If you decide to make Quebec your home, you might consider opening a bank account. Learn about the banking system in Quebec by reading this article.
To open a bank account in Quebec, simply visit the branch of your preferred bank. Fill out the account application form, providing your contact details for scheduling an appointment. Alternatively, you can also request an appointment online.
How do I open a bank account in Quebec?
During your appointment, you'll typically need to present two forms of identification, such as your social insurance number, passport, or study permit. Some banks may also request proof of address and the names and addresses of a few "referees" in Quebec, like your landlord or employer.
Once you provide these documents, your account will be easily opened, and you'll receive an instant debit card, "Interac", which you can use at ATMs and stores. If needed, you can later request batches of 50 or 100 cheques.
Getting a credit card in Quebec
In Quebec, a credit card operates based on a predetermined credit amount allocated by the bank. Essentially, the bank permits you to borrow up to a specified "credit limit" associated with your card, distinct from your deposit account. This borrowed amount needs to be repaid by the end of each month. Failure to do so results in the bank charging you interest.
New immigrants in Quebec can acquire a credit card even without establishing a credit history. Numerous banks are willing to provide newcomers with a credit card, typically with a set credit limit. Some may request you to secure the same amount in a deposit account to prevent any unpaid bills. Additionally, certain banks offer special deals for students in Quebec, such as providing a credit card with a modest credit limit.
In Canada, credit cards involve a predetermined amount that the bank lends you, and it's crucial to pay it back monthly to avoid interest charges. Using this card helps you establish a credit history in the country. As time passes and you maintain a positive track record, you can consider applying to raise your credit limit.
Newcomers should make a clear distinction between Canadian debit and credit cards. You can refer to the National Bank of Canada's page, which provides a detailed explanation of the differences.
Banking in Quebec
Typically, the Interac debit card isn't suitable for online purchases, with a few exceptions. When used at ATMs outside your network, there's a flat fee ranging from CA$1 to CA$3 per transaction. Your banking package will allow a specific number of debit card transactions, and exceeding that limit will incur additional fees.
It's worth noting that certain banks don't charge account maintenance fees if you maintain a pre-agreed balance in your account. The use of cheques is quite restricted in Quebec, primarily limited to paying rent or bills, and not widely accepted in business transactions. When opening your account, feel free to inquire with your advisor about any special offers for newcomers, as banks often have such promotions. You might, for instance, qualify for a year of free unlimited transactions with your debit card.
If you plan to transfer funds between your bank account in your home country and your Canadian account, you'll encounter fees and commissions, which can differ among banks. Nowadays, the easiest and most cost-effective method is to utilize a money transfer service like Wise, TransferMate, or WorldRemit.
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