Banking in Canada is about as far ahead of the United States as communications are behind it. With our national bank system and the Interac network, banking for Canadian RVers is a cinch, even when out of the country.

While there are two types of financial institutions, banks and credit unions, I suggest you go with a bank. Credit unions are local, so the chances of your find a branch of your credit union in another province are slim.

For the bank, I recommend CIBC (Canadian Imperial Bank of Commerce). It is the most major Canadian bank, so if a small town is going to have a bank, it will usually be a CIBC. This is especially the case in the Territories. While you can do most of your banking with CIBC online or on the phone, it’s nice to have access to a branch to deposit cheques instead of having to mail them in.

I’ve dealt with every major bank in Canada, and some local ones, too, and CIBC has always come out on top. I’ve been with them for more than half my life, except for a disastrous year when I tried someone else (I came crawling back to CIBC on my hands and knees). I will never again consider moving; I’m going to be a CIBC customer for life.

CIBC is the leader in online banking in Canada. They have had a top-notch secure system since the late 1990’s. You can do everything online except deposit cheques, including paying bills, moving money between CIBC accounts, requesting a credit product, ordering cheques, scheduling pre-authorized payments, tracking your investments, and more.

If you don’t have access to the internet or want to speak to a live person, just call 1-800-465-CIBC. Their telephone system is very intuitive and getting to a live person takes seconds, and this 24/7. If I have a question about my account and am not sure if it would require going to a branch in person, I can call and ask.

Now that banking in Canada is centralized, that is decisions are made the head office, not local, level, it is very rare that you will need to go to ‘your branch’, where your account was opened, to get things done. If something needs to be done through your branch (eg. modifying loan terms) you can go into any CIBC to fill out the paperwork and they will send it through internal mail. My accounts are with a CIBC in Gatineau, Quebec, and there is no reason for me to open up an account wherever I’m currently staying. Even if I’m disputing a charge on my account, I can walk into any CIBC and get it reversed. When I lost my bank card last fall, I just went to the branch in Banff to get a new one. This applies to other banks, too. My vehicle loans are with BMO (Bank of Montreal) and when I needed to make a change to my contracts, I just went to the branch in Whitehorse. They had a bit of difficulty in that Quebec does everything differently, but I’m a customer and they wouldn’t let me leave until the issue was resolved satisfactorily.

CIBC’s fees are a little higher, but still competitive, with that of the other major Canadian banks (TD, Scotia, RBC, BMO, etc.). I pay $12.95 per month for a chequing account with unlimited transactions. Transactions include online payments, debit payments, ATM withdrawals, and more. Since I use Interac for 95% of my purchases and do a lot of online banking, this fee makes sense to me. There are less expensive packages for those who have fewer monthly transactions.

When out of the country, you can use your ATM card to withdraw cash at competitive rates, mail cheques to your branch for deposit, and use the online and phone systems to keep track of everything.

Banking on the road for Canadians, if you choose the right financial institution, is easier than figuring out how to manage mail, access the internet, choose a cellular provider, or vote. Thank goodness for one less headache!

(for the record, no, this post was not sponsored by CIBC 😀 )