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Unlocking Expat Banking: Key Strategies for Managing Your Bank Account in Canada as an Overseas Nepalese Worker

Unlocking Expat Banking: Key Strategies for Managing Your Bank Account in Canada as an Overseas Nepalese Worker

31 Oct 2023


Are you an overseas Nepalese worker trying to settle in Canada? This is your guide on unlocking expat banking at this point in your life. You can find stability in your finances soon once you unlock expat banking, which can be your way to success. Nepalese travel abroad to work and earn for their families back home. They live far away from their homes to give their family a bright future and fulfil their dreams. To support your loved ones as a Nepalese, you may need a bank account to manage your finances and send money to Nepal from Canada.

 

Over the last two decades, Canada's appearance as an immigration destination has increased. Between July 1, 2021, and June 30, 2022, 492,984 people immigrated to the country. This marks a significant increase compared to the 2000-2001 period when around 252,527 immigrants arrived in Canada.

 

Many Nepalese expats need help to settle down in a new country like Canada, and many challenges are ready once they enter the country. Managing finances is a significant hurdle, enclosing earning, saving, and transferring money online to Nepal. These things can be your major setback once you're in Canada if you do not plan properly. 

 

This guide will give you a deeper understanding of how the financial situation can be handled by expat banking in Canada as a Nepalese expat.

 

Understanding Canadian Expat Banking

Canada provides a robust and secure banking system crucial to the country's economy. Whether you are an expat or resident, it is essential to understand Canadian banking. In Canada, there is a long list of types of banks that you can sign up to unlock expat banking.

Types of Banks in Canada

At first glance, it may seem challenging to understand Canadian banking as a Nepalese expat who needs to send money to Nepal regularly. However, when you learn it with a little effort, you make informed decisions about your hard-earned money. There are mainly two types of personal banks: chequing accounts and saving accounts. With a chequing account, you can access money anytime to make daily transactions. 

On the other hand, a savings account gives you profit over time in the form of interest. The famous banks include the following:

  • Big six banks, including CIBC, RBC, Scotiabank, BMO, TD Bank, National Bank of Canada 
  • Credit Unions 
  • Caisses Populaires
  • Online-only banks, also called digital banks

Key Banking Terminology You Should Know

If you are a Nepalese expat, understanding the banking world is essential to manage your financial affairs effectively. Before you start to unlock expat banking, there are a few terms you should know the meaning of to understand better what you are going for. These terms are as follows:

Chequing Account

This bank account is where one can keep all the money for regular transactions. Withdraw cash, pay bills, and pay for stuff using the funds in your chequing account.

 

Debit Card

This is the card that is linked to your bank account directly. You can use your debit card to sign in to mobile and online banking, get cash at ATMs, and pay for store items. You will get this card when you open up a bank account. Your debit card will enable you to send money online to Nepal from Canada.

 

Pre-Authorized Payments

This automatic payment or standing instruction allows you to pay bills, membership, and fees from your account.

 

Opening And Setting Up Your Bank Account 

As a Nepalese expat, you can unlock expat banking by going to the bank you researched earlier. 

Whatever bank you choose should be the right bank account for you and that helps you achieve your financial goals effortlessly. You need to consider a few things when setting up your bank account.

Researching Canadian Banks

Before you enter Canada, you should know different Canadian banks to get started even before you enter the country. This will protect you from the hassle of getting into research when you're struggling to settle in Canada. Your language skills should allow you to enter Canadian culture and community independently. For further assistance, learn how to adjust to a new work culture as a Nepalese expat.

 

Gathering Required Documents

The above research will also inform you what documents you need to get your bank account. This way, you can form a complete file of required documents and keep it aside when opening a bank account. It saves time and also keeps you stress-free in the new country. 

 

Setting Up Your Banking Goals

In this step, you will form realistic banking goals and stick to them religiously. You will have a fair view of what you expect from your first six months in Canada and will be able to see life there. This will help you from getting distracted and will be your first step towards a stable financial life. Here, you can also list how much money you will set aside for money transfers to Nepal to your family back home.

Account Types and Features

Once you contact authorities in the bank of your choice, you will know the types and features of available accounts to sign up. Here, you will be able to understand the concepts because you are already aware of the banking terms mentioned earlier in the guide. You are ready to take your financial journey by a good start. 

 

The Application Process of Traditional Banking

After filling out the required documents and providing the documents for your information, your application process can be started. At the end of this application process, you will have your bank account, a debit or credit card, and your unlocked expat banking journey.

 

Managing Your Bank Account

When you open and set up your bank account as a Nepalese Expat living in Canada. One should manage their bank account efficiently. You need to know all the crucial factors that can benefit you, such as online banking services and automatic payments from the comfort of your home. 

1. Online Banking Services

Online banking services have been on the rise mainly since COVID-19 hit. That was when most people moved to the online banking sector not to have to queue up in lanes outside banks even when lockdowns were removed. You can also use the same services and get your bank account active and running on your phone.

 

2. Setting Up Automatic Payments

With banking services and your online account at a bank, you can manage sending automatic payments for each week or month. This will keep you from manually making a transaction every time you have to do one, and your family will receive money back home automatically.

 

3. Understanding fees

You should also know that certain rates and fees apply to your money transfers, mainly internationally. Banking types charge you differently, and you should know the charges applicable to your money transfers. These rates fluctuate, so you must find an online money transfer service such as ACE Money Transfer with the best exchange rates and transfer costs to send money online to Nepal from Canada.

 

Your journey as a Nepalese expat in Canada can be as smooth as you want if you come prepared. You can unlock your expat banking and make the most out of it with proper information about the banking sector and how to start your bank account once you enter Canada. This is your chance to establish strong financial grounds to send money to Nepal back home.

 

Conclusion

Your best strategy for unlocking expat banking is to be well-informed about different terms and topics used in the Canadian banking sector. You should know about different bank types in Canada, the types and features of bank accounts, and different banking terminologies. You should also see your clear banking goals to have a firm foot in your financial journey as a Nepalese expert in Canada.

 

Planning is always better than getting to know things through trial and error. As a Nepalese worker in Canada, you have the strength to start your banking journey and achieve your financial goals. So you can also send money from Canada to Nepal to support your family.

 

FAQs:

Are there specific considerations for sending money back to Nepal from a Canadian bank account?

Yes, understanding the limitations of daily or monthly transactions and changing exchange rates for different currencies is crucial. Making knowledgeable judgments for international transfers requires research into reputable money transfer services.

How can I prepare before arriving in Canada to open a bank account?

Researching Canadian banks beforehand and compiling necessary documents, such as identification and proof of address, ensures a smooth account setup upon arrival.

What banking terminologies should I know when managing myaccount in Canada?

It's essential to understand terms like chequing accounts (for regular transactions), debit cards (linked directly to the bank account), direct deposits (electronic payments), savings accounts (for long-term goals), and pre-authorized payments (automatic bill payments).

Can I access my bank account and manage finances online?

Yes, most Canadian banks offer robust online banking services, allowing you to manage your account, pay bills, and transfer funds from a smartphone.

 

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