Personal finances for newcomers to Québec
Start
Menu
Before you leave
Opening a bank account in Québec
Paying for purchases in Québec
Tips to help you manage your finances before you leave.
Choose a bank that’s convenient for you and open an account, hassle-free
Discover the payment methods used in Québec
ADDITIONAL RESOURCES
Before you leave
Activate an international payment option with your bank card
Get a new card that allows for international payments
OR
When you arrive in Québec, there are a lot of things you’ll need to pay for. It might be worthwhile keeping your bank card active, even after opening an account locally.
Did you know?
Some banks can open an account for you before you arrive in Québec. Then once you’re here, you can make an appointment to activate the account. Some banks have agreements with other countries. Do your research!
Opening a bank account in Québec
Choosing a bank
Opening a bank account
Choosing a bank
A number of banks offer services specifically for newcomers:
Desjardins
Bank of Montreal (BMO)
National Bank
RBC Royal Bank
Scotiabank
TD Canada Trust
Canadian Imperial Bank of Commerce (CIBC)
It is important to choose carefully, because rates for transactions, cheques, and other services vary from one bank to the next.
Did you know?
You can compare bank accounts and what they offer using the Government of Canada Account Comparison Tool.
Opening a bank account
To open a bank account, go to the institution of your choice. You will be asked for your and/or passport as proof of identity. You may be asked for an address, without being required to provide proof of residence. An address is often required for you to receive your credit card, debit card, and personal identification number.
social insurance number (SIN)
Did you know?
Contrary to what you may be told, you don’t need a social insurance number (SIN) to sign a contract (rental lease, telephone contract, bank account, etc.). Businesses must allow you to prove your identity in other ways. Your passport, study permit, or work permit are all valid for identification purposes. In fact, Service Canada recommends providing your SIN only when required by law. Always ask about alternatives to a SIN when signing contracts.
Opening a bank account
Once your account is open, you can deposit cash in a currency other than Canadian dollars. It can be a good idea to arrive in Canada with cash from home to deposit. That way you can start using your Canadian bank cards right away while electronic transfers between foreign banks are being set up. When you open an account, you’ll be offered a credit card. If you don’t want one right away, you can ask for a debit card that allows you to make online purchases.
Did you know?
There are many tools available to help you manage your personal finances. Go to the website to learn more.
l’Autorité des marché financiers
Paying for purchases in Québec
Debit card
Credit card
Online transfers
Other methods
Learn about the payment methods available in Québec and choose the ones that work best for you.
Debit card
In Québec you’ll automatically get a debit card when you open an account. But remember, a debit card is not the same as a credit card. They each work differently. A debit card is used to pay for purchases in stores. The amount is debited from your chequing account on the same day. You can also use a debit card to withdraw money at ATMs (an extra fee will be charged if you use another bank’s ATM). However, you will not be able to use it to make online purchases unless you ask your bank for a debit card that has that feature. Otherwise, you’ll need a credit card. You will often see the Interac logo in stores or on ATMs. Interac is the same as using a debit card.
Credit card
Credit cards are used widely in Québec. Unlike in other parts of the world, North American credit cards are not linked to your bank account, but to a credit account from another organization. You will receive a monthly statement that shows your payment due date. There is no obligation to pay in full, but you must pay at least the minimum amount due each month. Any unpaid balance carries a fairly high monthly interest rate (between 9.9% and 19.9%) until you pay off the amount owed in full. Major retail chains and some gas companies offer their own credit cards. Credit card applications in Canada are usually subject to a credit history check, so getting a credit card is tricky for newcomers who often arrive with no credit score. Some financial institutions are more accommodating than others, and for new arrivals, some also offer secured credit cards that are guaranteed by a security deposit. Depending on the credit card you choose, the interest rate, credit limit, payment terms, and annual fees may vary from one institution to another.
Credit Score
Your credit score is based on whether you regularly pay off your credit card debts (and loans) on time. The better your credit score, the more likely you’ll be able to get a loan for things like a home or car purchase. Your creditworthiness determines your credit score. So when you use your credit card, always make your minimum payments on time, or you risk being denied when you apply for a loan. Your credit score can also take a hit if you do not pay certain financial commitments (phone, utility bills, etc.). If you are a newcomer and you don’t have a credit card yet, we don’t recommend applying for one from a major retailer or gas company. With no credit history and no credit score, your application will be denied, and that will have a negative impact on your credit score. When applying for the first time, it’s best to go through a financial institution that will forward your application to Visa, American Express or Mastercard.
Online transfers
A lot of transfers (such as rent payments) are done electronically online via the Interac platform. But to send or receive an e-transfer, you need a Canadian bank account. If a payment deadline is coming up, you can use the Wise platform to make payments between foreign bank accounts at no cost.
Other methods
Cheques Personal cheques are rarely accepted in stores. They are more commonly used for paying rent and invoices and sending payments by mail. Good to know: A voided cheque serves to provide your bank account information. It is the equivalent of a relevé d’identité bancaire (RIB). Canadian currency The currency used in Québec is the Canadian dollar ($). A dollar is made up of 100 cents, and the currency comes in the following denominations: – Metal coins: 5¢, 10¢, 25¢, $1, and $2 – Bank notes: $5, $10, $20, $50, and $100 If you haven’t taken the precaution of getting a small amount of Canadian currency before you leave, you can get Canadian dollars from an exchange bureau at the airport or in most cities (to find one, enter the term “foreign exchange bureau” in your search engine).
Additional resources
To learn more, visit these websites:
- The Canadian banking system and how it works
- Système financier québécois - Vivre à Québec I Québec en tête
- Overview of bank accounts – Épargne Placements Québec
- Refundable tax credits for students - Canada Revenue Agency
- Banks in Canada for foreign students in 2022
Wise:
Cash transfers to and from your country of origin at low cost via Wise
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Transcript
Personal finances for newcomers to Québec
Start
Menu
Before you leave
Opening a bank account in Québec
Paying for purchases in Québec
Tips to help you manage your finances before you leave.
