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Opening a Bank Account
Surviving without a bank account can be very difficult. But with a straightforward process, opening and maintaining a bank account is not difficult in Canada.HomeHigher Education SystemAcademic CalendarWhy CanadaVisaAccommodationScholarshipsCost of LivingApplication ProcessMBA in CanadaMBA EligibilityIndian RestaurantsGraduate StudyUniversitiesCareer CollegesPost Graduate StudyIndian AssociationsFactsDos and Donts in CanadaPublic HolidaysImportant Phone NumbersEmbassyAirlinesWork Permit for Indian StudentsOpening a Bank AccountBanks in Canada offer 2 types of accounts- savings and chequing accounts.
The savings accounts pay higher interest compared to chequing accounts. But, in case a person plans to make numerous monthly withdrawals from his savings account, it is better to have a chequing account. The reason for this is that the savings accounts have some limitations such as minimum balance and limited number of free transactions per month. In Canada, all banking institutions members of the Canada Deposit Insurance Corporation (CDIC) guarantee savings deposits for up to CAD$60,000 per depositor.
The chequing accounts pay very little interest, if any, but they have the advantage of low monthly fees and low transaction fees. One thing that you need to keep in mind is that you must have enough money in your account. Because, bounced cheques attract heft penalties.
Documents required for Opening a Bank Account in Canada
- Two government issued pieces of identification (e.g. a passport, driver’s license, Provincial Health Card, Social Insurance Card.
- Proof of address (usually requested in the form of a utility bill).
Tips for choosing a bank in Canada
When choosing a bank, take into consideration the following things:
- How far the branch is, from your home/university.
- Any special package that your university may have in order to minimize your banking fees.
- Services that a bank offers to its customers.
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Comments (44)
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Abhishek kumar5/27/2012 10:11:05 AM
what is procders of going of canada. please tell me
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ssharma5/24/2012 6:44:13 PM
hi, i have already applied for the diploma course in graphic design, in Canada and i am actually looking for the scholarship programs that can support me to study abroad. but am not able to find the right kind of scholarship for my subject. If anyone can help me finding the appropriate scholarship program that i can apply for,that would be a great help for me. Thank You
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prince mishra5/16/2012 3:39:57 PM
This is very helpful post. I appreciate information provided by you. Study in Canada
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hardik kulkarni5/9/2012 7:06:40 AM
hello sir ,,M perusing 2nd year Bca .... and want to build up my career in networking . so am planing to come to Canada for Mba or some advance courses ..... so i want know that what will job opportunities after that ......Is Canada is good for it filed ..... ?????regards , hardik kulkarni
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Akash gawande5/6/2012 11:28:36 AM
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