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The first step you should take regarding your funds is to deposit them with the right financial institution - Sunrise Credit Union will help you keep your funds safe and secure.
As a newcomer in Canada, one of the first things to do is to open a bank account. Here, we will discuss the importance of having a bank account when you arrive in Canada, the requirements and documents for account opening, types of bank account, the process of applying for bank cards and their usefulness, credit reports and scores and how it impacts you.
And provide one of the following pieces of personal identification:
Note: Other identification documents may be acceptable or required. Please visit a Sunrise Credit Union branch for details.
There are many types of accounts that can be opened; however, the two main common types of bank accounts are Chequing and Savings or Investment accounts. Chequing account is the regular account used for daily transactions and the savings account is for investment purposes.
Click the links below to explore other account types:
Personal Accounts | Investment Accounts | Agribusiness Accounts | Commercial Accounts |
This account is ideal if you’re looking for one to deposit money into and enjoy unlimited in-branch withdrawals during the month. Interest is based on daily closing balances and paid monthly to the account. It is perfect for the member who desires the flexibility of unlimited deposits and in-branch withdrawals each month.
Debit cards allow cardholders to make purchases and withdraw cash directly from their linked bank account, such as a chequing account. Cardholders can also withdraw money from Automated Teller Machines (ATMs) anywhere. While there could be a fee when you use your card at another bank’s ATM, credit unions across Canada are linked to offer free ATM transactions nationwide.
Debit cards require activating a Personal Identification Number (PIN) before you can use them. In addition, most debit cards in Canada have contactless payment technology, which allows cardholders to tap their card or mobile device on a compatible card reader to complete their transactions without punching in their PIN. |
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Debit cards have daily transaction and withdrawal limits depending on the account type and the issuer.
Credit cards allow cardholders to pay bills, purchase goods, or pay for services instore or online using credit (borrowed funds). The cards can serve as a financial safety net during emergencies when immediate funds are needed. For online purchases, the card number, expiration date, and the CVC at the back of the card need to be entered.
A credit card is an amazing tool that can help you build a credit history when used to pay for goods and services. However, it is important to use credit cards responsibly by making payments on time and maintaining a low credit utilization ratio to build your credit score. |
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Many credit cards feature strong financial protection, shielding the cardholder from liability for any suspected fraudulent or illegal transactions made without authorization.
Many credit cards offer rewards programs such as cashback, travel points for every dollar spent and provide rewards like travel insurance, purchase protection and extended warranties.
To learn more about Sunrise Credit Union's credit card offerings, CLICK HERE.
Canada operates on a credit-based economy and, as a new immigrant, understanding this system empowers you to navigate your financial journey with confidence.
As a new immigrant, you have no credit history in Canada. If you qualify, you should easily be able to apply for a credit card. Having a credit card means that the issuer has given you a certain amount of funds, also known as a credit limit, to use and pay back in full immediately or pay the minimum amount shown on the statement every month at a given interest rate. Using your credit card and timely repayment of funds borrowed gives you a credit score. Your credit score shows you have been building credit while using the credit card responsibly. The credit score determines the credit rating.
A higher credit score rating opens doors to opportunities, demonstrating your creditworthiness to lenders. This can lead to securing loans for a house, a car, or even a business, paving the way for your financial growth in Canada.
For more information on credit cards, and building good credit, schedule a meeting with our expert advisors.
The Canadian dollar is the official currency of Canada, and the symbol of the Canadian dollar is $ but can be distinguished from other currency symbols by using CAN$ or C$. It is important to be able to familiarize yourself with the currency and denominations in coins and paper form when you arrive in Canada. We have the following denominations and their nicknames:
The other bank notes that we have are issued in $5, $10, $20, $50, and $100 bills and are made of polymer.
Sunrise Credit Union's Prudent Student account is free for students aged 6 - 25 who are enrolled in school or post-secondary education.
To learn more about our Prudent Student account, CLICK HERE.