Get a bank card in Canada

Canada is famous for its friendly immigration policy and welcomes many people to work and study every year. Of course, the banking business should also keep up with the policy. In order to make your life more convenient, many banks can open accounts remotely. Apply directly online and the bank will contact you in a few days.

If you really want to do it in China, for example, Bank of Montreal and CIBC have offices in China, usually in Beijing and Shanghai.

It is more convenient to open an account in advance, because you can wait until the exchange rate is favorable. I recommend a tool, Neomy, which can help you track the exchange rate changes from time to time, and automatically send a reminder when you reach the exchange rate you want.

What materials do I need to apply for a bank card in Canada?

If the materials are complete, it is very simple to apply for a bank card in Canada, and it doesn't take long.

Material requirements: passport, visa to prove your identity (study permit, work permit). Some banks may require social security account number (SIN), residence certificate, or university admission notice. I suggest you go to the bank official website to find out what materials are needed for foreign students in Chu to open an account. You need to make an appointment before opening an account, otherwise it may take a long time.

There are mainly "five big banks" in Canada. Which bank's service is best for you?

Royal Bank of Canada

It is the largest bank in Canada, covering the whole country with more than 4,200 branches. For friends who have just arrived in Canada, there are different choices, PR, students and foreign workers. Students are more suitable for RBC unlimited student account. You can get a gold card or MasterCard for free. However, sometimes a monthly handling fee of $65,438+$00.95 may be charged.

Dominion Bank of Toronto

If a new arrival in Canada or a new immigrant opens a checking account, the first six months are free. You can also apply for a credit card to establish your credit in Canada, which is needed for applying for a loan in the future. They provide students with checking accounts and credit cards for free.

Note: TD cannot open an account remotely, but it can make an appointment online before opening an account. The information on the website is particularly clear, telling you which documents to bring according to your choice.

Scotiabank, Scotiabank

The third largest bank in Canada, with more than 4,000 branches. Although there is no special package for new immigrants, there are many different account types. The basic monthly fee is only $65,438 +00.95. If the account balance is always above $3,000, this fee can be refunded to you. Student account is free, and you can transfer money unlimited every month.

bank of montreal

The earliest banks in Canada provided accounts for new migrant workers or international students. Including free checking account and free MasterCard for the first 12 months?

Imperial Commercial Bank of Canada (CIBC)

CIBC's Intelli account is free for the first year and can be transferred without restriction. If you are a publicist, you can get a discount of $55 by using the bank safe. There is no need to pay any extra fees for using bank cards during school. ?

How much do you usually charge?

The charging standard of each bank is different, and the charging situation of different accounts is different, which is subject to the specific information of the bank, but in summary, it basically includes the following expenses:

Monthly fee? Canadian bank accounts have a fixed monthly transfer limit (including the number of withdrawals and payments). Generally, a transfer fee of about 1 USD will be charged every time the limit is exceeded. There are also some account types that have no monthly transfer limit, but such cards generally have higher monthly management fees.

Withdrawal fee? There is no charge for peers to withdraw money. If you have to pay $65,438 +0.5 for cross-bank withdrawals, and both banks may charge, then you have to pay an extra $3 service fee.

International transfer fee? Many banks have so-called "free" transfer business. On the surface, it seems that it costs nothing to transfer money, but in fact, remittance or collection has to pay a higher fee. The key is the exchange rate. What the bank gives you is usually lower than the actual exchange rate, so the money you transfer is more expensive than the handling fee.

Domestic remittance to Canada is very convenient through major domestic banks, Canadian branches in China or telegraphic transfer. Remittance from Canada to China can also be operated by a legal remittance company, which can save up to 80% handling fee compared with bank transfer. Generally, international students will choose a bank close to their school or residence, which is convenient for withdrawing money or doing business. Some banks also have some special student accounts, such as shopping, watching movies, eating, etc., depending on personal circumstances.

debit card

Generally, everyone chooses a bank close to their school or residence, which is convenient for withdrawing money or handling business.

Canadians seldom carry much cash, because debit cards can be used almost anywhere. Only a few restaurants in China only accept cash.

Canadian debit cards are divided into checking accounts and savings accounts. When you open an account, you must first explain to the bank which one to handle, otherwise it will be a checking account by default. A checking account has no interest, but a savings account has interest. Some banks can handle two accounts at the same time and make decisions according to their own needs.