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January 26, 2023

Banking in Canada: Discover how you can start (2023)

We make you fit for banking success in Canada.

You just came to Canada and so much is new and different here. This includes banking and easy access to your money when you need it. Upon arrival in Canada, opening a bank account is one of the most important things you must do. But choosing can be complicated. Which accounts? Where from? Who best understands your needs as a newcomer?

Banking in Canada will likely be quite different from banking in your home country. This article will make the transition easier for you!

What bank accounts do you need in Canada?

The best way to start your Canadian banking journey is to open three main types of accounts: a checking account, a savings account, and a credit card. We will explain all three in detail below.

To open these accounts, you must first provide some basic forms of identification that verify your legal name, Canadian address, and phone number to complete your account profile. You will be asked to produce an official government-issued ID, e.g. a passport, driver’s license or other form of government-issued identification, and for certain things you may also need to present your landing papers, study permit or work permit.

Here are two simple steps to get started banking in Canada:

Step 1: Understand the difference between a Canadian chequing and savings account and how to use them.

There are two types of personal deposit accounts in Canada: a checking account and a savings account. Most new Canadians may want both. Let’s make a quick comparison between the two.

A checking account is an account used for regular, daily transactions. This includes grocery shopping, paying bills, rent, and automated deposit transactions such as credit card payments. B. Direct deposit of your salary into your account by your employer. Your Account can be accessed via a debit card to withdraw cash from ATMs (cash dispensers) or bank branches and can be used for in-store and online shopping.

Checking accounts generally do not pay interest. They may include a monthly fee along with a fee for transactions such as withdrawals, checks, bill payments, and purchases. Look for a checking account that has the right number of monthly transactions that you think you will need. Even better, you’ll find some checking accounts with unlimited transactions, such as B. the TD Unlimited Chequing Account, a great option if you think you have a lot of transactions.

A savings account is used to set aside money that you don’t need immediately. For example, you might want to save for education, buying a house, paying for a vacation or wedding, and in case something unexpected happens like a car breaks down. Unlike checking accounts, savings accounts pay you interest, so you only withdraw from them for bad times or a life milestone. The money you leave in this account earns interest, which is extra money that accumulates in your account so you can save for your future goals.

You can choose from one of TD’s three savings accounts to meet your savings goals:

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

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Step 2: Apply for a Canadian credit card

A credit card is a card that can be used to make purchases, pay bills, or withdraw cash, depending on the card. The simplest way to think of a credit card is as a type of short-term loan. When you open a credit card account, your credit card company will give you a set credit limit. Based on this limit, you can use your credit card to borrow money to make purchases and pay for them later.

Getting a Canadian credit card has many advantages. Good credit is important in Canada because it can help you apply for a mortgage, loan, or rent a home or apartment. A good way to build credit is to apply for a credit card. If you use your credit card regularly and pay it off every month, you can improve your credit history. A credit card also makes it easy for you to make purchases and, in some cases, earn rewards for what you spend.

When looking for your first Canadian credit card, it’s important to understand how different cards work and how to use them to benefit you.

TD offers a wide range of credit cards with different benefits and exciting rewards.

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

TD does everything it can to treat newcomers like family. Our TD New to Canada Banking Package is our welcome package to you and a great place to start.

This bundle offers savings and benefits on checking accounts, savings accounts, and international money transfers. Everything in it has been specially designed to meet the needs of newcomers.

When you arrive in Canada, simply schedule an appointment with a TD Personal Banking Associate to get started. They will help you with your Canadian banking affairs and answer all your questions.

Find your nearest TD branch here.

Our multilingual representatives and Personal Banking Associates will be happy to guide you through our products and services so you can find your way with ease. You can also find more information in our New to Canada Welcome Booklet, available in 11 languages.

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Why Choose TD?

150 years helping Canadians:

TD has a proud history of providing financial solutions to Canadians for more than 150 years. We also bring a century of experience helping newcomers navigate the unique challenges of Canada’s banking system.

With over a thousand branches and a reputation for excellent financial services, we have become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.

We offer online support and interesting resources for newcomers on topics such as banking basics, moving to Canada, credit basics and more. In our more than 1,100 branches, we also look after you in over 60 languages. We are open longer for you. We have thousands of ATMs across Canada to make your daily banking needs quick and easy.

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.

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To discover more about your possibilities, Speak with our consultants.

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