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Posted on November 09 2018

Are you aware of the Canadian banking system?

By  Editor
Updated April 03 2023
Are you aware of the Canadian banking system

The Canadian banking system is among the most reliable and strongest banking systems across the world. The Banks and financial institutions of Canada are held with high regards globally.

Opening a Canadian bank account is a crucial step in settling successfully in the nation. Freshly arrived immigrants in Canada will perhaps require a personal account. This could be to receive a salary and for buying or renting accommodation. You will also need it for paying for electricity and gas, getting a phone line and many other purposes.

Immigrants have the right to open a Canadian bank account even if they:

  • Do not possess a job
  • Do not possess the immediate cash to deposit in the account
  • Possess poor rating for credit
  • Have been bankrupt earlier

The chief kinds of bank accounts under the Canadian banking system are:

  • Chequing Accounts
  • Savings and Investment Accounts

Chequing accounts permit users to write cheques and usually include the usage of a debit card. This account is needed if your employer utilizes a payroll deposit. Most of the banks charge you to possess and utilize a Chequing account. Monthly costs vary depending on the number of permitted transactions.

Savings and Investment Accounts assist users to save their cash. They normally possess higher interest than the Chequing accounts, as quoted by the CIC News.

Account holders must feel safe keeping their cash in the Canadian banks. These are well-regulated, well-capitalized, and well-managed institutions. Most of them also offer identical quality services. These services include Telephone and online banking, Automated Teller Machines, and Mobile banking apps. Bank loans, Credit cards, and Debit cards are also included. ATMs are very easy and convenient to use.

Y-Axis offers a wide range of Visa and Immigration products as well as services for aspiring overseas immigrants including Student Visa for Canada, Work Visa for CanadaCanada Migrant Ready Professional Services for Express Entry Full ServiceCanada Migrant Ready Professional Services for Express Entry P R Application,  Canada Migrant Ready Professional Services for Provinces, and Education Credential Assessment. We work with Regulated Immigration Consultants in Canada.

If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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