Of course, if you are going to Canada, you have savings on which you are going to live for the first time, and maybe even funds to invest in housing. There are several ways to bring funds, and today I will tell you how to open an account in a Canadian bank from Russia and transfer funds.

There are several banks in Canada that are willing to provide the service of remote account opening and I contacted several of them through the online chat form or by sending them an e-mail. As a result, I got the following statistics:

• Scotiabank - The bank has a program like StartRight, which allows you to open an account remotely, but the bank employee answered me like this:
  

  Sorry; Scotiabank’s International Account Opening Program is not available in your country.

• HSBC - To open an account while not in Canada, you need to come to a bank office outside Canada, so of course I received the following response from a bank employee:
  

  Please note, you would not be able to set up an account from Russia to Canada as there is no retail banking presence.

• — Despite the fact that on the forums I came across the fact that people managed to open an account remotely, a bank employee categorically, without even recognizing the country from which I was leaving, answered:
  

  You should by physically present in Canada to open bank account. Should I make an appointment after your arrival?

• RBC - This bank has a special form on its website, after filling it out, a bank employee will respond to you within 5 working days. They answered me the next day, hurray! You can open an account in this bank remotely without being a Permanent Resident, but everything will not be easy or quick.

Features of a bank account opened from Russia

And so, you have the opportunity to open an account for yourself alone or a joint account (for yourself and, for example, a spouse) with a tariff no-monthly-fee RBC Day to Day Savings ® account(https://www.rbcroyalbank.com/accounts/day-to-day-savings.html).

The RBC Royal Bank opens a deposit account into which you can only deposit funds; you will not be able to withdraw funds from it until you arrive in Canada. Once the account is opened, you can only make one transaction of no more than $20,000 (CAD) per person.

Online banking will also not be available for this account. You can make sure that the funds have arrived or order a certificate of balance through a personal consultant who is assigned to you by the bank from the very first letter.

Procedure for opening an account with RBC from Russia

Required documents:

1. A copy of two identification documents from the list below:
   • Canadian or Foreign passport (Required)
   • Foreign National ID card
   • Foreign Driver's License
   • U.S. Birth Certificate
   • U.S. Driver's License
   • Canadian Driver's License
   • Canadian Birth Certificate
   • IMM 1000 - Record of Landing
   • IMM 1442 – Temporary Resident Permit
   • IMM 5292 - Confirmation of Permanent Residence
   • Permanent Resident Card
   • Certificate of Canadian Citizenship or Certification of Naturalization (paper or card)
   • Certificate of Indian Status
   • Canadian Social Insurance Number (SIN) card issued by the Government of Canada
   • Canadian Old Age Security card with SIN
   • Provincial health insurance card (not permitted if issued in PEI, Manitoba, Nova Scotia or Ontario)
   • Provincially issued identification card with photo
   • Protocol Identity Card or Acceptance issued by:
     • Global Affairs Canada (GAC),
     • Department of Foreign Affairs, Trade and Development Canada (DFATD)
     • Department of Foreign Affairs and International Trade (DFAIT)
2. A document confirming your status if you are submitting without Canadian documents from the list below:
   • Work or Study o (IMM 1442) permit
   • Application Number, or Port of Entry Letter of Introduction issued by the Immigration, Refugees and Citizenship Canada (IRCC)
   • Permanent Residence Application Number, or Confirmation of Permanent Residence document issued by the Immigration, Refugees and Citizenship Canada (IRCC)
   • Acceptance Letter from a Canadian educational institution
   • Confirmation of enrolment letter from a Canadian educational institution
   • Parent and grandparent super visa or approval letter issued by the Immigration, Refugees and Citizenship Canada (IRCC)
3. Date of expected arrival in Canada
4. Purpose of opening an account in Canada
5. Completed forms that will be sent by the manager by email. For a joint account, you will need to fill out a little more paperwork than for an account with one owner:
   1. Application Form (#116819) for each account holder
   2. Specimen Signature Form (#40830) for each account holder
   3. Specimen Signature Form for Joint Deposit Accounts (#40832) one form with two signatures.

