Money in Canada

The currency in Canada has been the Canadian dollar since 1871, where it replaced several smaller currencies issued by individual provinces. It has been pegged to the US dollar at various times, but has elevated since 1970. Bills currently in circulation include 5, 10, 20, 50 and 100 dollar notes. 1 dollar notes were replaced with coins in 1989, and 2 dollar notes were replaced with coins in 1996.

Bank accounts are practically essential in Canada, and getting one there is not a complicated task. The requirements are usually just two forms of ID and proof of address. Foreign residents usually will also need a reference from their sponsoring employer or school. Banks aggressively charge numerous fees if there are too many transactions per month. Debit cards are issued with Checking accounts, and ATM machines are widely accessible. Savings accounts in Canada do not offer much interest in comparison to other countries.

The most widespread banks in Canada are the Royal Bank of Canada, TD Canada Trust, the Canadian Imperial Bank of Commerce, Bank of Nova Scotia, and Bank of Montreal. The three most common credit cards are American Express, Master Card and Visa.