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Banking
Understanding banking
in Canada
With a long history of working with newcomers to Canada, Royal Bank of Canada
can help you get settled and become established financially
Understanding bankinginCanada 1
Moving to another country is an exciting beginning to a new stage in your life. At the same
time, it can be challenging and somewhat overwhelming. Many newcomers have told us
they are surprised by how different banking here is from their homeland — and they wish
they’d had someone to help them learn what they needed to know.
Welcome to bankingin Canada
Royal Bank of Canada wants to help you today, tomorrow
and in the future. This guide tells you what you need to
know to establish your finances in Canada, whether you
have moved here already or are making plans from abroad.
Once you are settled, it will help you chart a path towards
achieving your hopes and dreams for the future, to make
life even better for yourself and your family.
This guidebook also provides sound advice on building
wealth to realize important life goals, protecting the things
that matter to you and developing a financial safety net.
We’ve been helping newcomers to Canada for seven
generations. Come into one of our branches or call us
at 1-800-769-2511 for service in up to 180 languages.
What you’ll find inside
Welcome to bankingin Canada
n
RBC
®
: A history of helping newcomers 2
Part 1: Getting settled in Canada
n
First step: You need a bank account 5
n
Accessing your money 7
n
Sending and receiving money 10
n
Understanding credit 11
Part 2: Building a foundation —
financial security for today
n
Borrowing for your short-term goals 14
n
Mortgages: Buying your home 16
n
Borrowing for your business 17
n
Protecting yourself and your family 18
Part 3: Planning for your future —
financial security for tomorrow
n
Choosing your investments — RBC makes it easy 21
n
Investment options to suit your needs 22
n
Saving for retirement 23
n
Saving for a child’s education 25
n
How to invest with RBC 26
n
Important banking and investment terms 27
2 Banking
RBC: A history of helping newcomers
For more than seven generations, Royal Bank of Canada has been supporting new
immigrants, making it easier for newcomers to get settled, become established and succeed
in Canada. During that time, we have developed a deep understanding of the needs and
priorities of newcomers, and have introduced banking services in up to 180 languages to
make newcomers feel at home.
Today, we’re one of the country’s largest
1
, most reputable
financial institutions, with many businesses other than
banking. Our long history and experience around the
globe mean you can feel confident turning to us as a
financial partner that understands your individual needs.
In April 2012, Global Finance magazine rated RBC as one
of the top 10 “World’s Safest Banks.”
n
Our name. In Canada, you’ll find us under the name
“RBC.” That’s the name we use to represent all our
companies. Our banking business uses the name
RBC Royal Bank
®
, and almost all of our other businesses’
names start with RBC as well.
n
Convenient locations. We have the largest combined
branch and ATM network in Canada. You’ll find branches
and banking machines in communities across Canada,
from large urban centres to small towns. There’s likely
to be a branch close to where you live and work.
n
Trusted advisors. We have account managers, financial
advisors, mortgage specialists and investment retirement
planners. Many of our employees speak more than one
language.
n
Strong international presence. With branches around
the world and clients in more than 150 countries,
RBC Wealth Management
®
is one of the largest Canadian
providers of international private banking services.
n
Products and services designed specifically for
newcomers. We’ve created products and services like
our RBC Welcome to Canada package
2
, RBC International
Remittance
®
services and secured credit cards to make it
easier for you to bank with us.
We speak your language
If you need financial advice and wish to speak
to someone in your language, we can help:
n
Call us at 1-800-769-2511 for service in up to 180
languages. Or call 1-888-769-2598 for dedicated
service in Mandarin or Cantonese.
n
Our newcomer website has been designed
with you in mind. This site is available in English
(rbc.com/canada), French (rbc.com/francais/canada)
and simplified Chinese (rbc.com/chinese/canada).
n
Visit maps.rbc.com to find a branch in your
neighbourhood that provides service in the language
of your choice. As a group, RBC employees speak
dozens of different languages, and we staff our
branches to meet the culture and language needs of the
communities we serve.
Understanding bankinginCanada 3
RBC in your community
RBC is committed to helping new Canadians get settled
and established in their communities. We sponsor and
contribute to a number of programs that focus on
newcomers but ultimately benefit us all.