All copies of documents must be certified by a lawyer!

You will need to visit a lawyer who will verify your identification and documents. They must complete the RBC Agent Agreement in the application for each account owner.

As far as I know, RBC works only with those lawyers who are on the list of www.martindale.com (Log in via VPN, does not work from Russia).

After the package of documents has been collected, you need to scan them and send them to the manager for review, he will tell you if everything suits him, and perhaps give advice on what to fix. Then the package of documents will need to be sent by regular mail to the manager and wait until he reviews the application and provides bank account information.

Conclusion

After reading the package of documents and checking with the clerk, I decided that I would open an account immediately after arriving in Canada, and not in advance. I was guided by this:

• There is a possibility that my application may not be considered in the remaining month while I collect the documents and send them by mail. Do I still need to translate from Russian Bank, wait and worry, what if something goes wrong. Time is not on my side as I only gave myself a month to pack my things.
• For new cameras, many banks provide preferential terms opening an account, giving gifts, fighting for clients, changing currency at a preferential rate. I will lose all this by opening an account in advance.

Immigrants may have a more difficult time due to a lack of credit history. The fact that between banking institutions high competition. In case of refusal, you can always go across the road and open an account in another bank.

Most often, the first year of service is free - this is done in order to attract new customers. Don’t hesitate to visit 2-3 banks and find out the conditions; in the long run, this can save you significant money. Also consider the opening hours and the convenience of the branches’ location relative to your home or work. To open an account, you will need two original documents, such as a passport and a driver's license.

Major Canadian banks (RBC, BMO, TD, CIBC and Scotiabank) offer special rates for new immigrants. Don’t forget to look into them, you can often open an account on very attractive conditions.

Price

Keep in mind that each of these banks has mandatory monthly fees for checking accounts. The average Canadian spends on banking services about $220 per year. Now you understand how profitable it is to take part in the “First year of service as a gift” promotion! Depending on the number of transactions, the bank charges from $5 to $30 for its services every month. These fees can be avoided by maintaining your balance above a certain level - $1000-$1500.

In Canada, people are accustomed to writing a check with the amount rather than handing over cash. In 90% of cases, you will have to pay rent this way. A 100-page checkbook will cost approximately $25-40.

For the use of foreign bank cards There are often significant fees involved, so you need to open an account in Canada as quickly as possible.

ATMs

Just like in Russia, it is better to use “home” ATMs to withdraw cash. The fee for withdrawing cash from someone else's ATM (Automated Teller Machine) usually costs one and a half dollars, and if it is a private ATM, it is much more expensive - from $1.50 to $4.50, and maybe more. They should be avoided and used only in extreme cases.

Canada's Best Banks for Immigrants

• Vancouver: Free checking account available from Coast Capital Credit Union. You can use Coast Capital and HSBC ATMs to withdraw cash without fees.
• President's Choice online bank offers free account maintenance, an unlimited number of transactions, and free checkbooks. You can use the CIBC infrastructure to withdraw cash.

Maintaining an account with other banks will cost at least $4 per month, the possibility of free cash withdrawals is limited, and a checkbook costs from $25.

Credit cards

When choosing a bank, it would be a good idea to take a closer look at credit cards in the future. In addition to convenience, many banks offer profitable programs rewards for purchases: free miles, discounts in hypermarkets, online stores, and so on. When analyzing, consider the interest-free period, rate and additional fees, for example when withdrawing cash. Canadians take care of their credit rating, paying off payments on time.

RBC Dexia issues credit cards without checking the borrower's history, which solves the problem of its absence. This option is only available to Canadian citizens and permanent residents. Scotiabank also offers a similar promotion for new immigrants.

The turning point in the process of creating a central bank was The Great Depression 1929-1933 It was difficult to make international payments in Canada when many small banks each managed part of the government's accounts. There was a need to find a means to solve this problem. In 1933, a royal commission was appointed to conduct a survey of the Canadian financial system. Soon the intention to create a central bank was announced.

