How to start banking in Canada

Image Credit: Damir Spanic via Unsplash

By News Canada

Moving to a new country presents the unique opportunity to create a life, home and career in a new environment. 

By taking time to understand the financial system, newcomers to Canada can create a solid foundation that could mean the difference between surviving and thriving during the first few years.

There are two popular types of accounts: a chequing account is designed for day-to-day banking where you can deposit and withdraw at any time. 

A savings account is ideal for setting money aside as the balance in this account will earn interest, but you can also easily access your money when you need it.

Here are some tips to consider:

Learn about fees. See if there are fees on any accounts you open and understand what they mean. For example, you might be charged a fee for going over a certain number of transactions, if your account balance falls below a certain threshold or if you overdraw from your account. The details and amounts vary from bank to bank.

Compare features. One potential feature is the ability to set up automatic bill payments. Another might be a mobile banking app or other digital features, like the ability to deposit cheques remotely, without visiting a physical ATM. Sometimes, a feature can be as simple as great customer service 24 hours a day, plenty of convenient branches or ATMs in your neighbourhood. 

Consider what will make a great banking experience for your unique needs.

Seek special offers. You might also be able to take advantage of special offers with your bank, including discounts with local retail partners or no-fee periods during your first year. 

There are many ways that banks try to reward and retain loyal clients, so be sure to inquire about and compare the offers that might be available to you. 

Visit rbc.com/newcomers or visit a branch near you for help and advice to help you save more and settle in faster.