Celebrating other cultures. RBC supports a wide range of
multicultural activities within the community, from local
events and festivals to business and cultural associations.
Helping newcomers find work. We support a number of
organizations that help immigrants find employment and
success. These include the Immigrant Access Fund in
Calgary, a not-for-profit group that provides micro loans
to internationally trained newcomers so they can upgrade
their accreditations and training, and the Toronto Region
Immigrant Employment Council (TRIEC). In partnership
with TRIEC, RBC sponsors the annual Immigrant
Success Awards.
Diversity in our workforce. We believe that a diverse
workforce helps us better meet the needs of our clients.
In the past 10 years, the percentage of visible minorities
that have worked for us has more than doubled, to 26% as
of October 31, 2008, from 12% in 1998. Members of visible
minorities now fill 25% of all management positions within
RBC Royal Bank.
n
Stability. Canadian banks are extremely secure.
The World Economic Forum has rated the Canadian
banking industry number one in the world for safety
and soundness.
3
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Cost. Fees for banking products and services can vary.
It’s important to understand what they cover so you pay
the right amount for what you need.
n
Interest rates. Interest rates for different products are set
by each bank, but they are all influenced by the rate set by
the Bank of Canada, which is Canada’s central bank.
What to expect
Banking practices and laws are different around the world. Here are some key characteristics of Canadian
banks that may be new to you:
n
Hours of operation. Branch hours vary, but with bank
machines, online banking and telephone banking, you can
bank whenever it’s convenient for you.
n
Other services. Banks are more than just a place to keep
money. They also offer loans, safe deposit boxes and other
financial products and services.
n
Staff. Bank staff are encouraged to interact with customers.
4 Banking
Part 1:
Getting settled in Canada
Part of moving to a new country involves
putting your finances in order. RBC advisors
are here to help you get settled and give you
the confidence and advice you need to start
a successful and prosperous life in Canada.
Understanding bankinginCanada 5
While we offer many different accounts and options, there
are two basic types of bank accounts:
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Banking or transaction account. Your banking account
will meet most of your everyday needs for depositing and
withdrawing money, around the clock and around the
world. This is the first account you’ll want to set up.
n
Savings account. You may also wish to open a savings
account for extra cash that you won’t need for day-to-day
expenses but that you would like to have readily accessible.
How to open your account
We make it easy to start bankingin Canada. There are
two ways to open an account. You can visit your local
RBC branch, or you can open an account online. For
newcomers already in Canada, it is best to open your
account in person at a branch. If you are interested in
opening an account online or before you arrive in Canada,
visit www.rbc.com/canada
These are the steps you need to follow to open your account
at a branch:
Step 1
Visit your local RBC branch
An RBC advisor will help you through the account
opening process. For your convenience, choose a branch
that’s close to where you live or work. You can use our
online branch locator (maps.rbc.com) to find a branch near
you that provides service in your language, or call us at
1-800-769-2511 and we can help you make an appointment.
Step 2
Present valid identification
For regulatory and legislative reasons we are required to
identify our clients and can accept only certain types of
identification. Be sure to bring your passport and either
your landing paper or Permanent Resident Card so we
can open your account quickly on your first visit. Please
refer to the box on page 6 for the full listing of acceptable
identification you need to open an account.
Step 3
Choose a banking package
We offer many different types of banking accounts, each
with its own features and benefits. Your RBC advisor can
help you decide which account is right for you, based on
your individual needs.
First step: You need a bank account
One of the first things you’ll want to do when you arrive inCanada is to set up a bank
account to deposit the money you brought with you. Your money will be safe and you’ll
have easy access to it.
U.S. dollar accounts
If you would like to hold funds in U.S. dollars, and you
need to access those funds from Canada or the U.S., we
have several different options to choose from. U.S. dollar
accounts have different requirements and must be opened
at an RBC branch in person. For more information, please
go to www.rbcroyalbank.com/usbanking
A safe place for your valuables
A safe deposit box is a worry-free way to keep
important documents and valuables secure yet
accessible when you need them.
