Moving to Canada involves many decisions, including choosing the best bank to meet your financial needs. With numerous options, selecting the right bank account and services for a newcomer can seem challenging. This article provides helpful guidance on key factors to consider when finding the best bank in Canada.
Things To Consider When Choosing A Bank In Canada
● Location and Accessibility
A primary consideration is convenience – are there many bank branches and ATMs located near where you will be living and working? Be sure to check branch operating hours and availability outside standard business hours of 9-5, as well as on weekends.
● Monthly Fees
Monthly fees for chequing accounts can range from $0 for basic accounts to $30 or more for premium accounts with higher transaction limits and more features. However, these fees are sometimes waived if you maintain a minimum balance, usually $3000-$5000. Review bank fee schedules carefully and opt for an account with free transactions that are appropriate for your expected usage.
● Debit Card Acceptance
Canadian debit cards are widely accepted across the country. For use at most retailers and ATMs, be sure your bank is part of the Interac system, Canada’s main debit network. Cards with the Visa or Mastercard logo also allow you to make purchases internationally.
● International Money Transfers
You’ll likely want to transfer money into your new Canadian bank account from overseas. Compare international money transfer fees and convenience among bank offerings. Some banks waive these fees for some time for new immigrants to Canada.
● Fraud Protection
Identity theft and unauthorised transactions can happen when banking, so review the fraud protections offered on bank accounts and credit cards. You want to minimise liability for fraudulent activity as much as possible.
● Multicultural Offerings
If English or French is your second language, consider banks that offer services in your native language, such as Mandarin, Cantonese, Punjabi, or Arabic. Having a representative who speaks your language can provide added comfort and clarity as you navigate new banking services.
Top Bank Options For Newcomers To Canada
The “Big 5” banks in Canada, including Scotiabank StartRight, RBC, TD, BMO, and CIBC, have specialised offerings for new immigrants and students. Perks may include no minimum balance, higher credit card approval odds, and temporary fee waivers. Online banks like Simplii Financial and Tangerine are also options to consider for no monthly fee chequing.
Speak To A Banking Advisor
Feel free to speak to a bank representative to learn more about new immigrant account offerings and select the right fit for your needs. Be ready to provide identification documents and details on your length of stay in Canada, work permit status, and other personal information commonly required for new bank accounts.
Start Your Financial Life In Canada Strong
Doing your research, speaking to advisors, and choosing banking products that maximise convenience while minimising fees will ensure a clear transition to life in Canada. Open your new bank account even before you arrive to be ready for financial success in your new home. With the best bank in Canada, you can focus on comfortably settling into Canadian life.