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Banking in Canada

Banking in Canada

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Banking in Canada

Introduction

After arriving in Canada, opening a bank account is one of the very first and most important steps you should take.
Banking in Canada differs in several ways from Iran, so understanding the basics will help you manage your finances more effectively and avoid unnecessary fees or complications.

Types of Bank Accounts

Canadian banks generally offer two main types of accounts for personal banking:

Chequing Account

  • Used for daily financial transactions, such as:
    • Depositing and withdrawing money
    • Paying bills (in-person, online, or by pre-authorized payments)
    • Making purchases using a debit card
    • Receiving your salary or government benefits
  • Most of your routine financial activity will go through your chequing account.
  • You will receive a debit card linked to your account, usable in stores and at ATMs.

Savings Account

  • Intended for storing money and earning interest.
  • Interest rates are usually modest, but savings accounts are not designed for frequent withdrawals.
  • Regular or excessive withdrawals may incur extra fees.
  • Best suited for setting aside emergency funds, saving for future expenses, or achieving long-term financial goals.

Banking Fees

  • Most Canadian bank accounts come with monthly service fees (typically $10–$30, depending on the account type and features).
  • Some banks waive these fees if you keep a minimum balance in your account.
  • Newcomer Programs: Many banks offer special programs for newcomers, waiving account fees for a limited time (often 6 months to 1 year).
  • Always ask about conditions to avoid unnecessary fees.

Major Banks in Saskatoon

Several reputable banks in Saskatoon offer services tailored to newcomers:

  • RBC (Royal Bank of Canada)
  • TD (Toronto-Dominion Bank)
  • Scotiabank
  • CIBC (Canadian Imperial Bank of Commerce)
  • BMO (Bank of Montreal)

Tip: When opening your account, ask about newcomer programs to benefit from fee waivers and other exclusive offers.

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

You will usually need to provide:

  • A valid passport
  • Immigration documents (e.g., Confirmation of Permanent Residence (CoPR), Study Permit, or Work Permit)
  • Proof of address in Saskatoon (can be temporary or permanent)
  • Social Insurance Number (SIN), if available (helps you open an account and receive interest)

Having these documents ready will speed up your account opening process.

How to Open a Bank Account

  1. Choose a bank and branch close to your residence or workplace.
  2. Visit the bank in person (or book an appointment online if available).
  3. Ask about newcomer packages and available promotions.
  4. Bring your documents and complete the application with the bank representative.
  5. Ask about your debit card, mobile banking, online access, and how to avoid common fees.

Conclusion

Opening a bank account is a crucial first step toward managing your finances in Canada.
Choosing the right account, being mindful of banking fees, and taking advantage of newcomer offers will reduce your costs and set you up for financial success in Saskatoon.

For more detailed help, reach out to the association or contact the recommended banking advisors listed in the Business Directory.