Here are the top three financial tips you need to know if you’re new to Canada
Credit to Author: Staff Writer| Date: Wed, 01 Jun 2022 20:46:41 +0000
Becoming a resident in a new country can be overwhelming. From finding your new accommodations, to figuring out transportation, adapting to a new job or career, and adjusting to a new culture and language, it can be a lot to take in. Now pair that with understanding how to manage your finances in a new country and you can certainly see how moving can be a significant upheaval in one’s life.
Below are some helpful tips and tools to consider for a more seamless and cost-effective financial transition plan, including what to look for when setting up a new local bank account, sorting out payroll, and even finding the best ways to send money internationally.
1. Get to know your banking options
Given domestic laws and regulations, and the financial infrastructure itself, banking options in Canada will likely be different than in your native country, causing changes to the ways you’re used to sending, spending and receiving money.
Banking in Canada is one of the country’s most important industries, dominated by a small number of large banks. In fact, the six largest banks account for more than 90 per cent of the market share. However, banking disruptors — including neobanks — are on the rise in Canada with new options enabling competitive pricing for services. For example, EQ Bank, Canada’s first-born digital bank, offers high interest and free transactions.
It’s important you start by outlining your financial needs and finding the bank that best aligns. Make sure to consider the factors that most impact you, including how many transfers you will be making on a monthly basis, the monthly costs (if any) of your chosen account, the interest rates offered, and even the benefits or rewards that come with the account and accompanying card. With a variety of options available to you, there are plenty of opportunities to find the right bank account that will service your needs.
2. Get the most out of your money
On the topic of getting the best and most cost-effective banking options, there are tools and apps available in Canada to help you out while getting set up financially in a new country. One example is Wise, a global account and app that enables consumers and businesses to send, spend or receive money internationally without hidden fees on international transactions.
Wise lets you hold more than 50 currencies, move money between countries and spend money abroad like a local in 200 countries. It also uses the mid-market foreign exchange rate without the markup and hidden fees charged by banks, remittance or other international money providers, providing Canadians with an instant and transparent solution 4x cheaper than alternatives. Plus, Wise recently launched the Wise card in Canada, a contactless Visa which works similarly as other cards commonly found in your wallet but backed by the Wise account.
So whether you’re sending or receiving payments internationally, shopping online with international retailers, or spending internationally on visits back home, the Wise account enables you to:
- Get paid like a local: If you’re being paid by an international company, share your Wise account details with your employer to be paid your salary, in your local currency – all to one account – while saving on hidden exchange rates.
- Pay like a local: Start spending like a local as soon as you arrive in Canada using the best possible exchange rate thanks to the Wise card. If you don’t have the currency of the country you are buying from in your account, the card will automatically convert it for you from an existing currency.
- Move your money between countries: From paying your bills and subscriptions across currencies to sending money to over 80 countries, Wise uses a low and transparent fee (typically between 0.24% to 3.69%) making it the best way to move money around the world.
- Beware of hidden fees and opt for the more transparent option
Domestic laws and regulations are different in Canada, making it easier for large banks to hide fees when you’re sending or spending money internationally. Given this reality, billions are lost in Canada each year by consumers and business owners because these banks and exchange rate providers make it hard to understand what you’re paying for during transactions. While traditional banks typically charge an upfront fee, they also add a markup to the exchange rate that’s used to convert your money — a fee that is rarely stated or disclosed only in the fine-print.
If you’re looking for a more transparent option that enables you to get the most out of your money, Wise helps you easily see how much your money is worth in other currencies at the real exchange rate so you can change it over when it’s at the best value. All you need to do is input your amount in the Wise currency calculator, select your source and destination and the Wise tool will convert your currency at the mid-market rate (the one you would find on Google).
While immigrating to a new country can be challenging, finding and utilizing financial tools that will make life easier, more seamless, and more affordable can make the world of difference, especially if you’re frequently traveling, sending money to other countries, or doing business internationally. For more information on the Wise Account click visit https://wise.com/ca/
Sponsored by Wise
The post Here are the top three financial tips you need to know if you’re new to Canada first appeared on Canadian Immigrant.
http://canadianimmigrant.ca/feed