To avoid foreign currency conversion fees from their home countries, temporary and permanent resident newcomers to Canada need to open bank accounts as soon as possible upon arrival \u2013 or even before.<\/p>\n
\u201cNewcomers may be able to use their Mastercard or Visa debit or credit cards from banks in their home country for a while after arriving in Canada,\u201d Dr. Enoch Omololu,\u00a0Savvy New Canadians<\/a>\u2019 resident personal finance expert, told\u00a0Immigration.ca<\/a>.<\/p>\n \u201cHowever, this is not ideal on a long-term basis due to ongoing foreign currency conversion fees.\u00a0<\/span><\/p>\n \u201cIt 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.\u201d<\/p>\n Read More<\/b><\/p>\n Canada Eagerly Recruiting Internationally-Trained Nurses And Other Healthcare Workers<\/a> The personal finance expert says getting a bank account in Canada should be the number two thing on any newcomer\u2019s list of things to do, second only to getting a Social Insurance Number.\u00a0<\/span><\/p>\n \u201cThis is because they need access to a bank account for many day-to-day activities, including making and receiving payments, as well as getting a credit card,\u201d said Omololu.<\/p>\n When foreign nationals first arrive in Canada, they often have a lot to learn about how the banking system works here and how to handle their personal finances in this new country.\u00a0<\/span><\/p>\n \u201cI have come across people who do not understand that they need to use credit in order to build credit history and improve their credit score,\u201d said Omololu.<\/p>\n \u201cOn the flip side, there are newcomers who see easy access to credit as a way to overspend and they quickly get into debt.\u201d<\/p>\n Watch Video<\/b><\/p>\n
\n
\nMany Temporary Foreign Workers Exempted From Canada\u2019s Ban On Buying Homes<\/a>
\nMastering English Reading Skills for the IELTS Exam: 5 Tips for Success\u00a0<\/a><\/p>\n
\n
\n