The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
Latest News
The best GIC rates in Canada for 2024 Jun 20th
Investing
The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Compare now
Why trust us
MoneySense is an award-winning magazine,.... More »
“I’m interested in visiting Europe”: How this student can build a credit score while earning valuable travel rewards Sep 18th
Aya Kinsey, 18
Occupation: University studentAnnual income: Not yet known (likely some freelance income)Financial goals: Build a credit score and travel
In September, Aya Kinsey entered her first year of studies at Western University in London, Ont., where she is studying economics. She’s livi.... More »
Fintech platforms outpace bank brokerages in new survey Apr 9th
Fintech companies are leading in client satisfaction compared with self-directed brokerages at traditional banks, a new report shows. A JD Power survey on investor satisfaction found fintechs aren’t just winning on consumer satisfaction but are also perceived to be more innovative and equally .... More »
Canada’s best balance transfer credit cards 2022 Nov 1st
If you carry a balance on a regular credit card, chances are you’re paying around 20% in interest. At that rate, it can become difficult to keep up with the payments and your debt can spike—fast. Moving your credit card debt to a balance transfer credit card can help you pay off the principal mo.... More »
The best GIC rates in Canada for 2025 + MORE Sep 23rd
GIC comparison tool
Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance.
Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate m.... More »
TransferWise Review: A Better Way to Conduct Foreign Exchange?
– canadianfinanceblog.com
The high fees and bloated exchange rates incurred when sending and receiving foreign currency can be a bitter pill to swallow. This is especially true for anyone who has to send money abroad on a regular basis. Much of the problem lies in the exchange rates offered by banks, which are priced well above the actual market exchange rate. Not only that, fees on wire transfers can be as high as $50 or more, depending on the amount of money you’re sending.Recently, I wrote an article on the various ways that you can exchange money, so I thought the timing was right for a review of TransferWise, a leader in online foreign currency exchange. Thankfully, companies like TransferWise are around, to take the sting out of foreign exchange, as well as sending money overseas.
Using the latest in mobile technology, TransferWise makes foreign exchange instant, and affordable. In this TransferWise Canada review, I’ll show you exactly how TransferWise works to save you money, and why it’s a better way to send money than through traditional channels ie…
