Banking
Moving into a new country or community can involve a whole new monetary system. The Canadian official currency is the Canadian Dollar ($). One dollar is equal to 100 cents (¢). When arriving in Canada, you will realize how the money system is written in several ways. To demonstrate:
$1.33= One Dollar and 33 cents
$0.33= 33 cents
33¢= 33 cents
Canadians use coins and paper money, known as bills. While there are six existing forms of coins, each has a different size, shape and color so they can be easily identified. Paper money; however is all the same size yet different in color.
It is perhaps beneficial to change some money into the Canadian currency before leaving, that way you will have some cash on hand for the smaller purchases you make once you arrive (Royal Bank of Canada).
In Canada, most individuals have bank accounts where they are able to store their money. Using a bank can ensure that your money is safe, secure and unable to be stolen.
Debit Cards
Debit cards are refereed to as check cards. These cards look like credit cards or ATM cards but they operate like a personal check or cash. They are means of “paying now” as opposed to credit cards which means an individual is to “pay later.” Upon using the debit card, your checking or savings account is quickly deducted. Many individuals use debit cards as opposed to cash and the card can be carried around with you. Individuals use this card instead of carrying large amounts of money around. Debit cards are accepted at most locations, including grocery stores, retail stores, gasoline stations and restaurants.
(National Consumers League).
Tips to Using Debit Card Responsibly
- If you debit card is stolen or lost, report to your financial institution immediately
- If you suspect your card is being used fraudulently, report to your financial institution
- Keep receipts from debit card transactions
- Memorize your PIN number, do not carry it with your card
- Never provide your PIN number to anybody else
- Always be aware of how much money is in your bank account
- Keep all receipts in one place
- (National Consumers League).
Credit Cards (Master Card & Visa)
Besides cash or debit method, most retailers and business owners accept credit cards as payments for any purchases made. A lot of the larger purchases bought by a credit card can make the transaction easy and safe. These cards are accept widely, provide many options and can be selected according to what is most appropriate to your needs. Using credit cards can have its advantages:
They allow an individual to purchase larger items without paying any interest until the due date
Monthly statements allow an individual to keep track of their spending
Usages of these cards allow added security and convenience
They can be essential to purchasing certain items and services such as a cell phone, renting a vehicle or online buying
(National Consumers League).
Helpful Links
Universal Currency Converter http://www.xe.com/ucc/
Royal Bank of Canada http://www.rbc.com/canada/before/finances/money.html
Vancouver Canada Tourism http://www.vancouver.hm/money.html
History of the Canadian Dollar http://www.bankofcanada.ca/en/dollar_book/dollar_book.pdf
Symbols of Canada http://www.filibustercartoons.com/canguide_money.php
All banks in Newfoundland offer a variety of banking services while there are many banks to choose from in the community of Grand Falls-Windsor.
Newfoundland and Labrador Credit Union
1 Pinsent Drive
Grand Falls-Windsor, NL A2A 2S8
Contact: Lisa Loveridge
Phone: (709) 489-9051
Website: www.nlcu.com
Bank of Nova Scotia
26 Cromer Avenue
Grand Falls-Windsor, NL A2A 1X2
Contact: Karen Goose
Phone: (709) 489-1700
Website: www.scotiabank.com
Bank of Montreal
3 High Street
Grand Falls-Windsor, NL A2A 2J4
Contact: Tony Stuckless
Phone: (709) 489-2268
Website: www.bmo.com
Royal Bank of Canada
Exploits Valley Mall
19 Cromer Avenue
Grand Falls-Windsor, NL A2B 1A1
Contact: Pat Sampson
Phone: (709) 489-2009
Website: www.rbc.com
C.I.B.C
1 Church Road
Grand Falls-Windsor, NL A2A 2J3
Contact: Wayne Mills
Phone: (709) 489-0812