Identification papers and jewelry are among the most
common items people store in safe deposit boxes, which
come in various sizes.
Located inside the bank’s vault, a safe deposit box keeps
your valuables in a secure environment, protecting them
from risks like fire and theft. You can access the contents
of a safe deposit box any time during banking hours. You
can rent a safe deposit box at most RBC branches.
6 Banking
What identification do you need to open a bank account?
This table lists the most common pieces of identification accepted
for opening a Canadian dollar account at a bank in Canada.
You must bring two pieces of valid identification — one from List A and an
additional item from either List A or List B. For a complete list, contact an
RBC advisor or visit www.rbc.com/canada
When selecting which pieces of identification to bring, please keep the following in mind:
n
The date on each document should be current. We cannot accept documents that are expired or have been cancelled.
n
The documents must be original. There should be no markings on the identification or any sign that the documents have
been altered.
n
Your name must be the same on all pieces. If the names don’t match, you will also need to bring with you a certificate
(either the original or a certified copy) showing the name change.
List A (must have at least one) List B
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Permanent Resident Card or Citizenship and
Immigration Form IMM 1000 (dated prior to
June 28, 2002) or IMM 1442 or IMM 5292
n
Canadian or foreign passport
n
Driver’s licence issued inCanada
n
Social Insurance Number card issued by the
Government of Canada
n
Employee identity card issued by a well-known
employer
4
, bearing the individual’s photograph
n
Credit card issued by a member of the Canadian
Payments Association in the name of, or bearing the
name of, the individual and bearing the individual’s
signature
n
Confirmation of identity by a current RBC client or an
individual in good standing
4
n
Canadian university or college student card with photo
Understanding bankinginCanada 7
Using your RBC Royal Bank Client Card
When you open an RBC Royal Bank bank account, you’ll
be given a Client Card for convenient and secure access
to your money. Most Canadians regularly use their Client
Card to access their money. You will be asked to choose
a numeric, confidential Personal Identification Number
(PIN) that acts as your “electronic signature” whenever
you use your Client Card.
Your Client Card, together with your PIN, gives you
convenient and timely access to your money in a number
of ways. You can use your card:
n
At any RBC Royal Bank branch in Canada
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At any RBC Royal Bank automated teller machine (ATM)
or other ATMs inCanada displaying the Interac
‡
logo
n
At more than 230,000 retailers inCanada that accept
Interac Direct Payment — payment is made directly
from your account
n
At ATMs outside of Canada that display the
PLUS System
‡
symbol
n
At more than one million merchants in the U.S. that use
the NYCE
‡
Network
n
Through RBC Royal Bank Online Banking and Telephone
Banking services, to access account information 24 hours
a day, seven days a week
Accessing your money
We know how important it is to have easy
access to your money, especially in the
early days of settling in. With your RBC
Royal Bank Client Card and cheques, you
will have plenty of options available to you.
Protect your PIN
Protect your Client Card and your Personal
Identification Number (PIN) — they are as
valuable as cash.
n
Choose your PIN carefully. Use numbers that you can
easily remember but that will be hard for others to guess.
n
Keep your PIN secret. Never reveal it to anyone,
including bank employees, law enforcement agencies,
family and friends.
n
Memorize your PIN. We recommend that you never write
down your PIN or store it electronically.
n
When you make a purchase, protect yourself from fraud
by making sure you can see your Client Card at all times.
Your card should be swiped only once per transaction.
n
Shield the keypad when entering your PIN to keep it
confidential.
n
If you suspect that someone knows your PIN,
immediately change it at an RBC Royal Bank branch
or at select RBC Royal Bank ATMs.
n
Check your statements and balance regularly to
verify all transactions. If you see any mistakes, visit
your branch or call us immediately.
If your Client Card is lost or stolen, visit your branch or
call us immediately.
Daily withdrawal limits
You can access your money through the branch during
regular business hours; however, to protect the money in
your account, we set a daily dollar limit on the amount of
money that you can withdraw with a Client Card using self-
service channels. This daily limit includes withdrawals
made through an ATM, online and at a store or other
retailers. Your RBC advisor will tell you about your daily
debit limits when you get your Client Card and PIN.
