Living

When you arrive in Saskatchewan, you will need enough Canadian money to meet the needs of your first days.  You may have to pay for transportation from the airport to where you are staying.  You might want to make telephone calls, which involves buying telephone cards or getting coins for a payphone.  

Bringing some Canadian currency with you to cover your first days' needs will make it much easier.  For this, you will need to exchange currency.  

You will probably get a better rate of exchange on your currency in a bank than at a foreign currency exchange office at an airport.  Exchange only as much money as you will need for your first days in Saskatchewan.  The rest you can exchange after you set up your bank account.

Banks are places of financial business that keep money safe.  They also exchange and lend money.  Your account at the bank is used to cash your cheques, buy what you need and pay bills.  Some banks can transfer money between countries.  

Many chartered banks in Canada, together with credit unions and trust companies also provide banking services.  Usually, there are many choices in cities and more than one in Saskatchewan's larger towns.  Where you bank is your choice.  

A bank charges fees for its services.  It also pays interest on your deposits.  These amounts vary in different banks.  A bank also gives you financial statements regularly that show how much you have been using your account and how you used it.      

Is your money safe in a bank? 

Most banks guarantee deposits in the bank to a maximum amount.  Find out the amount of the guarantee when you set up your account.  It is definitely not safe to keep large amounts of cash at home.

You will want to open a bank account soon after arriving in Saskatchewan so that you can keep your money safe and cash any cheques that you receive.  You might also need other services the bank provides, such as transferring money between countries. 

The main accounts available are chequing and savings accounts.  All information about your account is private and confidential. 

For more information, visit Opening a Personal Bank Account: Understanding Your Rights

You will need to cash or deposit the cheques you get.  These include regular paycheques and in some cases, government cheques from Child Tax Benefits or the GST/HST Refund.  You can arrange with your bank and employer to have many of your cheques automatically deposited in your bank account through direct deposit.

Before you move, it is very important to give your new mailing address to the offices from which you receive cheques.  Otherwise, you risk a long delay in getting them. 

If you cannot get to your bank, you can cash Government of Canada cheques at other banks without charge, even if you are not a customer.  You will need to have acceptable identification and the cheque must be worth less than $1500.00.

Automated Teller Machines (ATMs) let you take money out of your account or deposit money.  You can also use ATMs to pay bills and move money to other accounts.  ATMs can be used any time of the day or night.  They are located in banks, stores, hotels and other public places. 

To use the machine, you need to get a personal ATM (debit) card from your bank. In order to keep your account safe, you will get a Personal Identification Number (PIN) to use with your card.  It is important not to give this number to anyone because it can give them access to your account.

Some banks charge a fee every time you use an ATM.  Find out how much you will pay before you agree to get money from the bank machine.  If you use the ATM at your bank or at a branch of your bank, it is usually free.

When you shop, you can pay with your debit card.  At the store, your card is put through a small machine, after which you enter your PIN number.  This allows the store to take the money from your account immediately, without an exchange of cash.

Internet banking lets you check your accounts from home, pay bills on-line or transfer money between accounts. 

Banks also give mortgages, which is money you borrow to buy a house.  They also give loans for purchases, such as to buy a car.  Both mortgages and loans have interest charges and need to be paid back regularly.

Banking institutions can also help you with savings plans.

Many newcomers want to send money back home to their families, or they may have investments abroad.  You can do money transfers in different ways, but they always cost money. 

Many banks can transfer money to banks in other countries or you can also transfer money through a financial services company.  Some of these companies are located in grocery stores in Saskatchewan. 

You can also send a money order through the post office or bank, but you should make sure the money order can be cashed in the receiving country. 

To buy on credit means that you borrow money to buy something now that you will pay for later.  Credit buying always involves having to pay interest (a fee) for using the money.  Annual credit card interest fees can be very high.  It is very important to understand exactly what you must pay back and when before you apply for credit.

Payday loans are offers by financial companies to advance you money on your next pay cheque.  It is one of the most expensive forms of credit; their service fees can cost you up to 35% of the loan itself.