For all the temporary and permanent new residents, it is essential for them to have a bank account in Canada as withdrawals from their home bank account will incur additional charges. Getting a Canadian bank account will also support managing bills, receiving a salary, getting a phone line, and much more.
Keep Reading to Know More About How to Do Banking in Canada.
Select a Bank: It is recommended to research a little before selecting a bank. Most Canadian banks provide similar services and benefits. However, one must consider the bank with a branch nearer to home or work, and as per their working hours, and their offered suitable financial products as many banks offer beneficial policies for international students.
Opening a Bank Account: Once the preferred bank is selected, one can simply visit the bank along with your identity proof or apply online on the bank’s website. It is suggested to apply for savings and investment accounts as they have higher interest than chequing accounts. One can open a bank account, even if they
- Do not have a job;
- Do not have money to put in the account right away;
- Have poor credit rating; and/or
- Have been bankrupt before.
Security of Banks: Canadian banks and financial institutions are held in high regard for their reliable banking system, great management, and for being well-regulated institutions. The banks that are members of the Canada Deposit Insurance Corporation (CDIC) have their savings and accounts protected up to CAD 100,000. Thus, it is highly unlikely for a bank failure in Canada.
Bank Services: Banks in Canada render a wide variety of good quality services that include ATMs, credit & debit cards, online and telephone banking, mobile banking apps, bank loans, and more. These services may incur additional charges when used from other bank ATMs.
Bank Loans: One can avail of a variety of loans for personal as well as business reasons from Canadian banks. These are immensely beneficial in managing payments for cars, education, home, and more.
Before signing up for a bank loan, one must study the agreement conditions, payment schedules, and other related information.
To have in-depth information about banking in Canada, selecting a suitable bank program, managing taxes, and other related topics, seek assistance from our experts at ImmigCanada.