Fintech banks in Canada?
Oct 17th 2017, 10:25 pm
#1
Forum Regular
Thread Starter
Joined: Feb 2017
Posts: 52
Fintech banks in Canada?
I've been looking recently at UK fintech startups as a way of transferring money cheaply to Canadian dollars. I've found some that look very good and that got me wondering whether there are any equivalents in Canada? I'm thinking of startups and market disruptors that offer better value and lower/no fees services.
I have been very impressed with the range of choice in the UK mobile banking market and the better offer of products that some, FCA regulated and FSCS protected fintech companies are offering. Are there any banks or approved companies in Canada that offer products that contain any of:
- Being able to deposit in one currency and spend in another with no transaction fees beyond the Mastercard/Visa/Interbank day rate.
- App controlled/app only service with real-time alerts on deposits and spending.
- Fee-free banking: no charges for transfers, withdrawals, monthly charges (not including overdrafts, bounced payments, etc).
I understand that Canada's banking system has yet to catch up to much of what we take for granted in the UK, and from what I've read it sounds ripe for structural changes and new competition. I understand this may be beyond what any bank in the country is capable of offering but I just wanted to get a feeling for what the fintech startup scene is like in Canada, and are any of these features offered by any of the major players?
I have been very impressed with the range of choice in the UK mobile banking market and the better offer of products that some, FCA regulated and FSCS protected fintech companies are offering. Are there any banks or approved companies in Canada that offer products that contain any of:
- Being able to deposit in one currency and spend in another with no transaction fees beyond the Mastercard/Visa/Interbank day rate.
- App controlled/app only service with real-time alerts on deposits and spending.
- Fee-free banking: no charges for transfers, withdrawals, monthly charges (not including overdrafts, bounced payments, etc).
I understand that Canada's banking system has yet to catch up to much of what we take for granted in the UK, and from what I've read it sounds ripe for structural changes and new competition. I understand this may be beyond what any bank in the country is capable of offering but I just wanted to get a feeling for what the fintech startup scene is like in Canada, and are any of these features offered by any of the major players?
Oct 23rd 2017, 12:23 am
#2
BE Enthusiast
Joined: Jul 2008
Location: Toronto
Posts: 534
Re: Fintech banks in Canada?
I've been looking recently at UK fintech startups as a way of transferring money cheaply to Canadian dollars. I've found some that look very good and that got me wondering whether there are any equivalents in Canada? I'm thinking of startups and market disruptors that offer better value and lower/no fees services.
I have been very impressed with the range of choice in the UK mobile banking market and the better offer of products that some, FCA regulated and FSCS protected fintech companies are offering. Are there any banks or approved companies in Canada that offer products that contain any of:
- Being able to deposit in one currency and spend in another with no transaction fees beyond the Mastercard/Visa/Interbank day rate.
- App controlled/app only service with real-time alerts on deposits and spending.
- Fee-free banking: no charges for transfers, withdrawals, monthly charges (not including overdrafts, bounced payments, etc).
I understand that Canada's banking system has yet to catch up to much of what we take for granted in the UK, and from what I've read it sounds ripe for structural changes and new competition. I understand this may be beyond what any bank in the country is capable of offering but I just wanted to get a feeling for what the fintech startup scene is like in Canada, and are any of these features offered by any of the major players?
I have been very impressed with the range of choice in the UK mobile banking market and the better offer of products that some, FCA regulated and FSCS protected fintech companies are offering. Are there any banks or approved companies in Canada that offer products that contain any of:
- Being able to deposit in one currency and spend in another with no transaction fees beyond the Mastercard/Visa/Interbank day rate.
- App controlled/app only service with real-time alerts on deposits and spending.
- Fee-free banking: no charges for transfers, withdrawals, monthly charges (not including overdrafts, bounced payments, etc).
I understand that Canada's banking system has yet to catch up to much of what we take for granted in the UK, and from what I've read it sounds ripe for structural changes and new competition. I understand this may be beyond what any bank in the country is capable of offering but I just wanted to get a feeling for what the fintech startup scene is like in Canada, and are any of these features offered by any of the major players?
In general, the banking market here is very uncompetitive compared to the UK, US and other places. The big five have most of the market and rarely undercut each other and it's very difficult for anyone to set up a new schedule 1 bank (equivalent to a clearing bank in the UK) due to legal restrictions on ownership:
https://www.gov.mb.ca/jec/invest/bus...ownership.html
