Discovering Canada

Money and Banking

Banks Although there will be many banking options in your area, some banks have more experience servicing international assignees, especially without a Canadian credit history. If your employer does not already have a preferred banker, your Dwellworks Consultant will be happy to set up a meeting with banking personnel to establish your accounts and provide an orientation to the banking system. Bank Accounts Most banks, trust companies, credit unions and other financial institutions offer three basic types of accounts: chequing, saving, and a combination of the two. Most often, you will need the following information to open a bank account:  Two forms of picture identification including: your passport, visa, or driver’s license  A letter of employment from your employer in lieu of a Social Insurance Number  A mailing address; you may use a temporary address if you have not selected housing  Initial funds to deposit into the account per the minimum amount required It is possible to establish multiple accounts at more than one bank in Canada. Explore the options that best suit your need, as costs, interest rates, and features of the account vary. Some people have a chequing account at one bank, a savings account at another, and a certificate of deposit at a third bank. It is a good idea to open a bank account at a financial institution in your new home town early in your relocation process, (for instance during your house-hunting trip), if possible. Once a choice of bank has been made, and an appointment with their personal accounts manager booked, the process is quite simple. In most cases you will leave that initial appointment with an account in place and an automatic teller machine (ATM) card. It is recommended as well, that for your convenience you apply for a credit card at this time. Some bank managers will use your work address as an interim alternative if you do not yet have your new home address. If this is the case, bring your employment letter of offer, official addressed mail, or other documents which would give this information. This documentation may also serve to lower your service fees, as some institutions offer special rates to people working for certain corporations, and is especially important if you intend to apply for credit. To make the process of opening a new account even easier, a letter of reference from your current financial institution is strongly recommended. It can be very general, giving an overview of your credit, deposit and investment history over the period that you banked there.

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Discovering Canada