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?
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Best online banks and credit unions in Canada for 2025 Mar 6th
Where can you get the best digital banking experience in Canada? We wanted to find out in this second annual review of the best online banks and credit unions in Canada.
To come up with the ranking, MoneySense partnered with Surviscor, a leading Canadian research and consulting firm specializing.... More »
What home buyers should know about the Canadian mortgage stress test Mar 26th
Canada’s mortgage stress test applies to anyone applying for or renewing a home loan through a federally regulated lender. But, if you’re like nearly half of Canadians polled by TD Bank in 2019, you may not understand what the test is—or who it affects.
The rules of the stress test ha.... More »
Airlines make it harder to earn free flights for loyalty Aug 17th
Airline loyalty programs are losing much of their allure even for frequent flyers, and the rules for navigating the system have changed.
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How Do Travel Rewards Work on a Credit Card? Jan 11th
So, you want to take a dream vacation. Is it worth it to rack up charges on your travel rewards credit card? This can be an excellent way for you to save money, but only if you can maintain a reasonable level of spending and pay off your debt in full each month. If you stay on top of your spending .... More »
Should You Open A US Dollar Account?
– ratesupermarket.ca
With the Canadian dollar hovering around $0.70 U.S., those who live along the border or shop a lot in the U.S. are likely taking a financial hit. With the cost of exchanging money back and force between currencies likely to put a damper on your spending power, perhaps it’s time to consider getting a U.S. account?
There are a lot of benefits to be had from different types of U.S. accounts. The biggest benefit is the flexibility to exchange money when the rates are good and to hold onto those funds for when you need them. Having U.S. accounts generally decreases your conversion fees and allow you greater flexibility when spending money in the U.S.
They also allow you to potentially convert money at a third party money exchange which often offers better rates than banks. Converting larger amounts of money at a time could also offer you some savings at these third party money exchange companies.
But there are different types of U.S. accounts and each is helpful in different ways. One or more might be right for you and could potentially save you a significant amount of money over the long term…
Number of Canadians using fintech products may triple
– moneysense.ca
TORONTO – Business consultancy firm EY says it believes the challenge to traditional banks from financial technology, or fintechs, will accelerate rapidly this year.
EY says that until now Canadians have been slow to embrace offerings from companies such as robo-advisers and online lenders.
Citing its own recent survey, it found that only 8.2 per cent of consumers who are active online have used at least two fintech products within the past six months — much lower than adoption rates of 16.5 per cent in the United States, 14.3 per cent in the United Kingdom and 29.1 per cent in Hong Kong.
However, EY says that’s bound to change and suggests in a new report that the adoption of fintech services among Canadians will triple over the next 12 months.
Should I use a robo-advisor? »
Lack of awareness about the existence of the products was cited by more than half, or 57.2 per cent, of respondents in the survey who had not embraced fintech offerings. Meanwhile, only 10.3 per cent of non-adopters cited lack of trust in fintech companies…
EY says that until now Canadians have been slow to embrace offerings from companies such as robo-advisers and online lenders.
Citing its own recent survey, it found that only 8.2 per cent of consumers who are active online have used at least two fintech products within the past six months — much lower than adoption rates of 16.5 per cent in the United States, 14.3 per cent in the United Kingdom and 29.1 per cent in Hong Kong.
However, EY says that’s bound to change and suggests in a new report that the adoption of fintech services among Canadians will triple over the next 12 months.
Should I use a robo-advisor? »
Lack of awareness about the existence of the products was cited by more than half, or 57.2 per cent, of respondents in the survey who had not embraced fintech offerings. Meanwhile, only 10.3 per cent of non-adopters cited lack of trust in fintech companies…
Oil-price plunge forcing investment banks, law firms to change focus
– theglobeandmail.com
Boutique firms are being crushed by the shortage of mergers and acquisitions and financing activity
Should You Open A US Dollar Account?
– ratesupermarket.ca
With the Canadian dollar hovering around $0.70 U.S., those who live along the border or shop a lot in the U.S. are likely taking a financial hit. With the cost of exchanging money back and force between currencies likely to put a damper on your spending power, perhaps it’s time to consider getting a U.S. account?
There are a lot of benefits to be had from different types of U.S. accounts. The biggest benefit is the flexibility to exchange money when the rates are good and to hold onto those funds for when you need them. Having U.S. accounts generally decreases your conversion fees and allow you greater flexibility when spending money in the U.S.
They also allow you to potentially convert money at a third party money exchange which often offers better rates than banks. Converting larger amounts of money at a time could also offer you some savings at these third party money exchange companies.
But there are different types of U.S. accounts and each is helpful in different ways. One or more might be right for you and could potentially save you a significant amount of money over the long term…
