Canadian Bank Fees 2025: How Much Are You Actually Paying?

Updated March 2025. Canadians pay some of the highest bank fees in the developed world. Most Big 5 bank customers pay $132–$372 per year in monthly account fees alone — before adding e-Transfer fees, foreign transaction fees, NSF charges, and overdraft fees. This guide breaks down exactly what you're paying and how to stop.

Monthly Chequing Account Fees: Big 5 Comparison

Bank	Basic	Mid-Tier	All-Inclusive	Annual (mid-tier)
TD	$10.95	$16.95	$29.95	$203.40
RBC	$11.95	$16.95	$30.00	$203.40
Scotiabank	$10.95	$18.95	$30.95	$227.40
BMO	$11.95	$15.95	$30.00	$191.40
CIBC	$11.95	$16.95	$29.95	$203.40
KOHO	$0	$0	$9	$0

Transaction Fees

Fee Type	Big 5 (typical)	KOHO
Interac e-Transfer (basic plan)	$1.50	$0
Extra transactions (basic plan)	$0.65–$1.25	$0
Cheque return fee	$5–$10	N/A
Coin counting	$0–$5	N/A
ATM (own network)	$0	$0
ATM (other network)	$1.50–$2.00	Varies

NSF and Overdraft Fees

Non-sufficient funds (NSF) and overdraft fees are among the most costly bank charges:

Fee Type	Big 5 Range	Notes
NSF fee (bounced item)	$45–$48	Per occurrence
Overdraft protection fee	$5/month	Plus interest
Overdraft interest rate	19–21%	Annual rate

A single NSF fee can cost $45–$48. With KOHO's prepaid model, you can't overdraft — so NSF fees don't exist.

Foreign Transaction Fees

Fee Type	Big 5 (typical)	Notes
Foreign transaction fee	2.5%	On international purchases
Foreign ATM fee	$3–$5	Per withdrawal
Currency conversion markup	2–3%	Built into exchange rate

A Scotiabank Passport Visa and some RBC/TD premium credit cards waive foreign transaction fees. KOHO charges 1.5% on foreign transactions — below the 2.5% Big 5 standard, and KOHO Extra waives this entirely.

Wire Transfer Fees

Transfer Type	Big 5 Cost
Incoming international wire	$15–$22
Outgoing international wire (CAD)	$30–$40
Outgoing international wire (USD)	$35–$50

For international transfers, Wise or Remitly typically offer much lower fees than banks.

How Much Do Canadians Pay in Total?

A typical Big 5 mid-tier customer might pay:

• Monthly fee: $16.95 × 12 = $203.40/year
• e-Transfers (3/month on basic): $1.50 × 3 × 12 = $54/year
• ATM (other network, 2/month): $1.75 × 2 × 12 = $42/year
• 1–2 NSF events/year: $45–$96/year
• Foreign transaction fees (traveller): $50–$150/year
• Total potential fees: $350–$545/year

How to Reduce or Eliminate Bank Fees

• Switch to KOHO: $0 monthly fee, free e-Transfers, cash back. Use code 45ET55JSYA.
• Switch to Simplii or Tangerine: $0 monthly fee with full digital banking
• Maintain minimum balance: $3,000–$6,000 at Big 5 to waive monthly fee
• Use student/senior discounts: Big 5 offer free accounts for qualifying customers
• Upgrade to unlimited plans: Eliminate per-transaction fees by paying fixed monthly fee
• Use your own ATM network: Avoid third-party ATM fees
• Set up overdraft alerts: Avoid NSF fees with low-balance notifications

Fee Waiver Requirements by Bank

Bank	Account	Balance for Free
TD	Everyday Chequing	$4,000 minimum
RBC	Signature No Limit	$4,000 minimum
Scotiabank	Preferred Package	$4,000 minimum
BMO	Plus Chequing	$3,000 minimum
CIBC	Everyday Chequing	$3,000 minimum

Keep in mind: that $4,000 sitting in a chequing account earns virtually no interest. At EQ Bank, $4,000 earns ~$130/year. The opportunity cost of keeping money in a chequing account for fee waivers can exceed the fee itself.

Fee information current as of March 2025. Banks update fees periodically. Always verify with your bank's current fee schedule.