Four Key Banking Tips for People Moving to Canada
If you are moving to Canada, you must probably be wondering about what you should do to open a bank account in Canada, and have access to your finances. No need to worry. Canada is a very welcoming country to its new residents, and the same approach is followed by the country’s financial sector as well. If fact, the majority of banks or financial institutions in Canada have dedicated departments to cater to the needs of newcomers and make sure their financial requirements are fulfilled in the best possible manner.
In this article, we’ve put together some helpful baking tips for newcomers who now call Canada their new home.
Canada has a very competitive yet customer-friendly banking system. Customers have a variety of service options to choose from. The financial institutions in Canada also have higher security levels, so newcomers need not to worry about their money or documents being submitted with any Canadian bank.
Debit Card or Credit Card- What Should I Use Often
Although, most of the people in Canada use cash on a daily basis, but for heavy transactions, Canadians prefer to use debit cards or credit cards.
A debit card in Canada is also called as Interac, which is like a digital form of a checkbook. A debit card must be linked to your back account or checking account. The card lets the holder make secure payments and draws the amount directly from their bank account. This kind of money is not borrowed from the bank.
A credit card, on the other hand, allows you to buy goods or services now, but you agree to pay the amount later to bank. Transactions done via a credit card are borrowed, where the holder must pay back the amount every month with interest. If anyone fails to make the payment, then they’ll be charged a fee on the remaining account. This could negatively affect their credit card score.
Opening a Bank Account in Canada
Banking is quite different in Canada. But fear not. We are here to help you. Banks in Canada generally charge fees for a range of services to make customers’ experience more convenient with them. Having a proper identification is a must when opening a bank account, irrespective of whether you are in Canada or about to make a move to the country.
To open an account, you must show your valid Canada PR visa status in the country, and set up an appointment with your chosen bank prior visiting.
Banks in Canada allow customers to open a bank account depending upon their financial needs. If anyone wants to make a few transactions in a month, they can opt for a basic account, which is absolutely free of cost. However, if your nature of work demands frequent transactions on a daily basis then you may go for an upgraded account with higher monthly charges. The competitive nature of Canada’s banking industry has made even upgraded accounts affordable to people.
Documents you need to open a bank account in Canada
If you are going to open a bank account in Canada, then you’ll need the following documents:
- your valid passport; and
- your permanent residency card or immigration-related documents
The kind of documents you need also depends on bank to bank, so it makes sense to contact with your bank to know their Canada PR requirements for account opening.
I am a temporary resident in Canada. Am I Eligible to Open a Bank Account?
Yes, of course you are. Foreign nationals moving to Canada as students or temporary workers are eligible to open a bank account in Canada. You’ll be asked a few questions to determine your immigration status in the country. You will also have to keep all your visa documents handy, if case the banking personnel asks you to show them.
You can also open a bank account while being outside the country.
For more Canada Immigration latest news, you can visit our website or contact our expert immigration consultant’s who are ready to assist and guide you at every step of your Canadian immigration journey.