POSTED ON: AUGUST, 2024
AUTHOR: TAYLOR MICHIELS, COMMUNICATIONS AND CONTENT COORDINATOR
AUTHOR: TAYLOR MICHIELS, COMMUNICATIONS AND CONTENT COORDINATOR
Have you recently moved to Canada? There are many aspects to consider when beginning an international move, including setting up your banking.
Let’s discuss Canadian currency, the importance of opening a bank account upon your arrival in Canada, the requirements for opening a bank account, what types of bank accounts there are, credit and debit cards, and your credit score.
Currency
Familiarizing yourself with Canadian currency is important to do upon your arrival to Canada. The Canadian dollar is the official currency of Canada and comes in coins or paper forms. Reference the image below to learn about what coins and bank notes are included in the Canadian currency.
Opening a Bank Account and the Required Documents
Opening a bank account when you arrive in Canada is important for managing your finances. Having an account allows you to deposit and withdraw funds, use Automated Teller Machines (ATMs), apply for bank loans, issue cheques, use debit and credit cards and seek financial advice from professionals.
To become a member and open a bank account as a new Canadian at Sunrise Credit Union, you need the following:
- A piece of valid photo ID such as a Passport, or Drivers License.
- Permanent resident card
- Confirmation of permanent residence (e.g., IMM Form 5292)
- Temporary Permit (e.g., IMM Form 1208, 1102)
- $5.00 to purchase a share
Types of Bank Accounts
The two most common bank accounts are chequing or savings accounts. Chequing accounts are typically used for daily transactions, and savings accounts are used for saving money.
At Sunrise Credit Union, we offer a variety of accounts to meet our members needs, including the Sunrise Platinum Plus Chequing Account and the Sunrise Plan 24 Savings Account. Click the links below to learn more about the accounts we offer.
Membership
To open a bank account at Sunrise Credit Union, you must first become a member. Sunrise Credit Union is part of the cooperative movement, which means you will receive democratic control with equal voting rights. To become a member, you pay a one-time $5 share. With Sunrise Credit Union’s New to Canada Package, the $5 member share is waived.
To learn more about becoming a member of Sunrise Credit Union and our New to Canada Package, CLICK HERE.
Sending and Receiving Money
You can send money internationally with International Transfers and Wires at Sunrise Credit Union. The two methods can accommodate a variety of needs including:
- Sending money securely to friends or family who do not live in Canada
- Supporting a friend or family member who is traveling abroad
- Paying for a wedding in another country
- Paying for medical expenses overseas
- Paying for holidays that are not in Canada
International Money Transfers are accessible through online banking and provide convenient 24/7 access to live rates and transfers. There are never any deductions on the transfer amount.
Wires can be sent by coming into the branch and are a great way to send or receive large sums of money quickly and securely in almost any currency.
Credit Cards and Bank Cards
There are two types of member cards: debit and credit cards. Debit cards are issued and linked to a bank account while a credit card must be applied for and approved.
| Debit cards allow you to make point of sale purchases and use Automated Teller Machines (ATMs.) ATMs allow you to withdrawal and deposit cash and cheques, and transfer money between your accounts. Debit card holders can use their card at virtually any credit union ATM free of charge, just look for the DingFree logo. Debit cards can be used manually by inserting your card into a Point of Sale System (POS), selecting your account and entering your PIN (Personal Identification Number), or by using contactless payment by tapping your card. |
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Debit cards typically have a daily transaction and withdrawal limit. Talk to your financial institution to learn more about your debit card limits.
| Credit cards allow cardholders to set up automatic bill payments, and purchase goods or services online or in person. Credit cards are not linked to your bank account and purchase are made with credit (borrowed funds.) Credit cards can help you to build your credit in Canada. To do so, it is important you use your credit card responsibly and pay off the balance each month to avoid paying interest. |
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Many credit cards offer reward programs and financial protection on purchases. To learn more about Sunrise Credit Union’s credit card offerings, CLICK HERE.
It is important to protect your credit card number, expiration date and CVC code (the three-digit number on the back of the card.) Do not share this information with anyone to avoid fraudulent activity on your credit card.
Building Your Credit Score
Using a credit card responsibly is a great way to start building your credit in Canada. As a new Canadian, you have no credit history in Canada. Building your credit score is important if you wish to borrow money to purchase a home, buy a car or fund another purpose.
For more information about banking in Canada, click below:
