BANKING

BANKS AND CREDIT UNIONS  ::  CHEQUING AND SAVINGS ACCOUNTS  ::  MAKING AN APPOINTMENT  ::  TRANSACTION FEES

BANKS AND CREDIT UNIONS

You can open an account with a bank or a credit union. 

  • CREDIT UNIONS

Credit Unions offer the same services as banks but you must become a member to open an account.

You become a member of a Credit Union by purchasing a $5 share after which you will receive a small dividend each year as a share-holding member. Credit Unions often offer a higher interest rate on your savings than banks.

  • BANKS

The advantage of banks is that it may be easier to arrange international financial transactions.

There are many banks to choose from but the CIBC is the only bank that currently offers Automated Teller Machines on campus. If you intend to use ATM machines on campus, a CIBC account will save you money in transaction fees.

Click here for a list of banks and credit unions close to the Fort Garry and Bannatyne Campuses. Some banks offer lower fees to students who can show proof of their full-time student status.

  • OPENING AN ACCOUNT BEFORE YOU ARRIVE

Some banks and credit unions will help you open an account before you come to Canada. For more information, click, visit: http://www.umanitoba.ca/admin/financial_services/media/opening_a_Canadian_Bank_Account.pdf.

 

 

CHEQUING & SAVINGS ACCOUNTS

In general, there are two types of bank accounts:

  • chequing accounts
  • savings accounts

A chequing account is useful for regular transactions such as paying bills or other expenses, and for withdrawing money. A savings account will pay a higher interest rate if you are keeping money in the account for a long period without withdrawals.

There are different kinds of chequing and savings accounts that offer different levels of interest. The bank/credit union should be able to explain which account will best suit your needs.

 

MAKING AN APPOINTMENT

You will need to make an appointment to open an account and you will need to bring such documents as:

    • your passport and your Study Permit
    • your U of M Student Card
    • proof of full-time student status (student status letter from the Registrar's Office)

The bank/credit union will be able to confirm exactly which documents you will need to bring.

 

TRANSACTION FEES

You should always ask about the transaction fees that the bank or credit union charges for writing and cashing cheques and for using an ATM card. You can arrange for an ATM card, Internet banking, and telephone banking services when you open the account.

If you find that a bank or credit union's fees are too high or that you are not satisfied with the service, you can always close your account and move to a different bank or credit union.