Moving to Canada is a dream for thousands and thousands of individuals, and people tend to prepare for almost every aspect before they start their new life in Canada. Canadian banking or opening a Canadian bank account is a crucial step that one must take after entering Canada. To open a bank account in Canada, it is highly essential to understand the Canadian banking system.
Available options before landing in Canada
As an immigrant, you can open your bank account in Canada even before you land there. This is possible if you connect with the bank in your native country. You might even visit the Canadian bank nearest to you in Canada and continue with the banking process.
Make sure you compare all the banks through detailed research of their websites because it will provide you with information about their services and fees. A majority of banks in Canada comprise national branches and Automatic Banking Machines. However, you must choose a bank with community branches in the particular area you will choose to settle in.
Opening a bank account is the most crucial step because a majority of Canadians depend upon their bank accounts to receive their salaries and pay bills.
Your bank account in Canada will also provide you with your new mailing address statement, which you can use later on for applying for a provincial health card, driver’s license, and even government services.
Making the right choice for your account and its several features
Well, there is a diverse range of accounts to choose from, but being a newcomer, you will require an account where you can at least carry out cheques, fund deposits, bill payments, etc. You can look forward to receiving a debit card for deposits and fund withdrawals from ABM or other branches. A savings account consisting of an increased rate of interest along with a credit card will prove beneficial. To easily comprehend all the available banking options in Canada, you can even request help from a multilingual branch or customer care employees.
Opening your first bank account in Canada
Although you can fetch all the details from the Canadian bank, as a landed immigrant, you must present your valid passport and confirmation of your Canadian immigration status. However, international students will also require to display a letter of acceptance or LOA from a Canadian DLI and a study permit too. Foreign national workers can begin their Canadian banking procedure by displaying a present valid passport and work permit.
Newcomers generally find the Canadian banking system to be complex. However, it is not the case only if you learn the proper procedure to open your account and prepare well before you actually land in Canada. It will prove to be a great idea if you happen to fetch some Canadian dollars before landing in the country. Contact financial institutions or foreign exchange offices to get your hands on Canadian cash. Consider the foreign exchange rate and foreign exchange office fees to analyze the services offered and receive the value worth your money.