If you are immigrated or about to immigrate to Canada, You should know about the Banking process and banking laws of the new country. Canada has the national banking system with five large banks that have branches all across the country. That too with many small and regional banks. The banking is very competitive and with lots of options. You can choose any of them. World-class security is maintaining throughout the year. This means you can fully rely on banks in the matter of your money safe.
As a newcomer you should know about the Canadian banking system
1. Opening a bank account:
Canada allows every one of them to open their bank account, whether you are a bankrupt or a job seeker or even you don’t have money to put in your account. You only need to provide a valid identification specified to Access the Basic Banking Services Regulations under the Bank Act.
These are the following list of documents you need for verifying your identification process
- Canadian driver’s license
- Certificate of Canadian Citizenship
- Certification of Naturalization
- Permanent Resident card or Citizenship and Immigration Canada Form IMM 1000 or IMM 1442.
2. Choosing the type of account
There are more than 20 Canadian banks in number, but offers nearly a 100 different types of bank account packages for their consumers. Apart from the Canadian Financial Consumer Agency, they offer simple, free, online tools which help their customers to know about different types of banking and they can also compare the accounts. All new types of accounts are provided only for the newcomers in Canada. You can choose any of the package accounts that is affordable and suits your requirement.
3. Security for your deposit is guaranteed
The best party of the Canadian bank is even the bank fails, which is next to impossible for Canada, the saving and deposits money which are with the banks are safe. So, the customers didn’t need to worry. This is because all the banks in Canada who allows deposits are members of the Canada Deposit Insurance Corporation (CDIC).
4. Sending money to home country
Remittance fee is the terms and services which are applied by the Canadian banks for the newcomers who are willing to send money to their family members or friend sitting in other Country. If the receiving family member does not have a bank account, you can choose from the services like Western Union, MoneyGram etc.
5. Help to start a business
Different range of services is also provided for small business owners. Banks organise seminars and workshops to help in the start or manage their business better. The small business owners and aspiring business people are informed about the finance, information, advice, lines of credit, overdraft protection, telephone banking, online banking, venture loans, and payroll and cash management services. This information works very helpful for the customers as well as the banks.
Planning to immigrate to Canada? Contact us for right guidance and best support.