What is the local currency?
What denominations does it come in?
What is the best way to exchange currency?
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Will I be able to use my credit card around town? If not, list when I’ll need cash.
By what method are bills (such as rent and utilities) paid?
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
Will foreign residents be able to find banking services in their native languages?
Are there any restrictions on services for those who are new to your country?
What are typical banking hours?
Are automatic teller machines (ATMs) available around the clock?
Is there any other money information that might help me?
The local currency is the Canadian Dollar. There are 100 cents to one dollar.
Notes: The Canadian Dollar is available in $5, $10, $20, $50, $100.
Coins: All Canadians Coins are the same size and shape as their American counterparts except for the one and two dollar coins which do not exist in the U.S. Coins come in 1, 5, 10, and 25 cent denominations and the $1 and $2 bills have been replaced by coins.
It is worth noting that American coins can be used in Canada, but you will not be able to exchange them. They are in wide circulation, so you will get them from time to time. American coins will also work in most vending machines.
Banks provide you with the best exchange rate on foreign currency because their rates are updated each minute. There are, however, money exchange booths that will exchange your currency at the rate that was listed at opening time. You may notice that your hotel or temporary accommodations also offer the service. These places should be used only as a last resort, as they tend to provide lower exchange rates because they factor in a service fee on each dollar.
If you are unable or do not want to exchange your money, then your other option is to pay for goods and services with credit or debit cards. Almost all stores and service providers accept this method of payment. Each purchase will automatically convert to Canadian dollars, which will be shown on your statement.
Depending on the location, stores will accept cash, traveller's checks, major credit cards and debit cards (personal banking cards used to purchase goods and services). Most stores do not accept personal checks as payment.
The credit cards that are widely accepted include Visa, MasterCard, and American Express .However, only recently has it been possible to pay with credit cards and debit cards in fast food restaurants. Some are still making the transition to this form of payment. Furthermore, when visiting downtown you will notice numerous street vendors selling merchandise and food. These vendors have limited payment options, therefore, it is always good to keep a little cash with you at all times.
Depending on the bill type, several options for bill payment are available to you. They include:
Automatic personal bank account withdrawal set up prior to the payment date(s)
Debit card (personal banking card)
Additionally, most payments can also be done by mail or at your local bank.
When opening a bank account in Canada, you will be required to do the following:
Fill out an application form
Provide two forms of identification (passport, birth certificate, Social Insurance Card and/or any credit cards)
Provide proof of residency (you will need a fixed home address before you apply)
Also, depending on the circumstances, the bank might "hold" funds from your account for a period of time to ensure that you are not a financial risk.
Typically, banking services are offered in English, but they are also available in French at certain branches and on many banks' Web sites. Because Vancouver is home to many different nationalities, there is a good chance that a representative at your bank will speak your language.
Not generally, but this might vary from bank to bank.
Banks are typically open Monday through Friday from 9 a.m.to 5 p.m. At some banks, there might be a day during the week when they stay open until early evening. You should check your local bank's exact hours of business.
ATMs are located everywhere in the city and can be accessed 24-hours per day; however, beware of high service charges for using ATMs that are not affiliated with your bank.
Keep in mind that using debit cards for purchases can be costly due to service fees for each transaction. Credit cards offer postponed payment at the cost of interest incurred on your outstanding balances. Normally the interest is in the range of 17 per cent to 20 per cent. If you plan on keeping a balance, you can opt for a lower monthly interest rate, but you will have to pay an annual fee for this service. In addition, department stores offer discounts and incentives for purchasing items with their store credit cards. However, the monthly interest charges for these cards can be as high as 30 per cent.
Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.