Banks in Canada
Banking System in Canada
Table of Contents
Introduction
After arriving in Canada, opening a bank account is one of the first and most essential tasks you should complete.
Banking in Canada differs in some ways from Iran, and understanding the basics will help you manage your finances more effectively.
Types of Bank Accounts
In Canada, banks generally offer two main types of accounts:
Chequing Account
- Used for everyday transactions such as:
- Depositing and withdrawing money
- Paying bills
- Making purchases with a debit card
- Receiving salary payments
- Most of your daily financial activities will be managed through this account.
A debit card is linked directly to your chequing account and can be used for store purchases and ATM withdrawals.
Savings Account
- An account for storing money and earning interest.
- Interest rates are typically low, and savings accounts are not intended for frequent transactions.
- Regular withdrawals may incur fees.
Savings accounts are suitable for saving extra funds or setting aside money for long-term goals.
Banking Fees
- Many bank accounts in Canada come with monthly service fees (typically between $10 and $30, depending on the type of account).
- Some banks waive the fees if certain conditions are met (e.g., maintaining a minimum balance).
Many banks offer special newcomer programs that waive fees for a limited period (e.g., 6 months to 1 year).
Major Banks in Saskatoon
Several reputable banks in Saskatoon offer services tailored to newcomers:
- RBC (Royal Bank of Canada)
- TD
- Scotiabank
- CIBC
- BMO (Bank of Montreal)
When opening your account, ask about newcomer programs to take advantage of fee waivers and other benefits.
Thanks to Ms. Elham Valizadeh, the association has a special agreement with the RBC Confederation Branch to support newcomers (including issuing credit cards). You can find the relevant contact details in the association’s Business Directory.
Required Documents for Opening a Bank Account
Usually, you will need the following documents:
- A valid passport
- Immigration documents (such as CoPR, Study Permit, or Work Permit)
- Proof of address in Saskatoon (temporary or permanent)
- Social Insurance Number (SIN), if available
Conclusion
Opening a bank account is a crucial first step toward managing your finances in Canada.
Choosing the right account, being mindful of fees, and taking advantage of newcomer offers can reduce your costs and give you a strong financial start in Saskatoon.
Disclaimer
The information provided in these resources is intended for informational purposes only, and its accuracy is not guaranteed. The Saskatoon Iranian Cultural Association accepts no responsibility for the accuracy of the content or any consequences resulting from the use of the provided information.
These resources are the property of the Saskatoon Iranian Cultural Association and may be freely referenced, provided that a link to the corresponding page on the Association’s website is included.
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