NEW TO CANADA? HERE’S WHAT YOU SHOULD KNOW ABOUT BANKING HERE

From NEWS CANADA

Have you recently migrated to Canada? Here are some tips to help newcomers get set up with a Canadian financial institution that best meets their needs.

If you’re not yet a Canadian citizen, you may have to visit a bank in person before they open an account in your name. The good news: many banks will accept various documents and references as proof of identification, including foreign passports and recent utility bills.

Many branches of Canadian financial institutions, especially in bigger cities and towns, proudly list all the languages that their staff speak. That means there’s a chance you could get served in the language of your choice.

Consider whether you want to do all your banking in one place. While having a single institution handle all your accounts might make tracking your income and expenses easier, it might mean you miss out on better interest rates and loan terms offered elsewhere. Your financial institution also might not approve you for every product you want.

Ask about fees and costs before you commit. How you plan to use each account may dictate how much you pay. Make sure you understand how much certain transactions will cost you and whether you’ll earn interest on money kept in the account.

Before you sign on the dotted line, make sure you understand all the terms and conditions of the account, including fees. Ask questions about anything that you don’t understand. Keep a copy of your account agreement for your records.

Free, reliable financial advice is available for new arrivals on The Financial Consumer Agency of Canada’s Canadian Financial Literacy Database. Programs and events geared to newcomers cover a wide variety of money-related topics.

More about banking in Canada at canada.ca/fcac.