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Banking

Moving into a new country or community can involve a whole new monetary system. The Canadian official currency is the Canadian Dollar ($). One dollar is equal to 100 cents (¢). When arriving in Canada, you will realize how the money system is written in several ways.

To demonstrate:   

$1.33= One Dollar and 33 cents
$0.33= 33 cents
33¢= 33 cents

Canadians use coins and paper money, known as bills. While there are six existing forms of coins, each has a different size, shape and color so they can be easily identified. Paper money; however is all the same size yet different in color.

It is perhaps beneficial to change some money into the Canadian currency before leaving, that way you will have some cash on hand for the smaller purchases you make once you arrive (Royal Bank of Canada).

In Canada, most individuals have bank accounts where they are able to store their money. Using a bank can ensure that your money is safe, secure and unable to be stolen.

Debit Cards

Debit cards are refereed to as check cards. These cards look like credit cards or ATM cards but they operate like a personal check or cash. They are means of “paying now” as opposed to credit cards which means an individual is to “pay later.” Upon using the debit card, your checking or savings account is quickly deducted. Many individuals use debit cards as opposed to cash and the card can be carried around with you. Individuals use this card instead of carrying large amounts of money around. Debit cards are accepted at most locations, including grocery stores, retail stores, gasoline stations and restaurants.
(National Consumers League).

Tips to Using Debit Card Responsibly

  • If you debit card is stolen or lost, report to your financial institution immediately
  • If you suspect your card is being used fraudulently, report to your financial institution
  • Keep receipts from debit card transactions
  • Memorize your PIN number, do not carry it with your card
  • Never provide your PIN number to anybody else
  • Always be aware of how much money is in your bank account
  • Keep all receipts in one place
  • (National Consumers League).

Credit Cards (Master Card & Visa)

Besides cash or debit method, most retailers and business owners accept credit cards as payments for any purchases made. A lot of the larger purchases bought by a credit card can make the transaction easy and safe. These cards are accept widely, provide many options and can be selected according to what is most appropriate to your needs. Using credit cards can have its advantages:
They allow an individual to purchase larger items without paying any interest until the due date
Monthly statements allow an individual to keep track of their spending
Usages of these cards allow added security and convenience
They can be essential to purchasing certain items and services such as a cell phone, renting a vehicle or online buying
(National Consumers League).

Helpful Links

Universal Currency Converter 
Royal Bank of Canada  

Banks located in St. Anthony

Bank of Nova Scotia
454-3553 Fax 454-2218
West Street
http://www.scotiabank.com
(TELLER HOURS)
MON-WED: 10am – 3pm
THU: 10am-4pm
FRI: 10am – 4:30pm
(BRANCH HOURS)
MON-FRI: 10am – 5pm

Eagle River Credit Union
454-8800 Fax 454-2138
West Street
http://www.eaglerivercu.com
Todd Hancock
(TELLER HOURS)
MON-THU: 9:30am – 4pm
FRI: 9:30am – 5pm
(BRANCH HOURS)
MON-THU: 8:30am – 4:30pm
FRI: 9 – 5:30