Choose a bank that’s convenient for you and open an account, hassle-free
Discover the payment methods used in Québec
ADDITIONAL RESOURCES
Before you leave
Activate an international payment option with your bank card
Get a new card that allows for international payments
OR
When you arrive in Québec, there are a lot of things you’ll need to pay for. It might be worthwhile keeping your bank card active, even after opening an account locally.
Did you know?
Some banks can open an account for you before you arrive in Québec. Then once you’re here, you can make an appointment to activate the account. Some banks have agreements with other countries. Do your research!
Opening a bank account in Québec
Choosing a bank
Opening a bank account
Choosing a bank
A number of banks offer services specifically for newcomers:
Desjardins
Bank of Montreal (BMO)
National Bank
RBC Royal Bank
Scotiabank
TD Canada Trust
Canadian Imperial Bank of Commerce (CIBC)
It is important to choose carefully, because rates for transactions, cheques, and other services vary from one bank to the next.
Did you know?
You can compare bank accounts and what they offer using the Government of Canada Account Comparison Tool.
Opening a bank account
To open a bank account, go to the institution of your choice. You will be asked for your and/or passport as proof of identity. You may be asked for an address, without being required to provide proof of residence. An address is often required for you to receive your credit card, debit card, and personal identification number.
social insurance number (SIN)
Did you know?
Contrary to what you may be told, you don’t need a social insurance number (SIN) to sign a contract (rental lease, telephone contract, bank account, etc.). Businesses must allow you to prove your identity in other ways. Your passport, study permit, or work permit are all valid for identification purposes. In fact, Service Canada recommends providing your SIN only when required by law. Always ask about alternatives to a SIN when signing contracts.
Opening a bank account
Once your account is open, you can deposit cash in a currency other than Canadian dollars. It can be a good idea to arrive in Canada with cash from home to deposit. That way you can start using your Canadian bank cards right away while electronic transfers between foreign banks are being set up. When you open an account, you’ll be offered a credit card. If you don’t want one right away, you can ask for a debit card that allows you to make online purchases.
Did you know?
There are many tools available to help you manage your personal finances. Go to the website to learn more.
l’Autorité des marché financiers
Paying for purchases in Québec
Debit card
Credit card
Online transfers
Other methods
Learn about the payment methods available in Québec and choose the ones that work best for you.
Debit card
In Québec you’ll automatically get a debit card when you open an account. But remember, a debit card is not the same as a credit card. They each work differently. A debit card is used to pay for purchases in stores. The amount is debited from your chequing account on the same day. You can also use a debit card to withdraw money at ATMs (an extra fee will be charged if you use another bank’s ATM). However, you will not be able to use it to make online purchases unless you ask your bank for a debit card that has that feature. Otherwise, you’ll need a credit card. You will often see the Interac logo in stores or on ATMs. Interac is the same as using a debit card.
Credit card
Credit cards are used widely in Québec. Unlike in other parts of the world, North American credit cards are not linked to your bank account, but to a credit account from another organization. You will receive a monthly statement that shows your payment due date. There is no obligation to pay in full, but you must pay at least the minimum amount due each month. Any unpaid balance carries a fairly high monthly interest rate (between 9.9% and 19.9%) until you pay off the amount owed in full. Major retail chains and some gas companies offer their own credit cards. Credit card applications in Canada are usually subject to a credit history check, so getting a credit card is tricky for newcomers who often arrive with no credit score. Some financial institutions are more accommodating than others, and for new arrivals, some also offer secured credit cards that are guaranteed by a security deposit. Depending on the credit card you choose, the interest rate, credit limit, payment terms, and annual fees may vary from one institution to another.
Credit Score
Your credit score is based on whether you regularly pay off your credit card debts (and loans) on time. The better your credit score, the more likely you’ll be able to get a loan for things like a home or car purchase. Your creditworthiness determines your credit score. So when you use your credit card, always make your minimum payments on time, or you risk being denied when you apply for a loan. Your credit score can also take a hit if you do not pay certain financial commitments (phone, utility bills, etc.). If you are a newcomer and you don’t have a credit card yet, we don’t recommend applying for one from a major retailer or gas company. With no credit history and no credit score, your application will be denied, and that will have a negative impact on your credit score. When applying for the first time, it’s best to go through a financial institution that will forward your application to Visa, American Express or Mastercard.
Online transfers
A lot of transfers (such as rent payments) are done electronically online via the Interac platform. But to send or receive an e-transfer, you need a Canadian bank account. If a payment deadline is coming up, you can use the Wise platform to make payments between foreign bank accounts at no cost.
Other methods
Cheques Personal cheques are rarely accepted in stores. They are more commonly used for paying rent and invoices and sending payments by mail. Good to know: A voided cheque serves to provide your bank account information. It is the equivalent of a relevé d’identité bancaire (RIB). Canadian currency The currency used in Québec is the Canadian dollar ($). A dollar is made up of 100 cents, and the currency comes in the following denominations: – Metal coins: 5¢, 10¢, 25¢, $1, and $2 – Bank notes: $5, $10, $20, $50, and $100 If you haven’t taken the precaution of getting a small amount of Canadian currency before you leave, you can get Canadian dollars from an exchange bureau at the airport or in most cities (to find one, enter the term “foreign exchange bureau” in your search engine).
Additional resources
To learn more, visit these websites:
Wise:
Cash transfers to and from your country of origin at low cost via Wise
DES QUESTION ?
QUESTIONS?
QUESTIONS?
Contac GARE
FINISH