Accounts, deposits, transfers, credit, debit, ATMs and withdrawals … banking in a new country can be pretty confusing! But rest assured, the Canadian banking system is simpler than you think. Read on to learn all you need to know about banking in Canada so you can make the most of all your new city has to offer!
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- Set a realistic credit limit on your card (an amount you’ll be able to repay within 30 days)
- Opt for a card with no annual fees
- Always pay 100% of the amount owing every month
- Set up automatic monthly payments
- Never use your card to withdraw money
Whether you’re a foodie, fashionista, techie or traveller, managing your expenses matters! Whatever your passion in life, using a credit card and paying your bills, loans, fines and traffic tickets on time is the best way to build a strong credit history.
As soon as you borrow money, get a new credit card or open an account with a service provider (for your cellphone, internet, electricity, etc.), a credit report will automatically be created in your name. This report records your financial history and behaviour, and is used as a reference by lenders to make decisions on future applications for financial support.
Check out this article on opening your first bank account and you’re in business!