How to have a successful financial establishment in Canada?
Financial installation in Canada Remy Paris, Director of the Retail Market at Desjardins, gives you some advice to facilitate your expatriation in Canada. With a 7-year career in Canada, started first with a WHV and crowned with Canadian citizenship, Rémy knows very well the keys to successful immigration. Convinced of the benefits of settling on the other side of the Atlantic and the advantages of a professional / student experience abroad, since 2012 he has been supporting Europeans at the banking level from the Desjardins Europe Representative Office. in their mobility projects to Canada! Do not hesitate to contact him if you are in this process.
What are the first differences that you noticed with the French banking system?
One of the things you have to get used to when you come to Canada is the way the banking industry works. Unlike the French, Canadians use a card they call "debit or Interac" instead of "CB" to carry out everyday transactions. Most online purchases in Canada will be done primarily with a credit card. The notion of a check hardly exists any more. You also notice that the banks offer longer opening hours than those we know in France.
Why open an account in Canada?
We recommend to future starters, who are sure to reside more than eight months in Canada, to open a Canadian account to receive income, scholarships or any assistance, as well as to benefit from Canadian means of payment that will allow them to build a credit history.
How to choose your financial institution in Canada?
Choose a financial institution that looks like you! If you are attached to the values of mutualism and social commitment, choose a cooperative bank like ours. Desjardins, Canada's leading cooperative financial group, inspires confidence in the world through the commitment of individuals, its financial strength and its contribution to sustainable prosperity.
Also value a financial institution that offers many online services, which are very useful, especially when it's -30 ° C and you don't have the courage to come to your branch.
Make sure you are a member of a financial institution that has a partnership with a French bank, to facilitate your procedures. For example, thanks to the Desjardins - Crédit Mutuel - CIC agreement, our members have privileged support and free withdrawals at ATMs on both sides of the Atlantic!
Finally, prefer a financial institution that offers many points of service across the country. While withdrawals can be made free of charge from your bank's ATM, they are still chargeable on those of other banking networks or unaffiliated ATMs. Desjardins has nearly 2,000 ATMs and nearly 1,000 points of service throughout Quebec and Ontario.
How can a future starter open a bank account in Canada?
You have two possibilities to open your account: remotely or on site.
We recommend that you open your bank account remotely before your departure, as some banks such as Desjardins offer. This will allow you to transfer your funds before the start of your adventure across the Atlantic. Once you arrive, our advisors will provide you with all your Canadian payment methods.
Another simple solution is to go to a bank branch like those of Desjardins in Quebec or Ontario with a valid passport, your visa and proof of residence. The opening of your bank account will then be done instantly.
Could you explain the concept of credit history, which is widely used in Canada?
This is the credit history of a person who lives in Canada. They consist of information collected by financial institutions, merchants and other lenders about how that person has handled their debts in the past.
This information will then be used by Canada's credit bureaus to establish a "credit score" for each borrower. This indicator demonstrates the financial capacity to properly manage an individual's financial commitments. This rating is built over time. The more you pay your bills on time, the more this rating increases, it goes down if you have late payments.
Is this “credit rating” important?
Very important! This credit rating may be required of you in several situations: apartment rental, occupation of a position in a company, telephone subscription and bank loan. When arriving in Canada, it is strongly recommended that you bring a coach upon arrival.
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