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If you plan to work in Canada you will need a Canadian bank account. To get an account you will need to make an appointment and bring along a variety of ID. Make sure you check what documents they require when you make an appointment!
This guide also covers international money transfers and credit cards in Canada. For more info check out our video or read below.
This guide also covers international money transfers and credit cards in Canada. For more info check out our video or read below.
WHISTLER BANK ACCOUNTS
With a bank account you receive a debit card that allows you to make withdrawals from ABM machines and make purchases in shops. They cannot be used for purchases on the internet or over the phone. There are a few different banks in Whistler:- RBC
- TD
- The North Shore Credit Union
- Scotiabank (this bank is in Creekside)
In Canada you are charged for any withdrawal from an ABM that isn't owned by your bank. To avoid these charges its good to use a bank that has a few central ABMs, which is why we recommend RBC. They have a branch just 100m from the village square and an ABM in the Rexall chemist, next to the central grocery store and liquor store. The North Shore Credit Union is also great for this reason - their ABM is about 30 seconds walk further down the village stroll.
Bank accounts in Canada are not free and charge you per transaction, even when using their own machines. With RBC there are two main options:
- A basic plan for $3.99 per month which gives you 15 transactions each month.
- An unlimited plan for $9.99 per month.
View RBC bank machines in a larger map
CREDIT CARDS
Credit cards are useful for many things, especially making online purchases. Most people can just use their card from home, but making repayments is not always easy or affordable (check with your bank/credit card company before you leave home) & often people encounter issues with having things posted to a Canadian address using a foreign card. The alternatives are:
1. Get a Canadian credit card. If you are from overseas, banks usually insist on a security deposit equal to the limit of the credit card (TD Canada Trust offer secure credit cards). So long as you have some spare cash lying around this might not be a problem! Some people manage to slip through the cracks and receive an unsecured credit card by applying online (often with RBC).... don’t count on this working though!
2. A pre-paid credit card. They cost about $4 from RBC and you can load up to $500 dollars onto it. An easy and cheap solution to the credit card problem. Moneymart also offers a pre-paid credit card - it’s more expensive but you can load up to $10,000 onto it.
If you are on a tourist visa and don’t plan on working whilst you’re in town, you may not be allowed a bank account (you need a SIN to qualify although some people get around this). Consider putting your funds onto a money mart credit card (make sure you choose the “flat fee” option) to save yourself all the fees your overseas credit card will charge you & to avoid having to carry wads of cash...
TRANSFERRING MONEY INTERNATIONALLY
This can be a major pain & expense if you haven’t thought about it before you need to do it. There are a couple of methods I have used:
Bank Transfers
– this is one of the worst value methods... the banks charge you up to $30 per international transfer (more if they route the money through multiple banks), & it counts as one of your “monthly transactions”. If you go into the bank then it is fairly straightforward to set up.Paypal Transfers
– set up a paypal account back home and link it to your home bank account, then set up another paypal account in Canada (use a different email) and link that to your Canadian bank account. You can transfer money between the two paypal accounts for only $1.50, and then withdraw it into the linked bank account for another $1.50. Keep an eye on the exchange rate they are charging you though. It takes up to two weeks to complete this process but it’s the cheapest method for amounts under $500!CanForex
– Register for an account with these guys and your international transfers will be faster and still be pretty good value (max fee is $15). If you call them to set it up the process is really simple.UK - 0208-816-8317
AUS - 1300 790 208