The Canadian bank system is made up of both Canadian and Foreign Banks. If you want to learn more about the different types of Canadian banks and banking institutions that are available, you can visit  Canadian Bankers Association Website. If you bring more than C$10,000 (or the equivalent in another currency) per family or as single traveller into Canada, you must declare the amount when you arrive. You must fill out form Cross-Border Currency or Monetary Instruments Report – Individual (E677) [PDF]. Speak with your financial institution before you come to Canada about currency laws and regulations in Canada and in the country you are leaving. There may be restrictions on the amount of money you can take out of the country. If you are coming from a country that has currency restrictions, you may have up to 3 years to import goods purchased with this money in your former country. However, you must show CBSA proof that you faced restrictions.

Some Korean banking institutions have branches in Toronto, and you may be able to open a bank account and wire transfer money to Canada beforehand. You may also be able to use a Canadian bank that has international branches in Korea. If you have transferred money to a Canadian bank account, you must provide documents that prove the amount of the money that was transferred into the bank during your landing interview upon arrival at the airport.

Types of Bank Accounts

Generally, there are 3 types of personal accounts: savings, chequing and combination. There are also small business accounts.  Your bank can help you decide which type of account you need.

Savings accounts are used to deposit money for long-term savings. You will earn interest on the money you store in your savings account.

Chequing accounts are for day-to-day financial needs, like paying bills or taking out money.

Combination accounts combine the functions of both savings and chequings accounts, and are used for both saving and day-to-day needs.

Small business accounts are for managing the transactions of your small business.

Opening a Bank Account

If you are going to open a bank account you need two types of identification. You should go to the bank you are interested in, learn about the different account options available, then open the account you have decided upon. Once you open an account the bank will give you a debit card which you can use to buy items; unlike a credit card, the debit card will withdraw the money directly from your account. You can also use the card to take out cash or deposit money into the bank.

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