{"id":19400,"date":"2023-01-03T18:55:06","date_gmt":"2023-01-03T13:25:06","guid":{"rendered":"https:\/\/test-blog.unicreds.com\/blog\/?p=19400"},"modified":"2024-10-16T15:57:21","modified_gmt":"2024-10-16T10:27:21","slug":"banking-system-in-canada","status":"publish","type":"post","link":"https:\/\/unicreds.com\/blog\/banking-system-in-canada\/","title":{"rendered":"Understanding The Banking System In Canada"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/unicreds.com\/blog\/banking-system-in-canada\/#What_Are_The_Basics_Of_The_Banking_System_In_Canada\" >What Are The Basics Of The Banking System In Canada?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/unicreds.com\/blog\/banking-system-in-canada\/#How_does_The_Canadian_Financial_System_Work\" >How does The Canadian Financial System Work?<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"bsf_rt_marker\"><\/div>\n<p><\/p>\n\n\n\n<p>If you&#8217;re a student who&#8217;s travelling to Canada to pursue your education, there are a lot of things that require your attention. Apart from the accommodation, shopping, and most importantly, referring to the checklist and packing your bag. There are other aspects that are important for your survival in Canada. One of the most essential things for you to do is to understand the banking system in Canada. As a student, having a bank account can help you manage your finances in a distant land. In this guide, we have covered some key information about the Canadian financial system.<\/p>\n\n\n\n<p>If you&#8217;re familiar with the banking system in India and have some knowledge of how a bank usually functions, you may have to lock that in a vault inside your mind and start understanding the Canadian banking system with a fresh perspective. Naturally, there are going to be some differences in the process, but you need to learn and adapt so that you can spend your time here without any hassle. All you have to do is simply read along with this guide to learn more about the same.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_The_Basics_Of_The_Banking_System_In_Canada\"><\/span><strong>What Are The Basics Of The Banking System In Canada?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Before getting into the detailed process, you may want to start nice and slow. Understanding the banking system in Canada can be a tad confusing, but with a little focus, you&#8217;ll be fine. In this guide, you will learn about the types of accounts, the services offered by the banks, knowledge of Mortgages and different Loans, etc.<\/p>\n\n\n\n<p>There are two types of banks that function in Canada and are the pillars of the Canadian banking system. Those are as follows,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Central Banks<\/strong><\/li>\n\n\n\n<li><strong>Chartered Banks<\/strong><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Central Banks<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Central Banks are regulated by the Federal Government and play an important role in the banking system in Canada. These banks hold government subsidiaries and also lend money to Commercial banks when they need it, but only as a last resort.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Chartered Banks<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Chartered banks or Commercial banks are basically private banks that fund themselves with public investments. These banks are founded on the basis of investment and they have a governing body called the Board of Directors. The members of this board supervise the activities of the top management and are involved in the decision-making process.<\/p>\n\n\n\n<p>Commercial banks provide loans and mortgages to the public for their private needs such as home loans, car loans, property loans, etc.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"text-align: center;\">\n    <button style=\"background-color: #289048; color: white; border: none; padding: 10px 20px; border-radius: 5px; font-size: 18px; font-weight: bold;\">\n        <a href=\"https:\/\/unicreds.com\/education-loan-eligibility?utm_source=uc-blog&amp;utm_medium=organic&amp;utm_campaign=eligibility-button\" target=\"_blank\" style=\"text-decoration: none; color: white;\" rel=\"noopener\">Check Your Eligibility<\/a>\n    <\/button>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_The_Canadian_Financial_System_Work\"><\/span><strong>How does The Canadian Financial System Work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2023\/01\/03183353\/alexander-mils-lCPhGxs7pww-unsplash-min-1024x683.jpg\" alt=\"Banking System in Canada\" class=\"wp-image-19405\" srcset=\"https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2023\/01\/03183353\/alexander-mils-lCPhGxs7pww-unsplash-min-980x653.jpg 980w, https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2023\/01\/03183353\/alexander-mils-lCPhGxs7pww-unsplash-min-480x320.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1024px, 100vw\" \/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>The banking assistance provided by both types of banks is similar and has negligible differences depending on the respective governing body.