We assist our clients with a Bank account opening in Canada.
The Banking system in Canada
In Canada there is a sustainable banking system. Large banks are considered to be absolutely safe, their activity is controlled by the government of Canada. It must be said that there is a number of medium and small banks with a solid reputation.
OPENING A BANK ACCOUNT IN TORONTO
You can open a Bank account right upon your arrival to Canada, and it can be done at any Bank.
Choosing a Bank consider its location and pay attention to the Bank's opening hours — make sure it is open at convenient time for you.
To open an account newcomers must have two documents proving the identity. This can be a passport, Record of Landing card , SIN.
International students need to submit the following documents to open a Bank account:
The main types of accounts:
Checking account gives you the opportunity to pay bills by check.
Savings account with a definite interest rate allows you to increase savings, but this account doesn't allow to withdraw money before a specified period, otherwise you lose the accrued interest
The cost of services in different banks varies depending on how many checks you write each month, how much is usually kept in your account.
When you open account you will receive a Bank (debit) card, which is used to pay for goods and services — in this case the required amount is automatically deducted from the account.A Bank card used in an ATM (Automatic Teller Machine — ATM) to withdraw cash.
If you use an ATM not belonging to your Bank, select the ATM that has the yellow sign with the word “Interac”: for using the ATM without the token, you will be charged a certain fee for the service.
Inserting money (checks) through ATM, keep in mind that the Bank for some time (3 to 6 business days depending on Bank) will keep them until confirmed (the so-called "hold "). To confirm these terms with your Bank and remember about them, paying for purchases with debit card (payment will not work) or writing a check (you risk to be fined at the same time and the Bank, and the recipient of the check unsecured).Service to protect against overrun (overdraft) assumes that the Bank will cover the overdrawn your account within the agreed limits) if such was formed during the extract you check.
When opening an account for a surcharge is issued a personalized checkbook. Cheques are widely used to pay for goods and services. Payments for major purchases are often made by certified cheques — in this case, the amount payable, reserved by the Bank prior to making a purchase.
Banks also provide packages that allow you to make payments electronically.A very common form of banking service through the Internet – it allows you to conduct banking transactions such as money transfers between accounts (if you have a few openly — for example, checking and savings) or pay the bills using your computer.
At any time, if you are not satisfied with the level of service offered by your Bank, or if you find another Bank which is more suitable to your needs, you can close the account and open it in another Bank.