Bank account opening process for nanny-level students studying abroad

Canadian international students

Bank account opening

Nanny-level process

Introduction to bank card account

Debit Card (borrowing Debit Card)

Debit Card is divided into two accounts:

1. Saving Account:

Mainly used for saving money

Similar to a fixed account

2. Checking Account:

Mainly used for daily expenses

Similar to a current account

Money in savings accounts and checking accounts can be transferred to each other

for free. There are no handling fees for depositing, withdrawing money and making payments using checking accounts

.

Credit Card (credit card)

You can apply for a credit card only if you are over 18 years old. Once you apply for it

credit card, your credit in Canada

score (credit score) recording begins.

The highest credit score is 850, the lowest is 300, and generally 720 or above is very good. A good credit score

is very important for future renting and buying a house, loans and some jobs.

Generally, the upper limit of credit card limit for international students is $1,000,

it will change according to the credit score. There is a fixed

repayment date every month, and the repayment can be done automatically. You need to use

chequing account to repay.

Prepare documents & make an appointment

International students must prepare the following documents before opening an account

Passport

Study permit

Admission Notice

After choosing a bank, you must first make an appointment for processing. You can

go directly to the bank to find the customer service manager to make an appointment for account opening and

services.

Some big cities with many international students will have Chinese services,

such as Toronto and Vancouver, but if it is a bank in a small city

you need to use English. .

p.S. Please see the last few pages for bank introduction

Complete steps

1. There will be a dedicated customer service manager during the account opening process, you

Tell him/her that you are a student and the card you want to apply for

2. Give the document to the customer service manager for copying

3. The customer service will explain the card and Account, including various fees

User fees, and will also answer your questions

4. Fill in the information, including your name, address, and exit

Date of birth and phone number, etc.

5. Set a password for online banking

6. Read the contract and sign

Introduction to the five major banks

1.RBC (Royal Bank of Canada)

Good service, reminder and verification for each purchase

$0 monthly fee

No charge for withdrawals from other bank ATMs Fees

Free Interac electronic transfer transactions

Up to $39 rebate on annual credit card fees

2.TD (Toronto-Dominion Bank)

Toronto branches have multiple opening hours

Chequing Account $0 monthly fee

Unlimited transactions

3. BMO (Bank of Montreal)

Chequing account $0 monthly fee

Unlimited transactions

Free Inerac electronic transfer transactions

Introduction to the five major banks

1. CIBC (Canada Imperial Bank of Commerce)

Many branches

$0 monthly fee

Free lnt erac electronic transfer transaction

Free once a month Others Bank ATM withdrawal

2.Scotiabank (Canada Scotiabank

Bank)

$0 monthly fee

Unlimited debit and lnt erac Electronic Transaction

Account opening & usage suggestions

1. The five major banks in Canada are generally similar

you can choose whichever one is closest to your school or home. Which

Which one is more convenient? The recommended ones

are BMO and RBC

2. There are some Chinese restaurants in Canada that can

If you use cash, there will be a discount

3. The process of opening a bank account takes about 15-20 minutes

4. It will take about a week after the process is completed

Receive the card sent to you by the bank in your mailbox

5. After receiving the card, you need to call to activate it, and then

you can use it normally