Guide to Canadian Study Bank Account Opening and Loans

#CanadaStudy# Introduction Canada has a superior climate and beautiful scenery, a complete education system, and a strong learning atmosphere. It is a desirable place for international students from all over the world. The following is a guide to opening a Canadian study bank account and loan. Welcome to read and reference!

1. Guide to opening bank accounts and loans in Canada

1. Opening bank accounts

1. Types of account openings in commercial banks

Canadian Business The types of bank accounts generally include: Checking Account and Savings Account. Checking accounts generally have no or very little interest, but checking accounts are essential for daily life. Daily bills, phone bills, rent, Internet fees, etc. all need to be paid by check. Therefore, individuals should have a checking account. Some banks stipulate the number of monthly checks and the minimum deposit amount. If you exceed the number of checks, you will be charged extra; if you are below the minimum deposit amount, there will also be a penalty. Issuing a bad check carries a fine of approximately $25. Of course, the checking and savings account of individual Internet banks, such as Manulife Bank of Canada (website), is an exception. It not only has interest (currently the annual interest is 2.55%) but is also calculated on a daily compound interest basis. The number of monthly checks is not affected. There are no restrictions, and there are no fees for using checks, making them an extremely popular savings option.

2. Deposit and Withdrawal Rules

Free deposits, free withdrawals, national network, convenience for customers, these are the basic principles of bank savings business. Nonetheless, currencies must be distinguished. U.S. dollar fixed deposits cannot be withdrawn in advance, even if liquidated damages are paid. Canadian dollar fixed deposits can be withdrawn in advance, and not only does no interest accrue, but liquidated damages are also required. Be sure to pay attention to this rule when opening an account. Because when you first arrive in a foreign country, it costs a lot to resettle your family. On the other hand, new immigrants don’t have a basic idea of ??Canada’s consumption level, and they have no idea how much they will spend in a month. Therefore, it is recommended to make irregular savings when opening an account, and then make arrangements after getting used to it for a period of time.

3. Charging Standards

Canadian commercial banks have high service standards, well-trained employees, and well-organized management, but each bank implements paid services and charges monthly (3- 5 yuan), or charged according to service item and frequency. Some banks stipulate that extra charges will be charged for exceeding the number of services; for each additional check issued, an additional 5 yuan will be charged. Of course, VIP customers (large accounts) enjoy special discounts and may be exempted from monthly fees, check printing fees, etc. After completing the account opening procedures, the bank will immediately issue a temporary bank card, and the customer will receive the official bank card in about two weeks.

4. Credit cards must abide by regulations and settle accounts on schedule

A credit card is a voucher that represents a person’s consumption and creditworthiness. In Canada, credit cards can be used anywhere. However, the credit of international students who have just arrived in Canada has not yet been established. Some banks do not dare to risk issuing credit cards, while others require a deposit. It should be noted that using a credit card requires monthly settlement. If you pay late, you will be charged penalty interest and your credit rating will be reduced.

2. Loan Application

1. The borrower applying to study in Canada should have full civil capacity, and the actual age on the loan maturity date shall not exceed 55 years old;

2. The borrower applying to study in Canada has no illegal or disciplinary behavior, is in good health, and has an honest and trustworthy character;

3. If the borrower applying to study in Canada is a person who is studying abroad, he should do so before studying abroad. Have a permanent residence or other valid residence status in the place where the borrower is borrowing money;

4. If the borrower is an immediate relative or spouse of a person studying abroad, he or she must have a residence permit within the controllable area of ??the lender. Permanent residence or other valid residence status, a fixed residence, a stable occupation and source of income, and the ability to repay principal and interest on time;

5. Borrowers applying to study in Canada should hold a certificate for those intending to study abroad Admission notice or other valid enrollment certificate issued by a foreign study school;

6. Borrowers applying to study in Canada must provide property mortgages, pledges or third-party guarantees recognized by the lender.

Mortgage properties are currently limited to properties for which mortgage rights can be set; pledges are currently limited to treasury bonds, bank certificates of deposit, corporate bonds and other securities; the guarantor should be a legal person or natural person with the ability to compensate, and be willing to assume joint and several liability for repayment ;

7. Meet other conditions stipulated by the lender.

The conditions for applying for student loans are:

1) Have lived in this province for 12 months and are residents of this province;

2) Low economic income.

