Open a Canadian Bank Account as an Immigrant: if you just immigrated to Canada, use these simple procedures to open a bank account.
Everyone needs a bank account at some point in life. Whether you just became of age or recently got employment, having a bank account can become mandatory for you to receive your monthly wages from your bank.
As an immigrant, when working for a foreign country, it is necessary and sometimes compulsory you open a local bank account. By so doing, you will be having easy access to your money, minimal cost of operating an account, and enjoy efficient and seamless customer service in any case of malfunction.
A bank account serves an essential role in the life of everyone. You will be able to manage and build your finances effectively. For example, you will be able to track your expenditure properly using your bank account statement. You can also save your money with the bank and earn interest on it.
This is possible when you open a savings account that accrues interest at a specific rate monthly. Impliedly, after some time, you will have more money than you deposited initially.
To operate a legal bank account, you need to be of legal age and have government-issued legal identification documents. Also, parents can open a bank account for their children, which allows them to operate the account for the kids till they get to the legal age. Sometimes, you will have to pay the initial minimum deposit and have at least $5 with you for safety.
Table of Contents
Open a Canadian Bank Account as an Immigrant: Account Types
There are different kinds of accounts present in the bank and other financial institutions. Before deciding on the account to open, you should first consider the real essence of having such an account. You need to ask yourself a few questions, which include:
- Why am I opening a bank account?
- How frequently will I be operating the account?
- What kind of transactions will I undergo using this account?
- Do I need this account for business purposes or personal reasons?
Your answers to these questions will help you decide whether you will need a checking account, savings account, or a combination of both checking and savings accounts.
What You Need To Know Before Choosing a Banking Institution
Once you know the kind of account you need, your next step should be choosing the right bank to work with. You will need to consider the below options before making any banking decisions.
The first thing you need to understand is that all banks have banking fees and these fees differ from bank to bank. You need to understand the bank’s minimum account balance, maintenance fees, transfer fees, ATM withdrawal fees, overdraft fees, and credit card yearly fees.
Another important thing you need to be aware of is the bank’s interest rate. This is how much interest or additional earnings your money will accrue when you leave it with the bank for a certain period.
Limitation in Daily/Monthly Transaction
You need to be aware of the bank’s daily and monthly transaction limit on your account of interest.
No one wants to have their bank account far from them. For ease of accessibility, you need to seek an account in a bank close to where you can easily access them.
You need to learn the bank’s services like customer care service and their relationship with customers. If possible, you can visit the bank to experience it yourself.
Open a Canadian Bank Account as an Immigrant: see the procedure below.
The Process: Open a Canadian Bank Account as an Immigrant
After you identify the bank and a bank account that best suits your needs, the next thing is to visit the nearest bank branch. Over there, you will need the help of a customer service representative to help you out. You can also open a bank account online if you have a secure internet connection at home or in your workplace.
Regardless of the type of account, you are opening, fill the account application form first. After completing the form, you will have to attach copies of valid means of identification such as government-issued documents before submitting all for validations and account opening.
A customer representative will have your information logged in on the bank’s system and take you through a simple process such as fingerprint capture, passport capture, etc. You will then get a card that contains all your bank account information like account number and account name.
Opening a bank account is a simple, smooth, and easy process. Please, know that to avoid unnecessary problems and future difficulties, you need to open a bank account that fits your needs.