Immigration

How To Open a Canadian Bank Account As an Immigrant In Canada

As we know a bank account serves an important role in the life of everyone. You will be able to effectively manage and build your finances effectively. For example, you will be able to properly track your expenditure using your personal 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. This means after some time, you will be having more money than you deposited initially.

How To Open a Canadian Bank Account As an Immigrant In Canada

To operate a legal bank account, you need to be of the right legal age and also have government-issued legal identification documents. Parents are also allowed to open a bank account for their children, which gives them the opportunity to operate the account for the kids till they get to the legal age. Sometimes, you will be mandated to pay the initial minimum deposit, just to be safe and have at least $5 with you.

READ: How to Immigrate to Canada From Cyprus

What Type of Account Should You Open?

There are different kinds of accounts present in the bank and other financial institutions. Before making any decision on the kind of 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 for personal reasons.

Your answers to these questions will help you decide whether you will be needing a checking account, savings account, or a combination of both checking and savings accounts.

Once you are aware of 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.

Banking Fees
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.

Interest Rates
Here is 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 of time.

Limitation in Daily/Monthly Transaction
What You need to be aware of is the bank’s daily and monthly transaction limit on your account of interest.

Bank Location
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.

Bank Services
You need to make further investigation on the bank’s services such as customer care service and their relationship with customers. If possible, you can visit the bank to experience it yourself.

See Also: American Visa Lottery Application 2022

Procedure: How to Open a Bank Account

After you must have identified the bank and bank account that best suits your needs. The next thing is to visit the nearest bank branch. Over there you will be needing 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, the first step is to always fill out the account application form. After completing the form, you will be expected 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 will take you through a simple process such as fingerprint capture, passport capture, etc. You will then be given a card that contains all your bank account information such as account number and account name.

Conclusion

Opening a bank account is a simple, smooth, and easy process. Please have it in mind that to avoid unnecessary problems and future difficulties, you need to open a bank account that fits your needs.

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Phillip Anuforo is the founder and CEO of Nalda.com.ng. He is dedicated to providing information relating to jobs, scholarships and education.

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