8 Banking
Writing personal cheques
Cheques are another convenient way to access your money.
They are useful when cash or a credit card isn’t appropriate
for giving money to a friend or relative, paying bills or
paying your rent. Vendors who accept cheques may request
certain information. Typically, they will want your phone
number and photo identification, such as a passport or
driver’s licence.
You can order cheques online or at your branch. Many
account packages include them for free, including the
RBC Welcome to Canada package. Personal cheques, which
have your name and possibly your address and phone
number printed on them, can help you demonstrate that
you have a permanent Canadian address, which can be
important when you want to pay bills and set up utilities.
Our online security guarantee
We understand how important security and
privacy are to you.
To provide you with greater peace of mind, all RBC Online
Banking clients are protected by the RBC Online Banking
Security Guarantee. If an unauthorized transaction is
conducted through your RBC Online Banking service, you’ll be
reimbursed 100% for any resulting losses to those accounts.
8
You must fill out
Payee — name of
person or business
that payment is being
made to
Numeric dollar
amount
Written-out dollar
amount
Payment description
(optional)
Your signature
Date (day/month/year)
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F
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K
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General information
Your name and
address
Cheque number
Your branch’s
address
Your RBC Transit
number
Your RBC Account
number
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A
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B
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l
E
What your personal cheques will look like
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A
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Manage your account when you want
with Online Banking
One of the most convenient options available to you when
you open your account is RBC Online Banking
5
. Through
Online Banking, you will have everything you need to
manage your banking and financial needs 24 hours a day,
seven days a week from the convenience of your home,
office or any other computer that has Internet access.
With easy-to-use navigation, financial tools, calculators
and comprehensive features, you have control over how
and when you bank.
You can save time by taking advantage of the many
features offered through Online Banking:
n
View all of your account balances and transactions
in one place
n
Access and print electronic statements
n
Transfer funds between your RBC Royal Bank accounts
and to other RBC Royal Bank clients
n
Pay bills such as household utilities or credit cards
n
Transfer funds to anyone inCanada using Interac
e-Transfer
n
Send money to family and friends overseas using the
RBC International Remittance
®
service
Mobile Banking
Enjoy the simplicity and convenience of everyday banking
and investing on your Smartphone, anywhere you are, with
the RBC Mobile
6
App. It’s safe, secure, and transactions are
covered by the RBC Online Security Guarantee
7
.
Note: All cheques must be written in blue or black ink.
Understanding bankinginCanada 9
Telephone Banking
With RBC Telephone Banking
5
, all you need is a telephone to
access your financial information and perform transactions.
We offer our Telephone Banking service 24 hours a day,
seven days a week from anywhere in Canada, the United
States or overseas.
Keeping track of your account
Every month, you will receive your account statement in
the mail. It is a record of all your transactions for the time
period indicated. Be sure to check it against your own
records for accuracy.
If you prefer, you can choose to receive your statement
electronically, through RBC Royal Bank Online Banking.
Electronic statements are archived every month and are
available for up to seven years for you to view, print or file
through Online Banking. You can also view copies of your
cheques electronically for up to 90 days.
If you have questions about your account statement or
need financial advice and wish to speak to someone in
your language, we can help:
n
Call us at 1-800-769-2511 for service in up to 180
languages. Or call 1-888-769-2598 for dedicated service
in Mandarin or Cantonese.
Pay your bills automatically
For bills that arrive regularly, such as utilities, phone
or cable bills, you may want to arrange automatic
withdrawals from your bank account. Receiving and
paying bills has never been easier.
With RBC Online Banking you can pay bills any time,
without leaving home. You can schedule your bills to be
paid regularly or post-date them to be paid at a later time.
You can also receive and pay your bills through RBC ebills
(a service provided by Canada Post
‡
). This third-party
service provider of RBC Royal Bank is accessed via Online
Banking. If you have any questions, call one of our
Online Banking specialists 24/7 at 1-800-769-2555.
A note about holds
When you deposit a cheque, a “hold” may be
placed on your account while the money is
transferred from the account of the person who
wrote the cheque. This feature ensures that the
person who wrote the cheque has enough
money to cover it.
