Canada wants you to be aware of and knowledgeable about specific banking services in order to alleviate the stress of newcomers as a large number of immigrants enter the country each day. People in Canada have access to a few distinct varieties of banking services. Retail banking is the first category of service. This is the time when everyday financial transactions like deposits, withdrawals, and transfers are handled by banks.
The term “commercial banking” refers to the second kind of service. When businesses manage their finances, such as loans and investments, they use banks. The term “investment banking” refers to the third kind of service. When this occurs, financial institutions assist customers in investing their funds in stocks, bonds, and other financial products. It is essential to select the service that best meets your requirements because each of these options offers distinct advantages and features.
When it comes to bank services, it’s good to know that the majority of Canadian banks provide high-quality options like online and telephone banking, mobile banking apps, ATMs, debit and credit cards, bank loans, and other options.
#1. Automated Teller Machines (ATMs)
are typically user-friendly. Using these self-service machines, a customer can perform common banking tasks like; using a debit or credit card, you can make and withdraw money, transfer money between accounts, print account statements, and use other services. There are no fees associated with using an ATM owned by your own bank; however, there will be additional fees imposed by both the machine and your bank for using ATMs owned by other banks or private ATMs commonly found in public places.
#2. Bank Cheques
In Canada, when credit cards or direct deposits are not accepted, cheques are typically used to pay bills by mail and for larger transactions like lodging. It is essential to keep in mind that you must have sufficient funds in your account to pay the entire amount stated on the check. Your bank will charge you a fee if you don’t, and the check will bounce back as “non-sufficient funds” (NSF).
#3. Debit Cards
Canada wants you to know that debit cards can be used as a substitute for cash anywhere, free of charge. Canadians bring very little cash with them because of this. A collection of merchants and banks that accept the same payment method is known as the Interac system. You can send money to people who have access to Interac email transfer and a Canadian bank account by using Interac e-transfers. Due to its uniformity, additional account information is removed.
#4. Credit Cards
Obtaining credit entails borrowing money to make a purchase and repaying it later with interest. Most of the time, interest rates are too high. You can apply for a credit card at most banks if you want to start using one as a new customer. You can spend money on credit with a credit card and be billed for it within a month. There will be no interest added if you repay the borrowed amount by the due date. You can sign up for credit card reward programs that give you points for every purchase you make with the card, which can also help you pay for goods and services.
#5. Bank Loans
You should know that Canadian banks offer a wide range of loan services, including; personal loans and business loans. You can get help paying for important expenses like cars, home improvements, postsecondary education, and so on with personal bank loans. The bank decides whether or not to provide loans. A borrower can get a personal loan for a set amount of money that must be paid back in full, plus interest, over a set amount of time.
It is essential that you are aware of your responsibilities regarding the payment schedule, late or missed payments, co-borrowing, and interest rates prior to signing a loan agreement.
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Then which of the above service is good for someone visiting Canada for the first time?
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