Now Banking in Canada: Where do you Start?

You’ve just arrived in Canada, and everything is fresh and unusual. This includes banking and having quick access to your money when you need it.
One of the most crucial things you’ll need to do when you arrive in Canada is create a bank account. However, the options might be difficult.

Which accounts are we talking about? Where? Who will be the most understanding of your requirements as a newcomer? Banking in Canada will most likely differ significantly from banking in your own country.

This post will help you with the adjustment!

What type Bank Accounts Will You Need in Canada?

In Canada, the most common type of bank account is a chequing account, which is used for everyday transactions such as paying bills and making purchases. A savings account is also a popular option for saving money and earning interest.

Other types of bank accounts available in Canada include credit accounts, such as credit cards and lines of credit, and investment accounts, such as Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs). Additionally, many banks also offer specialized accounts for students, seniors, and small businesses.

The best approach to get started with Canadian banking is to create three types of accounts: a checking account, a savings account, and a credit card. All three of them will be discussed in depth below.

In order to complete your account profile, you must first supply certain basic pieces of identification validating your legal name, as well as your Canadian address and phone number. You will be required to provide official government identity, such as a passport, driver’s licence, or another kind of government-issued ID, as well as your landing documents, study permission, or work permit.

Here are two basic steps to getting started with banking in Canada:

Step 1: Learn the distinction between a checking and a savings account in Canada, as well as how to utilise both.

There are two types of personal deposit accounts in Canada: chequing accounts and savings accounts. Most newcomers to Canada may desire both. Let’s make a short comparison of the two. A chequing account is one that is utilised for daily transactions. This covers things like purchasing groceries, paying bills, and renting a house, as well as auto-deposit activities like having your employer transfer your paycheck straight into your account. Your account may be accessed via a debit card to withdraw cash from Automated Teller Machines (ATMs) or bank branches, as well as to make purchases in shops and online.

Chequing accounts do not often pay interest. They may charge a monthly fee as well as a fee for transactions such as withdrawals, checks, bill payments, and purchases. Look for a checking account that contains the amount of monthly transactions that you believe you will require. Even better, some chequing accounts provide limitless transactions, such as the TD Unlimited Chequing Account, which is a terrific alternative if you anticipate having a lot of transactions.

A savings account is intended to save money that you don’t need right now. For example, you may want to save for school, house ownership, holiday or wedding expenses, and for when the unexpected occurs, such as a car breakdown. Savings accounts, unlike checking accounts, generate interest, so use them prudently for a rainy day or a life milestone. The money you leave in this account will earn interest, which means it will grow to help you save for your future objectives.

To meet your savings objectives, you can select one of TD’s three savings accounts:

TD High Interest Savings Account
TD ePremium Savings Account
TD Every Day Savings Account

Step 2: Register for a credit card in Canada.

A credit card is a card that may be used to make purchases, pay bills, or withdraw cash, depending on the card. A credit card may be thought of as a form of short-term loan. When you create a credit card account, your credit card provider sets a credit limit for you. Your credit card permits you to borrow funds based on that limit to make purchases and pay for them later.

Obtaining a Canadian credit card offers several advantages. In Canada, having high credit is vital since it may help you get a home mortgage, a loan, or rent a house or apartment. Applying for a credit card is a smart strategy to develop credit. Regularly using your credit card and paying it off each month will help you develop your credit history. Having a credit card also makes it simple to make purchases and, in certain situations, get rewards on your transactions.

If you’re searching for your first Canadian credit card, it’s critical to understand how various cards function and how to maximise their benefits.

TD provides a wide range of credit cards with various benefits and interesting incentives.

Ready to choose your Canadian Bank? Look to TD first.

This bundle includes savings and perks on checking, savings, and international money transfers. Everything in it has been designed with beginners’ requirements in mind.

Simply schedule an appointment with a TD Personal Banking Associate once you arrive in Canada to get started. They will help you with your Canadian banking needs and answer any questions you may have.

Find your closest TD branch here.

Our bilingual agents and Personal Banking Associates are available to assist you in navigating our products and services. You may also learn more by reading our New to Canada Welcome Booklet, which is available in 11 languages.

Why Should Chose TD?

For more than 150 years, TD has been providing financial solutions to Canadians. We also have a century of expertise navigating the specific hurdles of the Canadian banking system for immigrants.

With over a thousand locations and a reputation for financial expertise, we have grown to become one of Canada’s largest and most trusted banks, presently servicing 16 million Canadians.

We provide online help and tools for newcomers on issues such as banking fundamentals, migrating to Canada, credit score basics, and more. We also assist you in over 60 languages through our 1,100 locations. We have extended our hours for your convenience. We offer hundreds of ATMs across Canada to assist you with your daily needs.

Are you ready to bank?

Apply for TD’s New to Canada Banking Package today.

Book an appointment to talk to a TD Personal Banking Associate about the TD New to Canada Banking Package. You can book online right away, or visit our website to learn more.

Legal Disclaimer: Information provided by TD Bank Group and other sources in this article is believed to be accurate and reliable when placed on this site, but we cannot guarantee it is accurate or complete or current at all times. Information in this article is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. This information is not to be construed as a solicitation to buy. Products and services of the TD Bank Group are only offered in jurisdictions where they may be lawfully offered for sale. All products and services are subject to the terms of the applicable agreement. The information in this article is subject to change without notice.