Banking and Currency in British Columbia: Your Complete Guide

If you’re planning to visit or move to British Columbia, understanding how money works here will make your life much easier. 

Let me walk you through everything you need to know about banking and using money in BC, whether you’re here for a weekend or planning to stay forever.

Currency Basics

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Here in British Columbia, like the rest of Canada, we use the Canadian dollar (CAD). 

You’ll often see prices written as $10 or CAD 10. We have both coins and paper money and yes, our money is colorful! 

Some visitors say the bills look like Monopoly money, but we love how each color helps us quickly tell them apart.

The coins have some fun nicknames you might hear. We call our one-dollar coin a “loonie” because it has a loon (a Canadian bird) on it. 

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The two-dollar coin is called a “toonie” – get it? Two-loonie? 

We also have quarters (25 cents), dimes (10 cents), nickels (5 cents), and pennies, though we don’t use pennies anymore. 

When you pay cash, prices are rounded to the nearest 5 cents.

Major Banks in BC

Banking in British Columbia is stable and secure. Our main banks are some of the oldest and most trusted in North America. 

The big ones you’ll see everywhere are RBC (Royal Bank of Canada), TD (Toronto-Dominion), BMO (Bank of Montreal), CIBC, and Scotiabank. We also have some smaller but popular banks like Coast Capital Savings and Vancity Credit Union.

What’s nice about these banks is that they’re everywhere – you’ll find branches and ATMs all over BC’s cities and towns. 

Most bank branches are open Monday to Friday, with some also open on Saturdays. But don’t worry too much about branch hours – pretty much everything can be done online or through banking apps these days.

Setting Up a Bank Account

If you’re moving to BC, setting up a bank account is pretty straightforward. You’ll need two pieces of ID (like your passport and driver’s license) and proof of address. 

If you’re a student or new to Canada, many banks offer special newcomer packages with perks like free banking for a year.

Most basic accounts come with a debit card (we call it an Interac card), online banking access, and the ability to set up direct deposits and automatic payments. 

Monthly fees usually range from $4 to $30, depending on the type of account and how many transactions you make. Some banks waive these fees if you keep a minimum balance or are a student.

Using Cards and Digital Payments

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(credit: Investopedia)

BC is very much a card-friendly place. Almost every store, restaurant, and service accepts credit and debit cards. 

We use chip-and-PIN technology, and tap payments are super common – you can tap your card for purchases up to $250 at most places. Mobile payments like Apple Pay and Google Pay are widely accepted too.

If you’re visiting from another country, your credit card will probably work fine here, but let your bank know you’re coming to avoid any issues. Just keep in mind they might charge foreign transaction fees. 

For debit cards, it’s a bit trickier – international debit cards don’t always work at Canadian stores, so it’s good to have a backup plan.

ATMs and Cash Access

While we love our cards, sometimes you need cash. You’ll find ATMs (we often call them bank machines) all over the place – in banks, stores, malls, and on street corners. 

Using your own bank’s ATM is usually free, but other ATMs might charge a fee of $2-3 per transaction. If you’re using an international card, you might face additional fees, so it’s worth checking with your bank first.

Exchange Rates and Currency Exchange

Need to change money? You’ll find currency exchange offices in major cities, especially in Vancouver and Victoria. 

But here’s a local tip: you’ll usually get better rates at banks than at exchange offices in tourist areas. Also, many larger bank branches can exchange a wide variety of foreign currencies.

Online and Mobile Banking

Banking in BC is very tech-savvy. All major banks have great websites and mobile apps where you can do pretty much everything – transfer money, pay bills, deposit checks by taking a photo, and even send money to friends using e-transfer (which is super popular here). 

If you’re splitting a restaurant bill or paying rent, someone will probably ask if you can “e-transfer” them.

A Few Local Tips

If you’re visiting BC’s smaller towns or remote areas, it’s good to carry some cash – not everywhere has reliable internet for card payments. Also, while US dollars are often accepted in tourist areas, you’ll get a better deal using Canadian dollars.

Remember that prices in BC usually don’t include tax – we add GST (5%) and PST (7%) at checkout. And if you’re dining out, tipping is common – usually 15-20% of the pre-tax amount.

In Conclusion

Banking in BC is generally straightforward and user-friendly. Whether you’re just visiting or planning to stay, you’ll find our banking system secure and convenient. 

Just remember to check your home bank’s international fees if you’re visiting, and don’t be shy about asking locals for help – we’re pretty friendly here in Beautiful British Columbia!