The Bank of Canada was established as joint stock company in 1934, and the shareholders could not be commercial banks, their employees and foreigners. It began functioning on March 11, 1935.

In 1938 it was implemented nationalization central bank through government purchases of shares of private owners, resulting in the Bank of Canada becoming government agency. He was entrusted with both functions previously performed by other organizations and new powers, including the issue of banknotes. The agencies of the Bank of Canada are the tax bureaus, the department of research of financial development and economic conditions of Canada and foreign countries, the service of operations with currency and securities, the service government debt. The Bank of Canada Act has changed frequently, but the Bank's purpose has always remained the same: to regulate lending and monetary system in the interests economic life countries.

The Bank of Canada is not commercial bank, does not buy shares of commercial banks, does not lend or accept deposits from individuals and companies. The Bank of Canada is responsible for its activities to Parliament, periodically providing it with reports on the work done. The Bank of Canada Act's principal role is to stimulate the economy and financial well-being of Canada.

The bank has the rights of a legal entity. Headquarters is based in Ottawa, but is permitted by the Bank of Canada Act to establish branches throughout the country and even abroad upon approval by the Governor General's Council.

Control The Bank of Canada is governed by a board of directors of the bank, consisting of 12 elected people, the chairman of the Bank and his first deputy, and the current activities are carried out by a board of governors (board), consisting of six people.

The bank's board of directors also includes the Deputy Minister of Finance, but without voting rights. Members of the board of directors are appointed by the Minister of Finance for three years and are representatives of various regions of the country.

The governing board consists of a chairman, his first deputy and four deputies. The Board of Governors determines monetary policy and makes decisions regarding the financial system, i.e. it is the body that provides day-to-day guidance to the Bank of Canada. Betting decisions are made based on consensus.

The manager and his first deputy are elected from among figures with recognized financial competence. They are appointed for a seven-year term without the possibility of early replacement and devote their work time responsibilities assigned to them by the Bank of Canada Act or other federal law.

Monetary policy The Bank of Canada includes two key components that are inextricably linked to each other:

establishing an elastic level of interest rates;

inflation control, the level of which is ensured by interest rate management.

Purpose monetary policy The Bank of Canada has a system of controlling and maintaining inflation at a level of about 2%, the midpoint of the corridor of possible changes in inflation within 1-3%.

The Bank of Canada is also changing its target funding rate daily. Changes in this rate affect interest rates and on the value of Canadian money.

Monetary conditions are determined by two indicators: the interest rate and the exchange rate. A change in monetary policy matters when changes in monetary conditions affect the demand for goods and services.

There is a delay of 18 to 24 months from the time monetary policy is determined to the time it actually impacts the economy. The reason for this is a long process of successive mutual influence of various factors, while it is necessary to limit the imposition of monetary conditions and to influence the level of inflation.

Main functions of the Bank of Canada are:

maintaining a low and stable level of inflation;

ensuring the reliability of money;

maintaining financial stability;

management of Canadian government funds and debt;

ensuring market confidence in the value of Canadian money;

issuance and distribution of Canadian banknotes;

control of the refinancing rate;

management of gold and foreign exchange reserves;

emission savings certificates Canada.

As lender of last resort, the Bank of Canada also provides quick liquidity to eligible institutions credit system if such problems exist.

The Bank closely interacts with financial markets through its presence on foreign exchange markets, carries out trading and management of government securities, and also influences the level of interest rates, setting the overnight rate.

The Bank of Canada is the fiscal agent of the Government of Canada. The role of a fiscal agent comes with certain responsibilities related to the management of public funds. In performing this function, it acts as the government's banker and treasury manager; manages the accounts of the Chief Tax Administrator, through which almost all money is collected and spent by the government. The bank ensures that these accounts will have sufficient cash to meet daily needs and the excess will be invested in deposits.

The bank also manages the government's foreign exchange reserves. These reserves provide essential liquidity to the government's assets and help create the appropriate environment for the Canadian dollar to establish its exchange rate in the foreign exchange market.

