Canadian Banking

Canadian Banking

Opening a bank account should be the first thing on your mind when you immigrate to Canada. Having easy access to the Canadian Banking system through a bank account will avoid costly withdrawals from your home country.
Besides, a bank account in a Canadian bank will help you build a h3 credit history while enabling you to carry out daily activities with no hassles. Canada’s banking system is one of the most competitive, efficient, and secure banking resources across the globe. Contact a reliable immigration expert to know about various banking options in Canada.

Banks in Canada

You can choose from a large gamut of banks in Canada to begin your financial journey in Canada. However, the following are the largest banks in Canada, collectively known as Big-Five banks:

  • RBC- Royal Bank of Canada
  • RBC- Canadian Imperial Bank of Commerce
  • Scotiabank-Bank of Nova Scotia
  • BMO- Bank of Montreal
  • TD- Toronto-Dominion Bank

You may consider other banks that are also offering reliable banking services. These are:

  • HSBC Bank of Canada
  • National Bank of Canada
  • Tangerine Bank
  • PC Financial
  • Laurentian Bank
  • Canadian Western Bank

Tangerine and PC Financial are the leading online banks in Canada.

Opening a Bank account

Opening a bank account in Canada is easy if you have ID proof. You can open your bank account by providing any two of the following documents:

  • A foreign passport
  • A Permanent Resident Card or a confirmation of Permanent Residency
  • A Canadian driving license
  • A Canadian citizenship certificate

Some banks in Canada facilitate opening a bank account before landing in Canada.

There are two options available if you are going to open an account in any of the banks in Canada. You will most likely choose a checking account to receive your salary from a Canadian employer. A savings account in a bank in Canada will help you earn good returns on your savings. Following are a few attributes of two types of bank accounts:

Chequing account:

  • Basic account
  • Suitable for frequent transactions to perform everyday banking
  • Pays a small or no interest on deposits
  • Enables transactions via cheque payments, Automated Telling Machine (ATM), Automated Banking Machine (ABM), and a debit card

Savings account:

  • To save money for major expenses
  • Offers a higher rate of interest
  • Allows use of ABM or ATM for withdrawal of money

Everyday payment options

Following are some reliable options while paying your monthly rentals, pharmacy bills, and supermarket expenses, among others:

  • Debit card-

    Your new banking account will make you eligible to own a debit card to carry out day-to-day transactions. The debit card will help you pay provision bills, food bills and withdraw money from an ATM or an ABM.

  • Credit card-

    You can make purchases using credit cards and pay in easy monthly installments. A credit card can be a suitable option to build a good credit history by clearing the monthly balance in time.

  • Cheque payments-

    Cheque payment may be necessary if your landlord insists on the rent through cheque or your employer needs a void cheque to obtain your account information. Enquire with the bank before you get a checkbook, as some banks may charge up to $50 for this facility.

Opening a bank account should be a top priority whether you plan to come to Canada as an international student or with a temporary work permit. You can open a bank account in any Canadian bank by providing necessary ID proofs.
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