Banking in Canada is reliable and easy, though not always free. However, you can find out which bank is the best in Canada for you with some research.
It has become common for you to offer a free bank for your first year, so buy it and don’t be afraid to say you will bring your business elsewhere.
Before deciding on a bank of your choice, consider which branches are suitable for your home and work environment, their opening hours, and who offers you the best credit cards in Canada.
Choosing The Best Bank In Canada
When making a choice on the best bank in Canada for you, read how your bank deals with the following:
- Bank Funds
Many Canadian banks charge you to have a test or test account (known in some countries as a ‘current’ account).
Payments range from $5 to $30 per month, depending on the number of monthly activities you wish to perform. You may be able to get these refunds if you maintain a large balance, usually in the range of $3,000 to at least $5,000.
Checks (spelled ‘checks’ in the US) remain a popular payment method in Canada. So it is a surprise to many new arrivals from countries where checks are strictly observed.
Most employers will request a ‘blank check’ at the beginning of your work. It will contain the bank details they need to transfer money to your account. A blank check is simply a check with the word ‘vanity’ written on the other side. Your bank may offer you one of these free of charge when you open your account.
Test books are usually required to pay rent or sign up for a service, such as a crèche if you have children. In addition, it can cost up to $40 per 100 checkbooks, so know these expenses when choosing the best bank in Canada.
- ATM Costs
You can use ATMs at your bank without charge. However, if you make use of another bank’s ATM, you may have to pay for each purchase.
If you use a non-bank ATM (e.g., a privately held ATM in a bar or restaurant), both the ATM and your bank may charge you.
Using these secret ATMs can cost $4 or $5 each time, so try to avoid them.
When deciding which bank is the best in Canada for you, keep in mind who the ATMs are closest to your home and workplace.
- Debit Cards
As long as you do not exceed the number of monthly transactions your bank allows, you can use debit cards almost anywhere without any additional payments. Canadians tend to be less prone to spending less money as a result.
- Interac e-transfer
The Interac e-transfer system (called “Inter-ack”) collects Canadian banks and merchants using the same payment system.
One can transfer money online simply by entering the recipient’s email address – you do not need someone else’s banking information.
Both parties should possess a Canadian bank account with the ability to transfer Interac email.
Interac is a valid Canadian debit system provided by all debit card issuers. However, some institutions will offer Visa or Mastercard debit on top, which has the benefit of worldwide acceptance.
International currency is transferred to your new account
When you arrive in Canada (hopefully!) You will have the money you will need to transfer to your new account.
Wise (formerly known as TransferWise) and CurrencyFair are two excellent ways to streamline international transfers.
Some of the best bank accounts are free.
Although these options are free, keep the above points regarding access to ATMs and branches. It may not be the best bank in Canada for you if you have to pay money to use other bank ATMs.
A free trial account is available in Vancouver from Coast Capital Credit Union (customers can use Coast Capital ATMs and HSBC ATMs for free).
- Simpli Financial
Simpli Financial offers free banking in Canada, unlimited transactions, and free checkbooks. In addition, it is an online bank, and you use CIBC cash points for free.
The best credit cards in Canada
It is worth considering who offers the best credit cards in Canada for your needs when choosing a bank.
Whether you get a credit card is up to you; however, you should know that Canada’s credit rating is necessary. Using a credit card with commitment and regular repayment will go a long way in building your credit score.
There are many credit card options respective to your preference, and your bank itself will have many options that may suit you.
Credit cards in Canada have often divided into the following broad categories: No Annual Cash and those with an annual payment and offer prizes or benefits.
Prizes offered by these types of credit cards could be Refunds or points earned on your purchase that you could use for products, air travel, or even movie tickets.
Usually, when the rewards attached to a credit card are delicious, the annual fee will be higher, so look for an excellent print to avoid surprises.
While some cards may have an annual fee, they can usually offer attractive benefits such as travel insurance, extended purchase guarantees, or a particular type of insurance when you rent cars called an ‘auto collision waiver.’
These benefits can make the annual income self-sufficient but depend entirely on your use and personal needs.
If flying is your thing, and you want to get the best value on your long trip home to see your family and friends, you may want to consider a credit card associated with one of the great loyalty programs of the airline like Aeroplan. (affiliated with Air Canada), AirMiles (which supports many large airlines) or WestJet Rewards (a growing domestic network company with new international routes).
All Canadian banks we have provided the links above offer a wide range of credit card services that help newcomers build their credit history at a lower cost.
Click on the banners and links above to research new Canadian band products and see if they are the best Canadian credit cards for you.
Just as your research on the best banks in Canada should be thorough, ensure you make inquiries on the best credit cards. You will, as a result, get the best bank in Canada.
Researching The Best Credit Cards In Canada
You can learn about the best credit cards in Canada for you by understanding how much you can expect to pay and what amount you can get as a refund. Here are five simple things you will need to do:
Read the terms and conditions carefully. Then, understand the consequences if you do not pay your bills on time.
Ask to see the payment schedule to know exactly how much you can expect to pay. Then, learn what the interest-free grace period looks like – in other words, the time after purchase when no additional costs are incurred.
Research the benefits or rewards offered. Canada’s best (or most undoubtedly competitive) credit cards will have their clients’ gift programs.
Ask how quickly they can be found and what conditions need to be met to open them. Find out if the prizes are canceled in the event of late payment or any other reason.
Ask if a deposit is needed and, if so, when.
Ask about their fraud prevention policies and what will happen if there is any unauthorized use of your card.
International bank cards might not always work, so please check your local bank first. You may need to tell them in advance about your plans for the trip.
Using cash in advance on your foreign credit card is also expensive as you pay early and exchange fees. Try to pull out large amounts at once to save yourself from being charged for multiple charges.
Depositing money into your bank account is known as ‘residence’ in other countries (e.g., Ireland UK). However, this term is not widely used in Canada. Instead, Canadians call them ‘deposits.’