Answered By: Patricia Sutherland Last Updated: Jul 17, 2017 Views: 18
Canada’s currency is the Canadian dollar. There are one hundred cents to one dollar.
The Canadian dollar is available in $5, $10, $20, $50 and $100 notes.
Canadian coins come in denominations of five cents (nickel), 10 cents (dime), 25 cents (quarter), $1 (loonie) and $2 (toonie).
When you arrive, you can open a student bank account at any Canadian bank. You will need identification (your passport) and your address. The bank will give you your account number, plus their bank information that you will need for international transfers.
You can take money out of your bank account by visiting the bank, or using an ABM (or ATM) - Automated Banking Machine (or Automatic Teller Machine). These machines are located in most shopping centres, tourist attractions and banks, as well as in some convenience stores and gas stations. Most ABMs are operated by a major bank. You can withdraw cash from ABMs not operated by your own bank, but a fee between C$1 to C$2.50 will be charged for withdrawal from a local account, more from a foreign bank. Inquire about international withdrawal fees from your home bank before attempting to use your ABM card in Canada. All ABMs can be used for cash withdrawals. To access other banking functions like deposits, paying bills, printing account statements and transfers between accounts, you must use an ABM associated with your own banks.
You can also pay for purchases at most shops and restaurants by using your bank card. You would tell the server that "I would like to pay be Debit Card".