How a Newcomer Can Save Money in Canada?

Canadian Dollar is the currency of Canada, i.e. CAD. Like US Dollar one Canadian dollar contains 100 cents. Here are the Canadian coins, information which every newcomer should know:
• The penny (1 cent)
• The nickel (5 cents)
• The dime (10 cents)
• The quarter (25 cents)
• The one-dollar coin is termed as the “loonie”
• The two-dollar coin is termed as the “toonie”
• Some of the paper bills are $5, $10, $20 and $50.

Newcomers who are having national currencies with them can swap the same for Canadian money to craft transactions and for the reason of sale purchase. Besides that, there are a variety of foreign exchange offices located at different premises in the country. Though, local bank would be the best option to get most excellent rate of exchange.

Savings and Accounts: A best part of Canadians favor keeping the money in bank. To open a bank account, you have to provide them with some documents connected with your identity, personal record, Social Insurance Number and address evidence.

Sending Money: Money order or a certified cheque is the most excellent alternative to send money. Keep away from using mails for sending money.
If you are applying for credit (for example a loan), you would be charged a certain quantity of interest depending upon the monetary institution from where you are taking the money.

For more info on the fortification of money in Canada and saving it correctly, dial 1 866 461 3222.


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