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
Planswell Review: Free Financial Planning for Canadians Jul 22nd
These are exciting times to be a Canadian investor. In just a few years, advances in FinTech and AI have given Canadians at all income levels access to an array of financial products and services that are both convenient and affordable. It’s no wonder that traffic walking into the big banks is slo.... More »
How to Buy and Sell Bitcoin and Other Cryptocurrency in Canada Aug 26th
If you pay attention to investing news at all, it’s impossible not to notice the emergence of Bitcoin. This speculative currency has become enormously popular in Canada, with online exchanges and Bitcoin ATMs showing up just about everywhere. Still, there are many questions that need to be asked. .... More »
Cardholders Increasingly Frustrated By Aeroplan Rewards Shortage Apr 6th
A travel rewards credit card seems like a no-brainer. If you’re going to pay for things with credit anyway, why not build up points towards free travel? But as one of the country’s most-popular rewards programs, Aeroplan, surpasses 5 million cardholders, users are starting to feel some growing .... More »
Is It Time to Say Goodbye to Your Starter Credit Card? Jul 28th
Nearly nine out of 10 Canadians have a credit card, according to Payments Canada. Not only that, but Canadians are also heavy credit card users, coming in second to South Korea in credit card volume per capita.
The study found that the extraordinary credit card use is fuelled by key factors such as.... More »
The best credit cards for newcomers to Canada for 2024 + MORE Feb 1st
Credit Cards
The best credit cards for newcomers to Canada for 2024
As a newcomer, you’ll want a credit card that offers you the best value without having a long Canadian credit history. Here’s a list of our favourite cash back, rewards, low-interest cards and more.
.... More »
US banks close accounts, Mexican banks reject dollars in anti-money laundering drive
– canadianbusiness.com
SAN DIEGO – The clamour to crack down on laundering drug money was loud in 2010 when Wachovia National Bank was found to have let $110 million from Mexico be sent through its accounts. It grew two years later when HSBC Holdings PLC agreed to pay $1.9 billion to settle violations that included letting hundreds of millions of dollars from drug cartels flow through one of the world’s largest banks.
Now there is growing sentiment along the U.S.-Mexico border that vigilance has gone overboard and is hurting law-abiding businesses. American banks, wary of the potential for massive penalties, have closed Mexican accounts or saddled customers with new restrictions.
The challenge is particularly acute for Mexican companies whose customers pay dollars. In Mexico, banks refuse to take their greenbacks even after the government lifted 4-year-old caps on cash deposits of the U.S. currency in September.
Roberto Castro, chief executive of one of the largest Mexican pharmacy chains on the U…
Now there is growing sentiment along the U.S.-Mexico border that vigilance has gone overboard and is hurting law-abiding businesses. American banks, wary of the potential for massive penalties, have closed Mexican accounts or saddled customers with new restrictions.
The challenge is particularly acute for Mexican companies whose customers pay dollars. In Mexico, banks refuse to take their greenbacks even after the government lifted 4-year-old caps on cash deposits of the U.S. currency in September.
Roberto Castro, chief executive of one of the largest Mexican pharmacy chains on the U…
