Scotiabank and BMO are both part of the Big Five Banks in Canada. Both the Bank of Nova Scotia and Bank of Montreal occupy the third and fourth positions of the largest banks based on market capitalization and deposits.
Scotiabank and BMO have their start and origins in Canada but have distinctive features that this article will discuss. Before getting into the differences and features, here is a brief introduction to each of the banks.
Scotiabank or The Bank of Nova Scotia is the third largest bank in Canada with its foundation in Halifax, Nova Scotia. It is a multinational bank that provides banking services, financial advice, and other banking products to customers across Canada as well as some parts of Asia and Europe. Thanks to its significant presence in Latin America and the Caribbean, people dub it Canada’s most international bank.
On the other hand, BMO or Bank of Montreal has its foundation in Montreal, Quebec. The founders of BMO has the advantage of the first mover as compared to Scotiabank and holds the fourth position on the Big Five Banks of Canada. There are more than 900 branches of BMO across Canada. However, it does not have that big of a presence in other countries and continents.
The operations of BMO work based on three groups of clients or customers. This classification of customers is how they can serve different target markets under different brand names. The client groups are as follows:
· Retail banking for personal and commercial clients through BMO Bank of Montreal and BMO Harris BankThe first brand name focuses on Canadian clients, while the latter works in the United States.
Scotiabank works on four different business lines that give various services to separate clients:
Bank of Montreal offers a foreign currency service where a client can order a currency exchange of Canadian dollars to US dollars, British pounds, or euros from an online portal. The best part about this currency exchange option of Canadian dollars is that the bank delivers the foreign currency to the client’s doorstep in seven days at most.
BMO’s currency exchange option has the benefit of fair exchange rates as compared to airports and other foreign currency exchange places. Clients can also avoid going to the bank when they are on trips outside Canada with this service.
With Scotiabank, clients can open accounts with Scotia Euro Daily Interest and US Dollar Savings Accounts that allow them to save in US dollars or euros. If a person wants to expand their business payment options, they can do so with Scotiabank’s Foreign Currency Account option. Another product called Scotiabank US dollar visa eliminates conversion fees for any purchase made in the United States.