Comments on: How To Bank in Canada (4/10)

By: American and Canadian English 101 | Correr Es Mi Destino

American and Canadian English 101 | Correr Es Mi Destino — Wed, 16 Feb 2011 17:02:56 +0000

[…] Money vocabulary — I feel sorry for newcomers to Canada: money matters can be confusing here! First, coins have a nickname: toonie ($2), loonie ($1), quarter (25¢), dime (10¢), nickel (5¢), penny (1¢). Then, after you open a bank account, you will notice that a mysterious thing called “INTERAC” is available pretty much everywhere. This is Canada’s national debit card service for purchasing of goods and services. You simply need to have a debit card and a PIN code to use it. Credit cards have their own lingo to, from “grace period” (the period during which the credit may be repaid without penalty) to “credit bureaus” (company that collects and sells information about how people manage their debts). And don’t forget to check your “credit score” regularly, that is the complete information about how you pay bills and loans, how much credit you have, what your debts are, and other info that help lenders decide whether you are a good or bad credit risk. […]

By: Erin

Erin — Sun, 19 Oct 2008 21:53:34 +0000

Let me make another plug for PC Financial bank. It’s affiliated with CIBC. PC Financial does not charge fees for basic transactions, provides free cheques, and has a good interest rate for savings accounts. As far as I know, actual branches are located mostly in Superstore locations–some are staffed and some are not. But the phone service is excellent and you can also do online banking.

By: Zhu

Zhu — Tue, 29 Jul 2008 03:53:04 +0000

@bluefish — I only have one credit card and it’s also to collect aeroplan points. I really don’t want to be in debt and I know how easy it can happen.

@Seraphine — You’re always to witty! Love it. I got my SIN card after I got married. Does that answer your question?

@Eric “SpeedyCat” — Weird, cause here we can have a bank account in US$. Not that we want to right now but…

@DianeCA — I have never used checks because I was too young when I left France. I like debit… it’s more convenient, for sure. Cheques feel old to me!

@RennyBA — Canadians do a lot of transactions online too I think. Now France is pretty backward in term of banking (high fees bad service) but I find Canada “fair” enough.

@Aiglee — Thank you!

@Shantanu — I can email you the “rob a bank” but you don’t know me, okay?

@Ulquiorra — Didn’t even noticed! Yep, in Canada, no messing around with money

@Annie — Thank you! Yep, I guess I love teaching things… even when I’m not working!

By: Annie

Annie — Mon, 28 Jul 2008 05:34:58 +0000

Once again very informative post! I am too surprise to know how much information you have?! And very good to know is you are sharing it with all. This shows you must be a great teacher Keep that up and thanks a ton for all the information.

By: Ulquiorra

Ulquiorra — Mon, 28 Jul 2008 05:06:37 +0000

A Night With The Police

I don’t think I want to bank in Canada…

Ulquiorras last great read…The New Template Is Here!

By: Shantanu

Shantanu — Sun, 27 Jul 2008 20:44:53 +0000

I guess this won’t be of much use to me…maybe you should do a series on How to Rob a Bank in Canada instead. With the way the markets are going in India (-40% in the last six months) and with inflation in double digits, that’s some lesson I could use very soon.

Shantanus last great read…Tasting Menu at Ame

By: Aiglee

Aiglee — Sun, 27 Jul 2008 14:57:37 +0000

This series is really good Zhu, keep up the good work

Aiglees last great read…In search of…

By: RennyBA

RennyBA — Sun, 27 Jul 2008 13:47:12 +0000

I noticed when I was in US with my American wife that the transaction fees was extremely high. Of course I don’t know specifically about that in Canada (other than what you have written here — very informative), but it also strikes me how little automatic invoice paying was also. In Norway we often use automatic payment and electronic billings coming direct to your net based bank account.

By: DianeCA

DianeCA — Sun, 27 Jul 2008 13:11:53 +0000

Heheh I like Seraphine's comments about the SIN card...does sound like fun doesn't it. Yes it is a complicated system and to me it sounds like a middle thing between American and European. Thankfully you don't use checks, we have found out those are a total waste of time, and aren't used here at all...except occasionally to refund and overpayment from a business to a customer. I love my debit card and use it often. The fees here are much lower thought, thankfully!! Good info, and fun to read! DianeCAs last great read...Blog friends beach party in Sweden!

By: Eric "SpeedyCat"

Eric "SpeedyCat" — Sun, 27 Jul 2008 05:53:16 +0000

I want to exchange some Canadian money ... why don't banks here want to do that?? Isn't the Canadian dollar more powerful than US currency now?? Eric "SpeedyCat"s last great read...Space Cat Aging