Open a Bank Account

There are many reasons why opening a bank account is helpful. Most Canadians use cheques, debit cards and credit cards to pay for what they buy. It is also important to establish a good credit history.

In Halifax, there are six main banks and several credit unions. Some offer services in different languages and provide services specific to newcomers. There are different types of bank accounts depending on your needs. It is important to talk to several banks to find out which best suits your needs.

To open an account, you may need to have two types of identification: a picture ID and /or your social insurance number (for income tax).

Use the Yellow Pages to find a list of banking or credit union institutions located in Halifax.

Credit Cards and Building Credit

Being new to Canada, it may take some time to get a credit card. If possible, do not cancel your credit cards from your country before you arrive.

It is important to build good credit history in Canada. A good credit rating will allow you to apply for loans and mortgage in the future. To build your credit history in Canada, talk to your local bank’s staff. Your bank may be willing to give you a credit card with a smaller spending limit or a secured credit card.

Many stores offer their own credit cards for use in their stores. However, it is good to keep in mind that these cards have very high interest rates.