Banking Information in Vancouver
It is expensive to keep using the bank account from your country; it is more convenient to open a bank account here. In Canada, in order to open a bank account, you need to set an appointment at the bank. When you visit the bank, ask about accounts that offer lower service fees for students.
If you do not have a bank account yet and need to withdraw cash from your home country’s bank, you can do it at any ATM, although additional fees will be charged on top of the currency transfer rates. Let’s see how to create a bank account in Vancouver.
What do I need?
• 2 pieces of ID
• Proof of address: If you do not have one, or you cannot prove it (internet bill, electricity bill, etc), you can use your homestay address; likewise, you can always ask your school or hotel/hostel for a letter as a proof of address.
What Type of Account?
Debit: Your debit card can be used in bank machines around the city, and is protected with a Personal Identi cation Number (PIN); unlike a credit card, charges to debit cards are deducted from your account immediately. They usually have a daily limit that can be changed at any time.
Credit: Credit cards are a convenient method of paying. Amount spent accumulates on your account and should be paid off once a month. Most online purchases are carried out with credit cards. Payments will affect your credit score. You can also withdraw cash from it like a debit card, but there are high-interest charges, so it is not advisable.
Student account: This account has no fees during your study period; ask your bank for more information about their special c Student account. For this, you need proof from the college where you are studying and/or your student visa.
Chequing VS. Savings account
All cards have a chequing and credit account. Understand when and how to use each of them :
Chequing account : This is the most commonly used account, and it generates no interest. This is going to be your regular account. They are used to complete debit transactions, withdraw from ATMs, pay bills online, send money and issue cheques.
Savings account : It is a separate account for a different purpose; it generates interest, so you should not use this account for everyday transactions. If your chequing account does not have enough money at the moment of paying, you can always use your bank mobile app and transfer money from your savings to your chequing account, and pay from the chequing account; otherwise, you will be charged.
Which bank in Vancouver?
Major banks in Canada:
RBC Royal Bank (RBC)
Close to college, exclusive student plan for Cornerstone Students
TD Canada Trust (TD)
Flexible and longer working hours, multilingual customer service representatives
Bank of Montreal (BMO)
SPC student MasterCard could give students discounts at hundreds of stores
Student SCENE visa card could redeem points for free movies & Sports Check discount
Convenient for Cantonese speakers