Instructions for Canadian Immigration: Comparison of Canadian bank accounts
2017-12-07
Read 57
After arriving in Canada, no matter you Whether you are studying abroad or immigrating, you must open a bank account as soon as possible. There are five major banks in Canada, namely RBC, TD, BMO, CIBC and Scotiabank.
There are two main types of bank accounts, one is the checking account and the other is the saving account. A checking account is equivalent to a current account at a domestic bank and does not have interest. In contrast, savings accounts pay interest, and the interest rate varies depending on the size of the deposit. The bank card here is called Debit Card, which is a card that can debit money directly from your account. Normally, everyone uses a checking account to spend money because it has no interest. In Canada, you can go to a bank to apply for a credit card if you are over 18 years old. Friends who have just arrived in Canada should pay attention to having a credit card and other credit records, so try to establish a good credit record.
Next, Novartis Immigration Liu Zhangwei (WeChat Ziegfeld001) will introduce to you the student accounts and credit cards of these five banks.
RBC Royal bank of Canada
There are two types of student accounts:
RBC Student Account:
1 , no monthly fee, 25 free transactions per month (such as direct payment shopping, checks, online or ATM withdrawals, etc.), more than 25 times, the handling fee is $1 each time.
2. Unlimited free e-Transfer.
RBC No Limit Banking account for Students:
1. The monthly fee is $10.95. When you open a credit card and investment account, the monthly fee is waived to zero. Unlimited transactions every month, such as direct payment for shopping. , check, online or ATM withdrawal, etc.
2. Unlimited free e-Transfer.
Credit Card - International students with no credit history can apply for a credit card with a limit of at least $1,000 without a deposit.
TD (TD Canada Trust Bank):
There is only one type of Student Account.
Features:
1. No monthly fee. There are 25 free transactions per month. For more than 25 transactions, the handling fee is $1.25 each time. Transactions refer to direct payment purchases, checks, online or ATM withdrawals, etc.
2. Unlimited free e-Transfer.
Credit Card - A deposit is required for international students to apply for a credit card without a credit history.
BMO (Bank of Montreal):
BMO does not have a dedicated student account, but instead offers some discounts for existing BMO accounts
BMO Plus Plan-Student Account:
1. No monthly fee, 30 free transactions per month, more than 30 times, the handling fee is $1.25 each time, such as direct payment for shopping, checks, online or ATM withdrawals, etc.
2. Unlimited free e-Transfer.
BMO Performance Plan-Student:
1. Monthly fee is $4. When your account balance remains at $4,000, the monthly fee is zero
2. Unlimited transactions per month,