<\/p>\n\n\n\n<p>There are two types of accounts offered to customers. They are as follows,<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Chequing Account<\/strong><\/li>\n\n\n\n<li><strong>Savings Account<\/strong><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Chequing Account<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>A Chequing account is an account that lets customers conduct their daily transactions. Through this account, you can operate your frequent or regular deposits and expenditure. For example, if you want to buy groceries, you can transact through a Chequing account. If you want to provide your bank details to your employer for a regular income, you can provide the details of the Chequing account.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Savings Account<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>A Savings Account is a type of account that you won&#8217;t be handling on a daily basis. Through this account, you can carry out your investments or you can deposit your savings for future endeavors. For instance, you&#8217;d rather save your money than take a loan so that, you can deposit your funds into the Savings account.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<style>\n        .container {\n            width: 100%;\n            height: 70px;\n            background-color: #F5F5F5;\n            position: relative;\n        }\n        .vertical-line {\n            position: absolute;\n            left: 0;\n            top: 0;\n            width: 7px;\n            height: 100%;\n            background-color: #417B28;\n        }\n        .text {\n            position: absolute;\n            left: 25px;\n            top: 50%;\n            transform: translateY(-50%);\n            color: black;\n            font-family: \"Poppins\", sans-serif;\n            font-size: 18px;\n            padding: 0;\n        }\n        \/* The new CSS class for the anchor tag *\/\n        .link {\n            line-height: 1.5; \/* Default line height for desktop *\/\n        }\n        \/* CSS Media Queries *\/\n        @media only screen and (max-width: 768px) {\n            .container {\n                height: 100px;\n            }\n            .vertical-line {\n                width: 5px;\n            }\n            .text {\n                font-size: 14px;\n            }\n            \/* Increase the line height for mobile *\/\n            .link {\n                line-height: 2;\n            }\n        }\n        @media only screen and (max-width: 480px) {\n            .container {\n                height: 80px;\n            }\n            .vertical-line {\n                width: 3px;\n            }\n            .text {\n                font-size: 14px;\n            }\n            \/* Increase the line height for mobile *\/\n            .link {\n                line-height: 1.5;\n            }\n        }\n    <\/style>\n\n    <div class=\"container\">\n        <div class=\"vertical-line\"><\/div>\n        <div class=\"text\"><b>Know About :<\/b> <a href=\"https:\/\/unicreds.com\/blog\/how-much-should-i-save-each-month\"target=\"_blank\"rel=\"noopener noreferrer\">Savings in a month<\/a><\/div>\n    <\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>While using a Chequing account, you get several options to transact your expenses. Along with that, you can avail of other services to buy products. The list of services included in the banking system in Canada is given below.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>ATM<\/strong><\/li>\n\n\n\n<li><strong>Bank Loans<\/strong><\/li>\n\n\n\n<li><strong>Cheques<\/strong><\/li>\n\n\n\n<li><strong>Credit cards<\/strong><\/li>\n\n\n\n<li><strong>Debit cards<\/strong><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>ATM<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"819\" height=\"1024\" src=\"https:\/\/cdn.unicreds.com\/blog\/wp-content\/uploads\/2023\/01\/03183545\/eduardo-soares-TA5DYQ3Pvi8-unsplash-min-819x1024.jpg\" alt=\"Banking System in Canada\" class=\"wp-image-19406\"\/><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<p>ATMs are physical portals from where you can withdraw your money from your bank account, or you may also deposit through the machine. Apart from that, you can get your bank statements and transfer money to other accounts. However, in order to do so, you need a debit or a credit card which you will be offered during the time of opening an account. ATMs are scattered throughout several locations depending on the availability of the banks in a particular area.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"text-align: center;\">\n    <button style=\"background-color: #289048; color: white; border: none; padding: 10px 20px; border-radius: 5px; font-size: 18px; font-weight: bold;\">\n    <a href=\"https:\/\/unicreds.com\/abroad-education-loan?utm_source=uc-blog&amp;utm_medium=organic&amp;utm_campaign=apply-for-abroad-education-loan-button\" target=\"_blank\" style=\"text-decoration: none; color: white;\" rel=\"noopener\">Apply For Abroad Education Loan Now!