This article has been retrieved Special Figaro “East to West. Living in Canada, why not you?’. This edition offers to answer the questions you ask yourself as simply as possible. This with the help of practical texts, maps and testimonies of French people living in Canada.
Whether it’s to rent an apartment, collect wages, subscribe to a phone or internet subscription, you need to open a Canadian bank account. This avoids having to pay for each withdrawal from your French account and will allow you to access your money faster. Some French banks cooperate with a Canadian institution (for example, BNP Paribas and Scotia). Find out ahead of time to streamline your steps to open an account and possibly take advantage of reduced bank transaction rates.
Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, Laurentian Bank of Canada, Bank of Montreal… The number of banking institutions available to you is vast. To make your choice easier, see the costs of basic services, transfers to and from abroad, financial services offered according to your needs…
Prepare in advance
“There are so many things to do when you arrive in a new country. Opening your account above allows you to remove a large charge, advises Suad Wared, director of business development at National Bank of Canada. Newcomers can also transfer money before their arrival. it is a very secure way to transfer their money and will give them direct access to the area. After all, it’s best to apply for a credit card upon arrival. it’s the best way to start your credit history. However, it is very important to know how to use your credit card well to avoid the debt synonymous with high interest rates. National Bank of Canada offers a full support service to meet all newcomer needs before, during and after arrival. The advisers take the time to explain everything to them and we organize financial education articles as well as webinars to better inform them.”
Open a remote account in a few clicks
Opening an account online is quick. At Desjardins, for example, all you have to do is go to desjardins.com/OpenAccount and fill in the information. An email is sent to you within 24 to 48 hours with your account information. To open an online account, you will need your passport, an official document issued by the Canadian or Quebec government (study permit, work permit, full LMIA, etc.), your future address in Canada and the zip code of your employer or educational institution, your country of origin tax identification number :
Account opening is finalized upon arrival in Canada with your identification documents. Same process by BNC “The agency will contact the client to schedule an appointment with a consultant upon arrival in Canada. This meeting is very important as the account will be activated there and the transferred funds (if applicable) will be available. A debit card (called a debit card in Canada) will be issued and a credit card inquiry will be made.”confirms Suad Wared.
bank charges
Using an ATM other than one at your bank incurs fees that range from $2 to $7. Monthly account maintenance fees are usually less than $30 per month and free if the account balance is high. Interac transfers, which allow you to send money online using the recipient’s email address. mailing address, are often free or charge as little as $2.
“From East to West. Living in Canada, why not?”€8.90, available at newsstands and more The Figaro Store.
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Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.