2. What conditions are needed to study in Canada?

1. Family economic conditions

First, let’s do some calculations: tuition and living expenses are all included. Undergraduate It costs about RMB 150,000-200,000 per year; RMB 180,000-250,000 per year for a graduate degree; RMB 300,000 per year for a PhD.

There are more and more international students in Canada, and tuition fees are also rising. This cost is still a conservative estimate. If you choose a popular school and major, and if you spend more lavishly, there is no upper limit on money. Yes, so even if studying in Canada is relatively cost-effective, if you apply for an ordinary visa, the guarantee deposit will be 600,000. If you don’t have the money, you will basically have no chance.

Families with middle-income families can apply for college in their second year of high school and go to Canada directly after graduating from high school, saving time and money. If your grades are slightly poor, it is recommended to first apply to a college that allows you to transfer credits, and study in a college for two years before transferring to a university. The tuition fees at a college are much cheaper than at a university!

Those with better economic conditions and no shortage of money If you have a family, you need to prepare as early as possible for studying abroad. You can study foreign university preparatory courses, A-level, attend international high schools, prepare for IELTS and TOEFL in advance, or if you have the ability to go directly to high school in Canada, you will have a better chance of entering Canada's top 10 universities after graduation. Much bigger.

2. Application time

Canadian universities generally open admissions in three quarters, spring, summer and autumn. Most domestic students choose to submit their applications for admission in the autumn of September, and in the autumn The professional application courses will be more open.

The application cycle will last about three months. Everyone should pay attention to the application deadline practice. Spring is usually in September of the previous year, and autumn is usually in January of the current year. The quarter is open to the deadline. The time is very short, you need to contact the school to confirm.

3. Academic performance

For undergraduates, generally speaking, the overall high school ranking is required to be above 80%, while the top 5 generally require above 85%. Specific test scores If so, the focus is still on GPA, which generally requires 3.0. It is not mandatory to provide college entrance examination scores. For a master's degree, everyone needs to show a qualified bachelor's degree certificate. The overall ranking of the students needs to be above 75% and above 80%. Since there are relatively few places provided, the competition for applications will be fierce.

4. Language level

English is also a hardware requirement. The lingua franca of Canada is English. You need to obtain qualified IELTS or TOEFL scores before you can submit a professional application directly. Admission application, and admission is also based on merit. The higher the score, the greater the probability of success.

The IELTS requirements for undergraduates are between 6.0-6.5, and TOEFL is above 75; the IELTS requirements for master’s degrees are between 6.5-7.0, and TOEFL is above 80 points; if you are applying for a college, IELTS6. Around 0, TOEFL around 70 is enough.

5. Material requirements

You need to produce qualified GPA transcripts and academic certificates as required, and they also need to be certified, so that the materials you prepare will be recognized by the school and submitted Only applications will be accepted and reviewed by the school.

Next is the IELTS or TOEFL transcript, as well as documents. PS, CV and letters of recommendation are basically standard and indispensable. In addition, art-related majors also need to carefully prepare a portfolio.

3. How to pay tuition fees for studying in Canada

1. Telegraphic transfer

In comparison, wire transfer is faster and can usually arrive in two days, but there is a handling fee Relatively high, with a minimum of 20 yuan and up to 1,000 yuan. In addition, wire transfers also need to pay telegraph fees and deductions from foreign intermediary banks.

If you want to make a wire transfer, ask the school to provide a wire transfer address.

2. Money order

Money order is a bank issuing a money order to the remitter, and then he or she takes the money order abroad, or sends the money order abroad by mail.

There is no telegraph fee for draft transfer, and other charging items and standards are the same as those for wire transfer.

Although the fee of draft is relatively cheaper, it is not as fast as wire transfer, and draft needs to go to the overseas branch of the issuing bank or the designated collecting bank of the issuing bank to go through the settlement procedures.

Large-amount remittances are made by wire transfer, because once the money order is lost, the procedures for reporting the loss are relatively troublesome, and the money order has a validity period of one year. After the validity period, it will be returned to the original issuing bank.

3. Credit card

Before your child goes abroad, you can go to a local bank to apply for an international credit card, and choose the form of main card and additional card. The main card of the credit card will remain with you. Here, attached card for the child to take away.

In addition, you can enjoy an interest-free payment period of 20 to 50 days when purchasing with a credit card, which facilitates cash flow for you and your children.

However, we need to remind you that it is not cost-effective to use international credit cards to withdraw cash abroad. For example, if you use the Great Wall International Card of Bank of China to withdraw cash abroad, a handling fee of 3% of the withdrawal amount will be charged.