : Compare the fees and charges associated with each bank’s accounts and services. Look for options with low or no fees, especially for everyday banking transactions.
  3. Convenience : Consider factors such as branch locations, ATM networks, online banking platforms, and mobile banking apps. Choose a bank that offers easy access to your accounts and convenient banking solutions.
  4. Customer Service : Research the reputation of each bank for customer service. A bank with responsive and helpful customer service can make your banking experience more pleasant and hassle-free.
  5. Financial Stability: Assess the financial stability and reputation of each bank. Look for established institutions with a strong track record of financial stability and reliability.
  6. Promotional Offers: Take advantage of any promotional offers or incentives provided by banks, such as sign-up bonuses, cashback rewards, or special interest rates. However, make sure to read the terms and conditions carefully to avoid any hidden fees or requirements.

Personally, I tried the Desjardins and BMO, but ended up keeping the Tangerine account. With its no-fee banking, high-interest savings, and innovative features, Tangerine is the perfect choice for me who value simplicity, convenience, and great value in their banking relationship. Also, there is refer a friend and get a Bonus promotion. Get a $50 Bonus when you become a Tangerine client using a friend’s Orange Key and open your first eligible Account with a minimum deposit of $250. My Orange Key Code : 52139721S1

To open a bank account

Please check your bank website or talk with bank staff, but you’ll typically need the following:

  • Personal Information: This includes your full name, date of birth, residential address, and contact information (phone number, email address).
  • Identification Documents: You’ll need to provide valid government-issued identification, such as a driver’s license, passport, or provincial ID card. Make sure the ID is current and not expired.
  • Social Insurance Number (SIN): Your bank may require your SIN for tax reporting purposes. If you’re opening a joint account, the SIN of the co-applicant may also be needed.
  • Initial Deposit
  • Employment and Income Information (Optional): Depending on the type of account you’re opening and the bank’s internal policies, you may be asked to provide information about your employment status and income.
  • Additional Documentation (if applicable): In some cases, your bank may require additional documentation to verify your identity or address, such as a utility bill or bank statement with your current address.

Choosing the right bank is an important decision that can significantly impact your financial well-being. Whether you prioritize community involvement, personalized services, or innovative banking solutions, there are several reputable options available in Quebec. By considering the features and benefits offered by each bank, you can select the one that aligns best with your financial goals and preferences. Remember to review your options carefully and take advantage of any special promotions or offers to make the most of your banking experience in Quebec.