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Banking in Canada may be different from your home country. We spoke with newcomers from around the world who found these notes worth highlighting.
Banking in Canada may be different from your home country. We spoke with newcomers from around the world who found these notes worth highlighting.
Credit cards are widely accepted at stores and restaurants throughout Canada.
Many Canadians prefer using credit cards, instead of cash or debit cards, because credit cards often have rewards or perks. The more you spend, the more points you could earn to redeem for things like cash back or travel.
For example, Vancity credit cards offer Vancity Rewards.
"I only used credit card for big purchases, but in Canada I use it for everything." — Newcomer from India
Credit cards are also convenient. You can apply for credit cards through banks, credit unions, and some large grocery stores or department stores. With Apple Pay™ or Google Pay™, you can use your phone to pay instead of a physical card.
Though credit cards are everywhere, even long-time users are surprised to discover how their habits can impact, or even harm, their credit score.
Check out our guide to credit cards and guide to credit score for key tips you should know:
Debit cards are also widely accepted. When you use it to pay, the money is usually withdrawn from your chequing account.
You can also use a debit card to withdraw cash at ATMs or branches. Vancity members can withdrawal at 4,000+ ATMs across Canada without a surcharge.
At Vancity, you may hear MEMBER CARD® debit card — it's the same as a regular debit card.
In Canada, many banks and credit unions offer chequing accounts and savings accounts for everyday banking. In some countries, savings accounts may be more like what Canadians call term deposits / GICs. Here's a general idea of their differences:
Chequing accounts | Savings accounts | Term deposits / GICs |
---|---|---|
Usually used for everyday spending. (Ex. using a debit card or paying bills online) |
Usually used for earning a little bit of interest. Savings accounts aren't often used for everyday spending because it usually costs more to make transactions with than chequing accounts. |
Usually earns a higher interest than savings accounts. Term deposits are commonly used as short-term (1 to 5 year) investments because there are strict rules for when you can withdraw your deposits. |
"I didn't expect to pay rent by email." — Newcomer from China
Use Interac e-Transfer® to send money within Canada easily. You can find Interac e-Transfer in online banking on your computer or Vancity's mobile banking app.
Safety tips:
In Canada you can use wire transfers to send money locally or internationally. Refer to our wire transfers resource for forms and cover letters for sending and receiving wire transfers.
Canada is known to be a safe and friendly, but we get a lot of fake phone calls, emails and text messages. Don’t be surprised if you receive scam messages in your home language.
“I got a fake CRA call about my SIN number in my first week.” – Newcomer from the United Kingdom
Common examples of fake messages and calls include:
With a stolen identity, criminals may attempt to open a bank account, borrow money, or claim payments from the government under your name.
If you think you are a victim of identity theft, contact your financial institution, the police, and the CRA. Visit the CRA resource on identity theft for more information.
Scammers and fraudsters may fake an urgent situation to rush you into giving out personal information. If you’re unsure: