How To Open a Canadian Bank Account As an Immigrant – Everyone needs a bank account at some point in life. Whether you just became of age or you recently got an employment, having a bank account can become mandatory for you to receive your monthly wages from your bank. As an immigrant, when working for a foreign country, its important and sometimes compulsory you open a local bank account. By so doing, you will be having an easy access to your money, minimal cost of operating an account and also enjoy an effective and seamless customer service in any case of malfunction.
A bank account serves an important role in the life of everyone. You will be able to effectively manage and build your finances effectively. For example, you will be able to properly track your expenditure using your personal bank account statement. You can also save your money with the bank and earn interest on it. This is possible when you open a savings account that accrues interest at a specific rate monthly. This means after sometime, you will be having more money than you deposited initially.
To operate a legal bank account, you need to be of the right legal age and also have a government issued legal identification documents. Parents are also allowed to open a bank account for their children, which gives them the opportunity to operate the account for the kids till they get to the legal age. Sometimes, you will be mandated to pay the initial minimum deposit, just to be safe and have at least $5 with you.
What Type of Account Should You Open?
There are different kinds of account present in the bank and other financial institutions. Before making any decision on the kind of account to open, you should first consider the real essence of having such account. You need to ask yourself some few questions which include:
- Why am I opening a bank account
- How frequently will I be operating the account
- What kind of transactions will I undergo using this account
- Do I need this account for business purpose or for personal reasons
Your answers to this questions will help you decide whether you will be needing a checking account, savings account or a combination of both checking and savings accounts.
What You Need To Know Before Choosing a Banking Institution
Ones you are aware of the kind of account you need, your next step should be choosing the right bank to work with. You will need to consider the below options before making any banking decisions.
- Banking Fees
The first thing you need to understand is that all banks have banking fees and this fees differ from bank to bank. You need to understand the banks minimum account balance, maintenance fees, transfer fees, atm withdrawal fees, overdraft fees and credit card yearly fees.
- Interest Rates
Another important thing you need to be aware of is the banks interest rate. This is how much interest or additional earnings your money will accrue when you leave it with the bank for a certain period of time.
- Limitation in Daily/Monthly Transaction
You need to be aware of the banks daily and monthly transaction limit on your account of interest.
- Bank Location
No one wants to have their bank account far from them. For ease of accessibility, you need to seek for an account in a bank close to where you can easily access them.
- Bank Services
You need to make further investigation on the banks services such as customer care service and their relationship with customers. If possible, you can visit the bank to experience it yourself.
The Process: How to Open a Bank Account
After you must have identified the bank and bank account that best suits your needs. The next thing is to visit the nearest bank branch. Over there you will be needing the help of a customer service representative to help you out. You can also open a bank account online if you have a secure internet connection at home or in your work place.
Regardless of the type of account you are opening, the first step is to always fill out the account application form. After completing the form, you will be expected to attach copies of valid means of identification such as government issued documents before submitting all for validations and account opening. A customer representative will have your information logged in on the banks system and will take you through a simple process such as finger print capture, passport capture etc. You will then be given a card that contains all your bank account information such as account number and account name.
Opening a bank account is a simple, smooth and easy process. Please have it in mind that to avoid unnecessary problems and future difficulties, you need to open a bank account that fits your needs.
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