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Banking

Here are some of the essential information on banking in British Columbia, Canada.

 

Bank branches near Campus

The college campus is located in downtown Vancouver, therefore it is easy to locate the branches of major banks.  

Here are the list of major banks in Vancouver, British Columbia, Canada.

 

Identification required 

Valid original identification must be presented upon visiting the bank to open a new product and/or service. Two pieces, one of which must come from the list of acceptable primary forms of ID, will be required. Conditions may differ depending on the bank. Some banks may require a letter of reference from your bank at home. 

 

Valid original identification must be presented upon visiting the branch to open a new product and/or service. Two pieces, one of which must come from the list of acceptable primary forms of ID, will be required. Conditions may differ depending on the bank.

 

Primary Identification

  • Canadian Birth Certificate

  • Canadian Driver's License

  • Valid Canadian Passport

  • Certificate of Canadian Citizenship

  • Certification of Indian Status

  • Certification of Naturalization

  • Immigration Canada Documents (IMM 1000, IMM 1442, IMM 5292)

  • Permanent Resident Card

  • BC Services Card

  • Social Insurance Number Card

  • Document or Card issued by any of the following authorities or their successors, bearing your photograph and signature:

  • Insurance Corporation of British Columbia

  • British Columbia Identification (BCID)

 

Acceptable Forms of Secondary Identification

  • Bank Card (with your name and signature) from a Canadian Payment Association (CPA) Member Financial Institution

  • Canadian College/CCEL Student ID Card, bearing your name, photograph, student reference number and a bar code

  • Credit Card (with your name and signature) from a Canadian Payment Association (CPA) Member Financial Institution

  • Employee Identification Card, issued by a well-known company and bearing your name and photograph

  • Valid Foreign Passport

 

Opening a bank account before arriving in Canada

It is possible to open a Canadian bank account before you arrive in Vancouver. However, it may take a longer time to process your application. Therefore it is advised that you approach the bank early so that the bank account can be opened before your arrival in Canada.

 

Find out more from the bank's website.

 

Opening a bank account in Canada

Most banks have student accounts which offer lower service fees for student. It is essential to find out the details for the accounts offered before making your decision. 

 

After your bank account has been opened, the bank will issue you an ATM card. The ATM card can be used in bank machines around the city and it can used as a debit or Interac card. Payment by debit cards are processed and funds are deducted from the bank account immediately. It is suggested that you avoid getting Cash advances from the credit card as they carry high interest rates.

 

It is strongly recommended that you refrain from bringing a large sum of money with you when you are traveling to Canada. ATMs and currency exchange services are available at Vancouver International Airport and at any of the major banks or credit union banks located in the city. Traveller’s cheques and credit cards are widely accepted in Vancouver. If you do not have a Canadian bank account yet and need to withdraw cash from your home country's bank, you can access your bank through the Plus or Cirrus international banking networks at an ATM. Additional fees will be charged on top of the currency transfer rates.

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