Banking in Canada as a new immigrant

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Everything you need to know about banking in Canada as a new immigrant

Rounding it up

  • If you’re thinking about moving to Canada, you should get a grasp of how money works here.

  • To start, there are three types of financial institutions: traditional banks, credit unions, and digital-first banking alternatives.

  • There are also various types of accounts, each with their own purpose. The most common and important are chequing and savings accounts.

  • Know the differences between a debit and credit card. The former will be provided by your bank so you can manage your daily finances; the latter will help you build credit.

10 min read

Barry Choi
#banks#newcomer#savings#credit

Barry Choi

Barry Choi is a personal finance expert based in Toronto who makes frequent media appearances. His website Money We Have is one of Canada's most trusted sources for all things related to money and travel.

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