there are three main types of credit cards in Canada: Visa, Master and Amex Express. The credit cards of major banks in Canada are generally Visa cards. Only BMO is the Master card. Visa and Master cards are accepted by general merchants, but some, such as NoFrills, only accept Master cards. Therefore, it is best for international students to have one of everything.
There are five local banks in Canada: TD Bank, CIBC, BMO, Royal Bank and Scotiabank. There are also Bank of China, HSBC and online banking ING.
personal bank accounts generally include two types: Checking Account and Saving Account. Checking Account has no interest, and Saving Account has interest. If you want to use a check, you must have a checking account. What kind of account to choose should be based on individual circumstances, mainly considering interest, service fee and convenience. In addition, all bank websites can recommend accounts according to individual circumstances. Here are some good banks to recommend to you.
1. The service fee of Bank of Montreal (BMO) is low, and the plan is simple and clear. If you apply for a student account with a student card, you can avoid the use fee of Saving and Checking accounts, while many banks can only avoid the use fee of Checking Account with a student card. If you apply for a student account, BMO will also give away SPC Card that can be discounted in hundreds of stores. BMO's online banking is also easier to use. BMO has an office in China, so it can open an account directly in China without bringing cash to Canada. There are many branches near the school.
2. The advantage of TD Canada Trust is that there are many branches and automatic counter machines, and the service is thoughtful and convenient. Moreover, the staff of the branch banks around Downtown can speak Mandarin. TD's online service is also the best. It can directly pay all kinds of credit cards and bills, transfer money and pay tuition fees, which is very convenient and fast. The disadvantage is that if you don't apply for a student account, there is an upper limit of cash withdrawal from the ATM every day, which is about $1. But you can ask the bank to set it higher.
3. The biggest advantage of RBC Royal Bank is that it can open a free Checking account with no minimum deposit limit. If the number of visits per month is very small, it can be considered. The disadvantage is that the number of automatic counter machines and branches is small and inconvenient.
The above is a brief introduction about Canadian credit cards, hoping to help everyone who is about to embark on the road of studying abroad.