Top 5 Banking Services Canada Wants You To Know

Learn about options for accessing financial services from Canadian Banks.

As immigrants flood into Canada in a large number every day, Canada wants you to know and have a good knowledge of certain banking services so as to ease the stress of newcomers. In Canada, there are a few different types of banking services that people can use. The first type of service is called retail banking. This is when people use banks to manage their everyday finances, such as deposits, withdrawals, and transfers.

The second type of service is called commercial banking. This is when businesses use banks to manage their finances, such as loans and investments. The third type of service is called investment banking. This is when banks help people invest their money in stocks, bonds, and other financial products. Each of these services offers different benefits and features, so it’s important to choose the one that best suits your needs.

Talking about Bank Services, it is good to know that most Canadian banks offer synonymous quality services with online and telephone banking, mobile banking apps, Automated Teller Machines (ATMs), debit and credit cards, bank loans, and others.

#1. Automated Teller Machines (ATMs)

It is generally convenient to use. These self-service machines allow a user to do basic banking activities like; money deposits and withdraws, funds transfer between accounts, account statements prints, and other services, with a debit or credit card. Using an own-bank ATM is free of charges, Besides, charges with using ATMs from other banks, using private owned ATMs commonly found in public places, will attract added charges by both the machine and your bank.

#2. Bank Cheques

In Canada, cheques are usually used to pay bills by mail, to pay larger amounts such as accommodation, as a form of payment where credit cards or direct payments are not allowed. It is important to observe that you must have enough money in your account to pay the amount specified in full on the cheque. If you don’t, the cheque will bounce-back for non-sufficient funds (NSF) and your bank will charge a fee.

#3. Debit Cards

Canada wants you to know that debit cards are available as an alternate form of payment anywhere without any additional fees. For this cause, Canadians take very little cash with them. The Interac system is a collection of banks and merchants which use the same payment system. Utilizing Interac e-transfers help you transfer money online to persons who have a Canadian bank account with access to Interac email transfer. Its uniformity removes additional bank account details.

#4. Credit Cards

Obtaining credit means borrowing money to buy something and pay back later with interest. Interest rates are often on the high side. If you choose to begin using a credit card as a newcomer, you can apply for it at most banks. Credit cards enable you to spend money on credit and billed for it within a month. If you pay back a borrowed amount as at due date, you won’t be charged any interest fee. There are credit card reward schemes you could sign up for that earns you points for each purchase with the credit card which can also help you pay for products and services.

#5. Bank Loans

Canada wants you to know that Canadian banks provide a variety of loans services such as; personal loans and those for business. Personal bank loans can help you handle important payments such as post-secondary education, cars, home renovations, and others. Loans are granted at the discretion of the bank. With a personal loan, a borrower can receive a fixed dollar amount which should be repaid in full plus interest over a fixed period of time.

As a reminder before you sign a loan agreement, it is important you understand your duties in terms of payment schedule, late or missed payments, co-borrowing, and interest rates.