When a hold is in effect, the funds will appear in your
account but you will not have access to them. The
length of the hold depends on the type of cheque.
These hold periods are based on rules that are
established by the Canadian federal government and
the Canadian Payments Association, and are applied
by all the banks in Canada. We apply the following rules
on hold periods:
n
Up to five business days for cheques and other
negotiable items written in Canadian or U.S. currency
when the funds are from an account at a Canadian
branch of any Canadian financial institution
n
Up to 15 business days for cheques and other negotiable
items when the funds are from a U.S. bank account
n
Up to 25 business days for cheques and other negotiable
items when the funds are from a bank account outside
of Canada and the U.S.
When the hold period expires, the hold will automatically
be released, and you will have access to the funds.
However, our release of funds to you does not mean that
the cheque cannot be returned for another reason.
[...]... moving costs, taxes, insurance, utilities and maintenance Find out everything you need to know about buying your first home at rbc.com/homeincanada UnderstandingbankinginCanada 17 Borrowing for your business Businesses are dreams and ideas brought to life That’s why owning a business is more than a source of income — it’s also a source of pride Whatever your motivations for starting a business in Canada, ... details, including eligibility requirements RBC Direct Investing Inc.*, RBC Dominion Securities Inc.~ and Royal Bank of Canada are separate, affiliated corporate entities RBC Direct Investing Inc does not provide investment advice or recommendations regarding securities Investors are responsible for their own investment decisions RBC Direct Investing is a business name used by RBC Direct Investing Inc *Member–Canadian... contributions over many years in order to take maximum advantage of government grants Ask an RBC advisor to help you understand how the grant system works 26 Banking How to invest with RBC Investing with RBC is easy RBC Direct Investing™ If you are comfortable managing a portion or all of your investments, you can invest online or by phone through RBC Direct Investing Online Our online investing site gives you... experienced business individuals to immigrate to Canada, where they can play an important role inCanada s prosperous economy An advisor from RBC Wealth Management International can help them take advantage of this special government program Understanding bankinginCanada 27 Important banking and investment terms Here is an explanation of some important terms you may encounter when considering your banking. .. the line of credit just once and never have to apply again You can then borrow at any time, just by writing a cheque, withdrawing money or transferring money from your line of credit to your chequing account You are charged interest on amounts owing from the day you withdraw money until you pay the loan back in full At minimum, you need to pay the interest every month Understanding bankingin Canada. .. Telephone Banking are provided by Royal Bank of Canada 6 RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc and RBC Dominion Securities Inc 7 For full details regarding the protections and limitations of the RBC Online Banking Security Guarantee, please see the Electronic Access Agreement This guarantee is given by Royal Bank of Canadain connection with its Online Banking service... $500 in annual contributions are available for qualifying families (based on family income) Compounding Investment income that is earned on previously earned investment income This “income on income” means growth in the income over time Also applies to certain types of loans, if you don’t meet minimum interest payments Coverage The amount of protection provided by an insurance policy Guaranteed Investment... can work together to put a plan in place Understanding bankinginCanada 21 Choosing your investments — RBC makes it easy RBC has helped thousands of new Canadians invest for their future The advice and personalized service we provide can make investing a much easier process than you might think There are many different investments to choose from An RBC advisor will explain the features of each one to... Understanding bankinginCanada 13 Part 2: Building a foundation — financial security for today What does it mean to be “financially secure”? For most of us, it means having some money put aside to see us through any difficult times, protecting our current wealth and assets and being able to purchase things that we want or need Being financially secure involves a lot more than just saving It also involves investing... Interest rates, market conditions, tax rulings and other investment factors are subject to rapid change Individuals should consult with their personal tax advisor, insurance advisor, accountant or legal professional before taking any action based upon the information contained in this guide Financial planning services and investment advice are provided by Royal Mutual Funds Inc Royal Mutual Funds Inc., . Banking
Understanding banking
in Canada
With a long history of working with newcomers to Canada, Royal Bank of Canada
can help you. become established financially
Understanding banking in Canada 1
Moving to another country is an exciting beginning to a new stage in your life. At the same