Temporary and permanent residents to Canada need to open bank accounts in this country as soon as possible upon arriving – or even sooner – to avoid foreign currency conversion fees when using financial instruments from their home countries here.
“Newcomers may be able to use their Mastercard or Visa debit/credit cards from banks in their home country for a while after arriving in Canada. However, this is not ideal on a long-term basis due to on-going foreign currency conversion fees,” Dr. Enoch Omololu, Savvy New Canadians’ resident personal finance expert, told Immigration.ca.
“It is better to open a new bank account here so they can start building a Canadian credit history which comes in handy when they need to apply for credit later.”
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