You may be wondering what you will need to do to open a bank account in Canada and have unlimited access to your money. Canada has a national banking system with five major banks with branches across the country and many regional offices banks.
The banking system is very competitive in Canada, offering customers a variety of choices. Clients should not worry about their bank deposits, as Canadian banks are proud of their high level of security, ensuring that their deposits are always secure.
You may be wondering what you will need to do to open a bank account in Canada and have unlimited access to your money. This article presents the banking and financial tips that every newcomer to Canada needs to know.
1. OPENING A BANK ACCOUNT
As long as you meet the identification requirements set out in the Access to Basic Banking Services Regulations under the Bank Act, you can open a bank account in Canada.
Even if you have no jobs or money to deposit into your account, you will still be able to open a bank account in Canada.
Canada has a competitive banking system with accounts specifically designed for newcomers to Canada. It is easy to choose the package that best suits your needs, because you can compare the banking packages available online using the account selection tool available from the Financial Consumer Agency of Canada. Canada (FAC). .
Never share your banking information with anyone.
Be aware of emails and phone scams.
If someone asks for your banking information, you can always check directly with your bank to avoid any scams.
2. YOUR DEPOSITS ARE SAVED
Canadian banks are well managed, regulated and capitalized.
All Canadian banks that accept retail deposits are members of the Canada Deposit Insurance Corporation (CDIC).
In the unlikely event of a bankruptcy in Canada, rest assured that your deposits are protected.
3. SEND MONEY FROM CANADA
Banks charge a rebate fee for sending money from Canada to all parts of the world.
You can choose services such as Western Union or MoneyGram if the recipient does not have a bank account.
4. START A BUSINESS
Canadian banks offer services to Canadian newcomers who want to start or run their businesses.
These services include:
- Risk loans
- Cash Management Services
- Protection against overdrafts, etc.
Business owners and future entrepreneurs also benefit from seminars and workshops organized by Canadian banks to help them start or run their businesses better.
5. CREDIT CARDS AND DEBIT CARDS
In Canada, the majority of daily expenses are made using two funds access tools: credit and debit cards.
CREDIT CARD: issued by a Canadian financial institution allows you to make purchases on credit and pay at the indicated time.
If you clear your credit before the due date, no interest will be charged, but failure to do so will result in interest.
and it will negatively affect your credit score.
DEBIT CARD: gives you direct access to funds from your bank account. Withdrawals or purchases made with debit cards are debited from your account.
You must have enough funds in your account to finalize the purchase or withdrawal.
6. CREDIT SCORE
Credit score is an effective tool to check if you are solvent.
The credit score is calculated by analyzing your transactions regarding the payment of bills and in particular the repayment of the loan and credit cards.
Having a good credit score is important, the higher the credit score, the better your chances of getting approval for a future loan.
Although your credit history in your home country is not taken into account in Canada, they may still be useful to you.
If possible, keep a copy of the letter of recommendation from a financial institution in your home country.