13 Dec 2022
Moving to another country from India itself is a lot of work. But it comes with many other responsibilities and never-ending to-do lists, from setting up to finding a place to live. It's a continuous streak of tasks. Apart from that, opening a bank account is another shoulder pain. You can not move to Canada before opening a bank account. It is essential for everyday utilities like paying bills to do groceries. Moreover, you need a bank account if you are moving to Canada for a job. You can send money to India without having a bank account but having one can help you in various matters.
While searching about expat life in Canada, you must have already seen the importance of opening a bank account there. If you have difficulty opening a bank account in Canada and sending money to India, we are here for you. In this blog, we will provide you step by step guide on how to open a bank account.
Following are all the essentials of opening a bank account. You can get a brief overview of application generation, the variety of banks you can choose from, and the fees.
Opening a bank in Canada is not informal or casual. You need to provide valid documentation for verification before opening a bank account. We have made the list of documents you are going to need so that you can avoid hurdles in the future.
Most banks also accept immigration papers or temporary residence and work permits in place of permanent residency cards.
You can choose from many banks and credit unions in Canada. When you select a financial institution for opening an account, make sure to check the details. Look for the number of branches, operational centres, types of bank accounts available, credibility, etc. Looking for the exchange rates the bank offers is imperative for making a money transfer to India from Canada.
Online banks offer exceptional exchange rates compared to traditional banks, and their transfer time is much less. Consider service charges and locations before making a final decision.
According to a report, more than 80 banks are operating in Canada. Following is the list of some top banks, online service providers, and credit unions you can rely on for your financial dealings.
After choosing the bank of your interest, make an appointment with the bank to open an account. The meeting can be arranged by phone or online.
There are several types of accounts. You can have multiple accounts based on your needs and usage.
A chequing account is an everyday-use account having very little interest. You can easily withdraw money to pay credit card bills and write cheques. A savings account is more suitable for long-term savings because it earns more interest than a chequing account.
A foreign currency account is very utilisable, especially if you have to make money transfers often. You can keep the money in different currencies in this account.
Before adding a full stop to the procedure, ask the bank's advisor about its terms and conditions, as they vary between the banks. Have a look at transaction fees as well.
After setting up a Canadian bank account, a representative will give you a debit card. A personal identification number or PIN code will provide you with access to ATMs. Never reveal your PIN to anyone. A debit card allows you to deposit bills and pay for store items and food at restaurants by using a card. In this way, you are also relieved from carrying too much cash.
Check if your bank provides you with the luxury of online banking. Most of the banks have already included this service following the trend. Online banks allow you to check your amount in the bank. You can also pay your bills through it. Moreover, you can send money to India online using these services. However, you must ensure to check the exchange rates and the costs involved in sending money abroad through online banking. Traditional banks are open for Monday to Friday during the daytime. At the same time, online banks are also open on weekends. Online banking has taken over the stage with 24/7 availability.
If you have all the documents sorted out and the bank provides this luxury, you are in heaven’s arms. You have saved yourself from a lot of hard work and visits. You can open an account from home while switching channels. You do not have to wait in a queue for your turn. Some banks in Canada provide complete processing online, while others don't.
Contact the bank before applying online because it also depends on the circumstances of your documents and the type of account.
Once you have sorted out your bank account in Canada, it is easy to send money to India. But beware of the hidden fees and exchange rates offered by traditional banks. First, they may charge you minimal costs, but by the end of the transaction, it sums up into a giant money cut and disappoints your family. The money also takes a few days to arrive. Traditional ways of transferring money are not suitable for immediate transfers.
There is no need to worry when you have ACE Money Transfer at your service. It is a simpler and the most economical alternative to sending money to India. No unfavourable exchange rates can bother you now. You can send money to India for transparent fees using ACE Money Transfer.
It provides a cheaper and smooth transfer that is secure, swift, and reliable. When you do a transfer through ACE Money Transfer, it is not burdened with unnecessary markups. This is the best user-friendly online remittance provider.
After reading this blog, opening a Canadian bank should not work for you, as we have provided a step-by-step guide to opening a bank account in Canada and sending money to India. We have overviewed all the levels you will go through while opening an account. Choose ACE Money Transfer to make an instant, fast, secure, and economical online money transfer to India from Canada 24x7 right from the middle of your comfort zone through its mobile app or website.