Banking in Canada
Opening a bank account
It is recommended that you open a banking account with a bank, credit union or trust company soon after arriving in Nova Scotia. It is not safe to carry large amounts of money (cash) with you. Later, if you move to another part of the province, you can transfer your money to another branch of the bank or trust company. You will be able to deposit or transfer monies from your account in your country of origin, though there are some restrictions on the amounts. Your banking institution will have information on these restrictions.
Take your passport and landing documents with you for identification when you open the account. Search for "bank or credit unions trust company Nova Scotia Canada" in a search engine or look under banking in a phone directory for a branch near you.To open a bank account, you will need at least two pieces of identification such as your passport, social insurance number or personal identification card from Nova Scotia Access.
Automatic Banking Machines (ABM)
Referred to as an ABM, ATM – Automatic Teller Machine, or more commonly as a "bank machine". You will receive a plastic bank debit card when you open an account and you will need to choose a secret password, called a Personal Idenitifcation Number (PIN). Banking machines allow you to:
- Bank 24 hours a day, 7 days a week
- Make deposits
- Make withdrawals
- Make transfers
- Pay bills
- Check balance
There is usually an extra charge for using an ABM not belonging to your own bank. Your debit card, together with your PIN, provides the key to accessing your money. Your PIN acts as your ‘electronic signature’ for your bank accounts that you access with your debit card.
Debit or INTERAC direct payment
In a store, you do not always need cash to buy your purchases. You can withdraw funds from your account and transfer them directly to the retailer. It works just like an ABM, using the same bank card and secret password.
Telephone banking
Most financial institutions have a 24 hours a day, 7 days a week toll-free number that you can call. You can pay bills, get your current account balance, hear your last 5 to 10 transactions and transfer money between accounts. You will need your debit card, and you will need to choose a different password for telephone banking.
Banking on the Web
This method is similar to telephone banking, including buying and selling stocks. You will have to contact your branch in most cases to enable your online access, in addition to your debit card access. The password from your debit card will not be neccessarily your online password, though in most cases, you use your debit card number to access the bank account.
Pre-Authorized Payments
Money can automatically be transferred from your bank account to pay your bills. You can choose to have your bills paid by “Pre-Authorized Debit”. Your banking institution can give you more details on requirements when you open an account.