<\/a>\n<\/button>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Bank Loans<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>The banks offer loans to customers at a certain rate of interest. Customers sometimes undertake a loan for personal reasons. You can borrow a certain amount from the bank and discuss the terms of repayments. You simply have to visit the bank and have a word with the concerned authorities at the branch.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Cheques<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>You can write cheques for your heavy expenditure. In Canada, people still write cheques for many things and is a core part of the banking system in Canada. You can transfer the money from your account to another account with cheques. You will receive a Chequebook when you open an account. If you&#8217;ve used up all your cheques, you can put a request for a new Chequebook in the bank.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Credit Card<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>A credit card is a very useful transactional instrument if you use it correctly. When you use this card, you borrow money from the bank and you can pay the amount with interest later. Now, be mindful of using this card as your repayment will affect your credit score.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Debit Card<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>A Debit Card is another option for you to transact on a daily basis. You can use the dollars in your account with no or negligible charges. So, you don&#8217;t have to carry much cash with you. You can use a Debit card at most shops as it is a popular practice in the banking system in Canada.<strong>.<\/strong><\/p>\n\n\n\n<!-- JS code for AMP -->\n<script>\n    window.onload = function(){\n        window.scrollTo({top: 0});\n        document.getElementById(\"amp-form-referrer\").value = getCookie('referrer')\n        \/\/ document.getElementById(\"amp-bottom-form-element\").value = `bottom-form-${window.location.pathname}`\n    \n        const openButton = document.getElementsByClassName(\"open-form-wrapper\")[0];\n        openButton.onclick = function() {\n            document.getElementById(\"mainContainer\").style.display=\"none\";\n            document.getElementById(\"amp-form-element\").value = `floating-button-${window.location.pathname}`\n            window.scrollTo({\n                top: 600,\n                behavior: 'smooth'\n            });\n        };\n        \n        const closeButton = document.getElementsByClassName(\"close-btn\")[0];\n        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 <amp-lightbox id=\"my-lightbox\" layout=\"nodisplay\">\n        <div class=\"lightbox\" role=\"button\" tabindex=\"0\">\n            <div class=\"lightbox-wrapper\">\n                <p class=\"custom-heading\">Looking for student Education Loans?<\/p>\n                <form class=\"my-form\" method=\"post\" action-xhr=\"https:\/\/unicreds.com\/api\/v1\/forms\/leads\/personal\" target=\"_top\">\n                    <div class=\"input-wrapper hide-on-submit\">\n                        <div class=\"input-field-wrapper\">\n                            <label class=\"custom-label\" for=\"fullname\">Name<\/label>\n                            <input class=\"amp-input\" type=\"text\" name=\"name\" id=\"name\" placeholder=\"John Doe\" required=\"\" autofocus=\"\">\n                        <\/div>\n                        <div class=\"input-field-wrapper\">\n                            <label class=\"custom-label\" for=\"email\">Email<\/label>\n                            <input class=\"amp-input\" type=\"email\" name=\"email\" id=\"email\" placeholder=\"johndoe@email.com\" required=\"\">\n                        <\/div>\n                    <\/div>\n\n                    <div class=\"input-field-wrapper hide-on-submit\">\n                        <label class=\"custom-label\" for=\"phone\">Phone Number (with country code)<\/label>\n                        <input class=\"amp-input\" type=\"text\" name=\"phone\" id=\"phone\" value=\"+91\" placeholder=\"Phone Number (with country code)\" required=\"\">\n                    <\/div>\n                    <div class=\"input-wrapper hide-on-submit\">\n                        <div class=\"input-field-wrapper\">\n                            <label class=\"custom-label\" for=\"country\">Country<\/label>\n                            <input class=\"amp-input\" type=\"text\" name=\"country\" id=\"country\" placeholder=\"Country\" required=\"\">\n                        <\/div>\n\n                        <div class=\"input-field-wrapper\">\n                            <label class=\"custom-label\" for=\"loan_amount\">Loan Amount<\/label>\n                            <input class=\"amp-input\" type=\"number\" name=\"loan_amount\" id=\"loan_amount\" placeholder=\"Loan Amount\" required=\"\">\n                        <\/div>\n                    <\/div>\n                    <div class=\"input-wrapper hide-on-submit\">\n                        <div class=\"input-field-wrapper\">\n                            <label class=\"custom-label\" for=\"uni_join_time\">University Join Time<\/label>\n                            <input class=\"amp-input\" type=\"date\" name=\"uni_join_time\" id=\"uni_join_time\" required=\"\">\n                        <\/div>\n                        <div class=\"input-field-wrapper\">\n                            <label class=\"custom-label\" for=\"admission_status\">Admission Status<\/label>\n                            <select class=\"amp-input\" name=\"admission_status\" id=\"admission_status\" required=\"\">\n                                <option selected=\"\" disabled=\"\" hidden=\"\">Admission Status<\/option>\n                                <option value=\"Not Applied\">Not Applied<\/option>\n                                <option value=\"Applied\">Applied<\/option>\n                                <option value=\"Confirmed\">Confirmed<\/option>\n                            <\/select>\n                        <\/div>\n                    <\/div>\n                    <div class=\"submit-wrapper hide-on-submit\">\n                        <input type=\"hidden\" name=\"lead_id\" id=\"lead_id\" value=\"\">\n                        <input type=\"hidden\" name=\"utm_source\" id=\"utm_source\">\n                        <input type=\"hidden\" name=\"utm_medium\" id=\"utm_medium\">\n                        <input type=\"hidden\" name=\"source\" id=\"source\" value=\"blog\">\n                        <input type=\"hidden\" name=\"element\" id=\"amp-form-element\" value=\"\">\n                        <input type=\"hidden\" name=\"referrer\" id=\"amp-form-referrer\" value=\"\">\n                        <button class=\"close-btn\" on=\"tap:my-lightbox.close\">\n                            Cancel\n                        <\/button>\n                        <input class=\"submit-btn\" type=\"submit\" value=\"Submit\">\n                    <\/div>\n                    \n                    <div submit-success=\"\" class=\"submit-message\">\n                        <template type=\"amp-mustache\">\n                            <img decoding=\"async\" src=\"https:\/\/di2vt7hcm6vs0.cloudfront.net\/site-static\/utils\/success.gif\" style=\"width: 8rem; height: 8rem;\">\n                            <p style=\"margin: 1rem 0;\">Your enquiry has been successfully received. We&#8217;ll get in touch within 24 hours via email\/phone.<\/p>\n                            <p style=\"margin: 1rem 0 2rem;\">Don\u2019t let your friends miss out on all the fun! Simply <a href=\"https:\/\/unicreds.com\/refer-and-earn\">refer your friend<\/a> to take loan and get Rs. <span class=\"red\">5000<\/span>.<\/p>\n                            <span class=\"submit-btn\" on=\"tap:my-lightbox.close\">\n                                Continue reading\n                            <\/span>\n                        <\/template>\n                    <\/div>\n                    <div submit-error=\"\" class=\"submit-message\">\n                        <template type=\"amp-mustache\">\n                            <p style=\"margin: 2rem 0;\">Error! Please check all the values and try again<\/p>\n                        <\/template>\n                    <\/div>\n                <\/form>\n            <\/div>\n        <\/div>\n    <\/amp-lightbox>\n    <button class=\"open-form-wrapper\" on=\"tap:my-lightbox\">\n        <div class=\"open-form\">\n            <svg class=\"open-form-svg\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 20 20\" fill=\"currentColor\">\n                <path d=\"M9 2a1 1 0 000 2h2a1 1 0 100-2H9z\"><\/path>\n                <path fill-rule=\"evenodd\" d=\"M4 5a2 2 0 012-2 3 3 0 003 3h2a3 3 0 003-3 2 2 0 012 2v11a2 2 0 01-2 2H6a2 2 0 01-2-2V5zm3 4a1 1 0 000 2h.01a1 1 0 100-2H7zm3 0a1 1 0 000 2h3a1 1 0 100-2h-3zm-3 4a1 1 0 100 2h.01a1 1 0 100-2H7zm3 0a1 1 0 100 2h3a1 1 0 100-2h-3z\" clip-rule=\"evenodd\"><\/path>\n            <\/svg>\n            <span>Get in touch&nbsp;<\/span>\n        <\/div>\n    <\/button>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re a student who&#8217;s travelling to Canada to pursue your education, there are a lot of things that require your attention. Apart from the accommodation, shopping, and most importantly, referring to the checklist and packing your bag. There are other aspects that are important for your survival in Canada. One of the most essential [&hellip;]<\/p>\n","protected":false},"author":91,"featured_media":19404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[19],"tags":[2847],"class_list":["post-19400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-study-abroad","tag-canada"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding The Banking System In Canada - UniCreds Blog<\/title>\n<meta name=\"description\" content=\"Are you struggling to understand the banking system in Canada? 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