Published on : 24 July 20203 min reading time
A new country, a new life are always signs of a new beginning. Therefore, it is important to take everything into account even if your passage is only temporary. That’s why it’s very important to know how money works in Canada, because of course, without money, you can’t do anything or undertake anything. Therefore, discover a few tips to learn how Canadian money works so that you don’t get lost in this new adventure that promises to be interesting.
The importance of converting the Euro into Canadian dollars.
Above all, it is imperative to use Canadian currency. Therefore, it is necessary to convert the Euro into Canadian dollars in order to make transactions. For a European, it is very advantageous to travel to Canada, because the rate is very favourable there. Moreover, it is always advisable to convert your money once you arrive in Canada and not before. If you want to understand how money works in Canada, you must first of all use the Canadian dollar, because all transactions are made in dollars and the euro is not always accepted. Therefore, it is imperative that you convert your money by going to an exchange office or to the banks.
Make transactions in Canada.
Obviously, the currency used in Canada is the Canadian dollar. So, for your transactions, there is no need to panic about how money works in Canada, because as in all countries in the world, you just have to make withdrawals, pay in cash or by card and that’s it. For cash withdrawals, you can do it with your French bank card at ATMs. Moreover, it should be noted that this may incur bank charges, hence the importance of consulting a bank advisor to avoid unpleasant surprises. Afterwards, you can always take cash with you and pay cash after currency conversion if you wish.
Canadian bank cards.
With the new technology, it is now impossible to part with your bank cards. Besides, it’s an efficient way not to get lost in the accounts and to pay freely and safely. For a long stay or a move to Canada, you need to secure your financial backings. Therefore, it is imperative to have a Canadian bank card. In addition, there are two types of bank cards in Canada. The first is the debit card that will be linked to your bank account. The second is the credit card that will give you the opportunity to spend money that does not belong to you. For the latter, you can apply for it at your bank as soon as you arrive. It should also be noted that the contract concerning the ceiling and the reimbursement is made according to your profile. This makes it easier to understand how money works in Canada.