Get $100 FREE — Open a KOHO account with code 45ET55JSYA  |  Claim your $100 bonus →

Best Banks for Caribbean Canadians 2025

Low remittance fees to Jamaica, Trinidad, Barbados & more — plus community banking in Toronto, Brampton, and Mississauga

Top Banks for Caribbean Canadians

Canada's Caribbean community — Jamaican, Trinidadian, Barbadian, Guyanese, and others — is concentrated largely in the GTA, particularly Brampton, North York, and Scarborough. Remittances to the Caribbean and finding culturally familiar banking are key priorities.

1. Scotiabank Best for Caribbean Remittances

Scotiabank is historically the dominant bank in the Caribbean, with branches in Jamaica, Trinidad, Barbados, Guyana, and many other islands. This makes them the best Canadian bank for Caribbean Canadians who need seamless cross-border banking.

Pros

  • Physical branches in most Caribbean countries
  • Low-fee transfers to Scotiabank Caribbean accounts
  • Caribbean community familiarity
  • StartRight 2-year free banking

Cons

  • Still charges transfer fees
  • Regular fees after newcomer period

2. RBC Royal Bank

RBC also has Caribbean banking presence (especially in the Eastern Caribbean) and offers competitive international transfer rates. Their newcomer program is strong for Caribbean immigrants.

Pros

  • Caribbean banking network
  • Strong newcomer welcome program
  • Wide Canadian ATM network

Cons

  • Monthly fees without minimum balance

3. KOHO Best No-Fee Account

For everyday Canadian spending with zero fees, KOHO is the best option for Caribbean Canadians. Use KOHO for daily spending and cashback, and a specialized service like Remitly for island remittances.

Pros

  • Zero monthly fees
  • $100 welcome bonus with code 45ET55JSYA
  • 1–2% cashback on groceries & restaurants
  • Instant Interac e-Transfer

Cons

  • No Caribbean remittance features
  • No physical branches

Best Ways to Send Money to the Caribbean from Canada

ServiceFeeCountriesSpeed
Remitly$0–$3.99Jamaica, Trinidad, Barbados, Guyana, HaitiMinutes
Western Union$5–$15All Caribbean islandsMinutes (cash pickup)
Scotiabank (to Scotiabank)$0–$15Jamaica, Barbados, Trinidad, more1–2 days
Wise~0.5–1%Jamaica, Trinidad (JMD, TTD)1–2 days
MoneyGramVariableAll Caribbean islandsMinutes–hours
Pro Tip: If your family banks at Scotiabank in Jamaica or Trinidad, a Scotiabank Canada account will give you the most seamless and often lowest-cost transfers between the two Scotiabank accounts. For other islands, Remitly and Western Union are typically the best combination of speed and cost.

Get $100 Free with KOHO

No fees, cashback rewards, and instant e-Transfers. Open today with code 45ET55JSYA.

Open KOHO — Code: 45ET55JSYA

FAQ — Banking for Caribbean Canadians

Which Canadian bank is best for sending money to Jamaica?

Scotiabank is the best option if your Jamaican family has a Scotiabank Jamaica account — the transfer fees are lower for Scotiabank-to-Scotiabank transfers. For the lowest overall rates, Remitly offers excellent rates to Jamaica with delivery in minutes. Western Union is best for cash pickup at locations across Jamaica.

Which bank has branches in both Canada and the Caribbean?

Scotiabank has the widest Caribbean presence among Canadian banks, with branches in Jamaica, Trinidad and Tobago, Barbados, Guyana, Cayman Islands, Haiti, and several Eastern Caribbean islands. RBC also has Caribbean operations, particularly in the Eastern Caribbean.

Are there Caribbean-focused credit unions in Canada?

There are some community-based credit unions in the GTA that serve Caribbean communities, particularly in Brampton and Scarborough. Ask within your community for locally recommended credit unions. They may offer more personalized service and community-focused products.

Can I send money to Haiti cheaply from Canada?

Yes. Remitly and Western Union both support transfers to Haiti. MoneyGram also has good cash pickup coverage across Haiti. Due to Haiti's banking infrastructure, cash pickup is often more practical than bank deposits for recipients in Haiti.

Is KOHO good for Caribbean Canadians?

KOHO is excellent for everyday Canadian banking — no fees, cashback on spending, and a $100 bonus. Use KOHO for your Canadian daily expenses and a dedicated service like Remitly for sending money to the Caribbean. This combination saves the most money overall.