The Bank of Canada is part of the Ministry of Finance but has some independence from the government. As for interaction with other business entities, it is a bank for commercial banks.

Government debt primarily consists of outstanding government securities, such as Treasury bills and bonds. The bank makes recommendations to the government on how to best manage this debt and sells government securities at auction to distributors and dealers. The Bank of Canada consists of ten departments:

Research - responsible for providing analysis of the Canadian economy;

financial markets - takes on a set of functions of an operational and analytical nature: implementing monetary policy, managing state finances, monitoring financial markets to improve the implementation of monetary policy, etc.;

Monetary and Financial Research - Conducts research related to the financial sector, closely monitors its activities and submits reports to assist in the development and implementation of monetary policy at the Bank of Canada;

international relations - conducts point-by-point analysis modern development and forecasts the state of economic affairs abroad, presents analyzes and views on issues of interest to international financial bodies, including the International Monetary Fund, and conducts research related to international financial markets and the state of economic affairs abroad;

Executive Services and Legal Services - Participates in the governance of the Bank of Canada by providing decision-making support to senior management and the board. This department also provides legal services to the Bank of Canada and represents it as a legal entity;

banking operations - provides services to the Bank of Canada, as well as issuing money and servicing clients;

public relations - assists the Bank in demonstrating openness and transparency. One of his important priorities is to support the board, which plays a primary role in communications regarding monetary policy at the Bank of Canada;

control - performs responsibilities for conducting an independent assessment of the Bank of Canada's operations on behalf of the bank's senior management and board;

Debt Management Bureau or Debt Management Bureau - provides administrative services and guidance for the government's debt management program;

general services - handles everything else from managing employees to purchasing equipment.

From a national point of view, the role of the Bank of Canada is significant: it strives to promote the economic well-being of Canadian citizens and determines monetary policy that should earn the trust of Canadians. But primarily the Bank of Canada is the financial agent of the federal government. It provides strategic advice to the government to ensure effective debt management and markets securities to merchants and financial market intermediaries.

Banks of Canada. Canada has a stable and very well developed banking system. and society. Canadian banks are among the country's leading employers and are also the largest taxpayers.

Canadian banks have established a wide financial network consisting of more than 8,000 bank branches and more than 18,000 Automated Banking Machines. Canadian banks offer, including online banking and debit cards.

Bank of Canada

The Central Bank of Canada was created in 1934 by the Bank of Canada Act. Bank of Canada is headquartered in Ottawa and Ontario. The Bank of Canada is the sole issuer of banknotes in Canada. Having a monopoly on the printing and issuance of Canadian banknotes. The bank directly influences the value of the currency and its primary purpose is to promote the financial and economic well-being of the country.

The Bank of Canada opened for business in 1935 as a private corporation, but 3 years later it became a Government-owned Public Corporation.

Being responsible for currency security, effective management state funds and government debt, and keeping inflation low and stable, the Bank of Canada currently focuses on keeping inflation rates between 1% and 3% through its authority to set the interest rate paid on borrowed money.

Market supply and demand for the Canadian dollar has now been the determining factor for the value of the country's currency since 1998, with the bank rarely intervening in matters related to the foreign exchange market.

Main directions of the Bank:

1. : This is about keeping inflation low and stable. Its goal is to keep the course predictable. All this is done in order to improve the standard of living of Canadians and ensure stable economic performance.
2. Monetary policy: both the design and issue of banknotes.
3. Financial system: this involves promotion financial systems, which are effective, safe and reliable both domestically and globally.
4. Fund Management: Here the bank strives to provide effective, efficient and quality fund management along with central banking services not only for the bank and the government, but also for other clients of the Bank.
5. Corporate Governance: It is mandated to support the sound management of information, physical, technological, financial resources and all associated infrastructures. The Bank strives to achieve this goal through its development corporate policy and maintaining integrated practices and systems that are cost effective.

