As a newcomer in a different city and country, getting your finances right is one of the many ways to settle in quickly and comfortably. Read on for how to understand Saskatchewan’s financial ecosystem and the basics of banking.
Banking in Saskatchewan may be similar or different from what you are used to. Either way, you will require some tips and guidance on how to go about it. You might have heard of the Big 5 banks in Canada namely;
- Bank of Montreal (BMO)
- Royal Bank of Canada (RBC)
- Canadian Imperial Bank of Commerce (CIBC)
- TD Canada Trust
They are so called owing to their market share and presence all over Canada, however there are other banks both traditional and digital banks (such as Tangerine and Simpli Financial banks). The good news is you may decide on any of these five banks as they all have newcomer banking packages. Bear in mind that aside the newcomer benefits and perks, you should also choose a bank with easy access to your home and workplace. Now, let’s check that you should put into consideration before choosing which bank to go for.
In most cases, you would be able to use your bank’s ATM for free as an account holder but you may also be charged if the transaction is over your account’s monthly limit, for instance if your monthly transaction limit is 15, your 16th withdrawal on your bank’s ATM will attract charges . Using other banks and privately owned ATMs (often in bars, restaurants, malls and other public places) will cost you more dollars, If for instance if you already reach your monthly limit, withdrawing will attract 3 fees. First for making additional transaction, two for using other financial institution’s ATM, three for the convenience of using an ATM provider machine. If you are likely to make a lot of withdrawal, you may want to choose a bank with most ATMs across Saskatchewan.
When it comes to bank service fees associated with having a bank account, there is really no way of totally escaping it. The big banks (and even other traditional banks) charge monthly chequing (current account) fees from $3.50 to $30 per month! You can take some steps to minimize how much fees you pay. Consider; maintaining the minimum end-of-day balance during the month, opening a No-fee online bank account- banks like Tangerine’s chequing accounts has no monthly fees and unlimited transactions, stay under transactions and transfers limits amongst other strategies.
Choose your account wisely
Most banks have offers for students, newcomers and senior citizens with is no or a low cost monthly fee. Go for an account that best meets your monthly banking needs. You want to avoid paying for a higher-tier account when you won’t max out the perks except you don’t mind the banks ridiculous fees.
With a bank account right in your grasps, you probably would want to know the investment options on the table.