When you move to Canada, you will need a new bank account so that you can manage your day-to-day expenses and save for your future. Banking in Canada is very safe. All Canadian banks are governed by the Bank Act of Canada. When you put your Canadian dollars in a Canadian bank account, the Canada Deposit Insurance Corporation (CDIC) insures up to $100,000 of your money. You do not have to pay for this insurance.
What type of bank account should you open?
Most banks in Canada have several types of chequing accounts and savings accounts you can choose from. You will probably want to have both a chequing and a savings account.
Chequing accounts are good for managing your day-to-day needs. You will use your chequing account to pay your bills, shop, and get cash. Most chequing accounts have fees. You should ask your bank for details.
Savings accounts are a good place to put money that you do not need for day-to-day living. Maybe you want to save for a new car or a family trip. When you put money in a savings account, you earn interest so your money will grow. If something happens and you urgently need the money, you can take it out of your savings account easily.
How can you get money when you need it?
When you open a bank account, you will get a bank card, also called a debit card. You will also get a Personal Identification Number (PIN). You will use these to get money out of your bank account, put money into your bank account, pay bills, check your account balance, and more.
Automated Bank Machines (ABMs).
You will find bank machines in banks, and in other places like shopping malls and gas stations.
As long as you have a computer, you can do your banking anytime, any day.
With mobile banking, you can bank from anywhere. To bank using your smartphone or tablet, you can download your bank’s mobile banking app or access Online Banking through the web browser on your phone or tablet.