Banks in Canada and currency

Banks in Canada and currency

The most significant banks:


Opening an account in the bank takes about 10 minutes. You need:

  • identification document (passport, work permit) or a permanent residence card;
  • address where you live;
  • cash - Canadian dollar (which deposit on the account);
  • the bank may also require your Social Insurance Number for taxation reasons


Most banks are open from Monday to Thursday between 09:00 to 18:00, on Friday between 09:00 to 20:00 and on Saturday between 09:00 to 16:00. In most of the banks you can use electronic banking services either through the bank terminals or via the Internet 24 hours a day. Canadian banks offer a same range of services as other banks in the world. You just need to select one but watch out for the fees.


The Canadian currency

Canadian dollar CAD. $ 1 = 100 cents



Denominations of banknotes:
$5, $10, $20, $50, $100.


Last banknotes from 2011
In June 2011, Canada introduced the latest version of the banknotes made from polymer instead of paper. All previous bills remain valid.


Previous bills from the years 2001-2004



Denomination of coins:
1 cent (penny), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), 50 cents (fifty-cent piece), $1 (loonie), $2 (twonie).