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!
Impressed by the number of plan options to choose from? Don’t miss this offer from Desjardins, specially designed for newcomers to Canada. It will help you get off to a great start thanks to a bank account that includes unlimited free transactions for one year (with certain conditions) and a host of other benefits.
- 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
As soon as you borrow money or open an account with a company (for your cell phone, Internet, electricity, etc.) for the first time, 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 requests for financial support.
Check out this article on opening your first bank account and you’re in business!