(1) Introduction to Bank of Canada
Canada’s financial industry is very developed. The branches of major banks are located in the main streets of the city and provide customers with a variety of services. Customers can open Different Kinds of Accounts. New immigrants should open a bank account as soon as possible after arriving in Canada to avoid carrying large amounts of cash with them and to facilitate the payment of larger purchases (such as rent).
The five most powerful banks in Canada, ranked by strength are:
ROYAL BANK OF CANADA
CANADIAN IMPERIAL BANK OF COMMERCE (CIBC) < /p>
BANK OF MONTREAL
SCOTIA BANK
TORONTO DOMINION BANK (TD)
In addition, HSBC Hong Kong can provide convenient and high-quality services to Chinese people. Service is also a good choice.
(2) How to choose a bank that suits you
When choosing a bank, you should consider the following aspects:
1. Strong, preferably one of the above five banks;
2. Close to your residence (preferably your workplace);
3. Charges for issuing checks, deposits and withdrawals are low;
4. The business hours are flexible, and there are automatic deposit and withdrawal machines available day and night.
(3) How to choose the account type
1. CHEQUING ACCOUNT: You need a checking account to pay your daily monthly bills (such as phone bills, rent, monthly cable TV bills, etc.). Generally, this kind of account also has interest, but it is very low and almost negligible. Not counted. Banks often charge fees for issuing checks more than a certain number of times each month, and issuing bad checks is a serious crime in Canada.
2. Time deposit account: This kind of account is also used to deposit and withdraw cash for daily use. Since checking accounts have almost no interest, money that is not needed for a while should be deposited in a time deposit account.
3. Credit card: For new immigrants who have just arrived in Canada, it is usually not easy to apply for a credit card because they have no job and credit history. After getting a credit card, you can use it to make purchases on almost all occasions. Consumers should pay off the current month's consumption on the card every month, otherwise it will affect your credit record.
(4) Procedures required for daily bank account opening
Canadian bank account opening adopts a real-name system. Account holders must present their identification documents. In the past, opening an account under a pseudonym, which was described in some novels and movies in China, was completely impossible in North America.
The bank account can be in joint names, for example, both husband and wife have the authority to write checks and handle matters related to the account.
Required procedures for opening an account:
a) Provide personal information and documents
Private information includes: full name, address, date of birth and phone number< /p>
Documents include: two types of identification (passport and driving license). If there is interest on the account, you should also provide a social security number card.
b) Provide employer information
Including: employer’s name, address, phone number
(5) About cash registration
The Canadian government stipulates that banks must register for deposits of more than 10,000 Canadian dollars in cash. The original intention of this move is to monitor money laundering and illegal business transactions. Because this society rarely uses large amounts of cash, and instead uses checks, money orders, transfers, etc., large amounts of cash are generally considered suspicious. However, the content of the registration form is very simple. It only asks how much it cost, where and how it was obtained, and no supporting documents are required. For general new immigrants from mainland China, they only need to write that it is their own or family savings. This registration has nothing to do with taxation, it is just a government filing.