Metrotown is the urban core of Burnaby and one of Metro Vancouver's most important commercial districts. Built around Metropolis at Metrotown — BC's largest shopping mall — this neighbourhood is a banking hub with one of the highest concentrations of financial institutions per block in the entire Lower Mainland. Whether you live in one of the many high-rise condos surrounding Metrotown Station or you commute here for work and shopping, banking access is exceptional.
Metropolis at Metrotown contains multiple in-mall bank branches, making it possible to complete your banking while shopping. All five major Canadian chartered banks have a presence in or immediately adjacent to the mall complex.
Burnaby's credit union scene is dominated by Vancity, which has a major presence in the Metrotown corridor. Credit unions remain highly competitive alternatives to chartered banks, especially for mortgages and everyday banking fees.
Metrotown is one of the most densely developed residential areas in Canada outside of downtown Vancouver and Toronto. Hundreds of high-rise condo towers have been built over the past two decades, with more under construction. This concentration of condo ownership makes Metrotown an area where mortgage services and strata financing are particularly important.
Buyers purchasing in Metrotown must account for BC's Property Transfer Tax. On a typical Metrotown condo priced around $700,000, the PTT works out to:
First-time buyers purchasing at or below $500,000 qualify for a full PTT exemption, while those buying up to $525,000 receive a partial exemption. Given Metrotown's price levels, most purchases will not qualify, but the exemption may apply to smaller or older units.
Metrotown has an enormously diverse population. A large number of residents are first or second-generation immigrants from China, South Korea, the Philippines, India, and Iran. Remittance services — sending money abroad — are in high demand. Most major banks offer international wire transfers, but dedicated money transfer services like Western Union (available in-mall) and digital services like Wise (formerly TransferWise) can offer better exchange rates and lower fees for regular international transfers.
Metrotown is one of the best-served areas in BC for ATM access. The SkyTrain station, the mall interior, and surrounding streets all have multiple ATMs from various banks and credit unions. There are also Exchange Network ATMs available for no-surcharge withdrawals at participating credit union accounts.
Given the density of young professionals and students living in Metrotown condos, digital banking services are especially popular here. Apps like KOHO, Wealthsimple Cash, and EQ Bank allow residents to manage their finances entirely from their phones — with no monthly fees, instant transfers, and strong budgeting tools.
For newcomers arriving in Burnaby's Metrotown neighbourhood, KOHO offers a straightforward no-fee account that can be set up quickly without a long Canadian banking history. Use code 45ET55JSYA for a bonus on sign-up.
Metrotown is a major retail and commercial hub, with thousands of small businesses operating in and around Metropolis at Metrotown. Business banking at Metrotown is served by all major banks. Key considerations for Metrotown business owners include:
The British Columbia Institute of Technology (BCIT) is located just a short distance from Metrotown. A significant student population banks in this area. Most major banks offer student accounts with reduced or waived monthly fees, no minimum balance requirements, and unlimited transactions. TD's Student Banking Advantage Plan and RBC's Student Banking Account are popular choices for BCIT students in Burnaby.
KOHO offers a free account with no monthly fees and no minimum balance — available to all BC residents. Whether you're in Burnaby, North Vancouver, Surrey, or Richmond, save on banking. Use code 45ET55JSYA for a bonus when you sign up.
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