The Governor of the Bank of Canada is the chief executive director bank and cannot be removed from office by the Government of Canada, which makes the bank an independent institution.

Five banks in Canada

Canada's known as the "Big Five Banks" are referred to as the "flagship" group of banks that serve as a shining example of banking stability in the world. They are an example financial reliability in the international banking industry.

Canadian Big Five banks account for 85% banking system countries and have a significant presence outside the jurisdiction, especially in Latin America, the United States, Asia and the Caribbean.

The Big Five are the following banks in Canada:

• Royal Bank of Canada (Royal Bank of Canada),
• Toronto-Dominion Bank (Toronto-Dominion Bank),
• Bank of Nova Scotia (Bank of New Scotland),
• Canadian Imperial Bank of Commerce (Canadian Imperial Bank of Commerce),
• Bank of Montreal (Bank of Montreal).

The Big Five Canadian Banks and the Bank of Canada are often referred to as the Big Six banks, accounting for 90% of Canadian banking assets.

Despite financial crises, which arise in , primarily in US banks, these five banks demonstrated the most impressive balance. Interestingly, while the interest rates were the same in both countries, and they also have the status of "too big to fail" banks, the Operating Policies were still significantly different. Canada has a government watchdog, the Consumer Protection Agency. financial services. This agency, in particular, protects consumers from violations of credit laws by financial institutions.

Sometimes you see the term “Big Six Banks”, which is essentially the same as the “Big Five Banks” plus National Bank of Canada (not to be confused with the Bank of Canada - the Canadian Central Bank).

Introduction

Greetings from Canada. My name is Pavlenko Alexey.

Today I would like to talk about Canadian banks. They are quite different from Ukrainian ones, and not always for the better.

When you move to Canada, your life begins with a clean slate. To better integrate into a new society, it is better to observe those around you and see how they use banking products. Cash is practically not used here; people mostly use credit cards and write checks.

Credit history

It is very important to build a credit history; it will help in the future to buy a house on credit, a car, or just some nonsense in installments. And this discovery will help credit card. You get a line of credit that allows you to spend money even if you don't have any. Believe me, this may come in handy at first. The main thing is to replenish your balance on time. Once a month on a certain day it is checked and if there is not enough money there, then your credit history spoils, and you end up with money. But the fines are not that big. I don’t remember exactly, like 20% per annum.

Bonuses for using credit cards

To pay credit cards profitable. Depending on your annual income, available different variants credit cards Both paid and free. For example, after each payment, 1-4% of the purchase amount is returned to me. Another type of card accumulates not money, but points, which can then be exchanged for something. Supermarkets very often ask if there is a card with Air Miles - this is when air miles are added, which can be exchanged, for example, to upgrade service on an airplane from economy to business.

It turns out that the more you spend, the more bonuses you receive. A kind of game, like in children's centers, when machines give out paper tickets, which can then be exchanged for Chinese consumer goods.

Offers from major Canadian banks for new immigrants

There are 5 major banks in Canada: RBC, TD Bank, Scotiabank, BMO and CIBC. In total, their assets amount to more than 4 trillion Canadian dollars. This is a number with 12 zeros.

Bank's name	Asset size (CAD)
Royal Bank of Canada (RBC)	$1 150 357 000 000
Toronto-Dominion Bank (TD Bank)	$1 124 800 000 000
Bank of Nova Scotia (Scotiabank)	$894 961 000 000
Bank of Montreal (BMO)	$681 458 000 000
Canadian Imperial Bank of Commerce (CIBC)	$478 144 000 000

Each of these banks has programs for new immigrants. For example, they will open a bank account for you without any problems, give you a credit and debit card, checkbook, safe deposit box, preferential exchange rate and will also be free of service fees for 6 months. Some clients were also given an iPad. Only, they say, we need to remind you of this.

But I put together such a general picture; it’s better to check current offers on banks’ websites.

Do you want to find a job in Canada?? , during which you'll learn the ins and outs of the Canadian job market, learn how to write a professional resume, and prepare for interviews with Canadian employers.