Essential facts newcomers need to know about financial institutions in Manitoba

Filling out a form at a bank teller.

Original image  by Africa Studio.  © Used by permission

Read Original Version (CLB5+) You are reading the Simple Version (CLB3-4)

Skip to:

Financial institutions in Manitoba

Financial institutions:

  1. They provide services to help you handle your money.
  2. You need them:
    • to keep your money safe
    • when you get a job. Your employer will ask for a bank account to deposit your salary
    • for savings, investment or loans in the future
    • to send money to your family in your home country

Banks

  1. Canada has a national banking system.
    • The five largest banks are in the 10 provinces.
    • You get similar products or services at the same price.
  2. Banks are well-managed, well-regulated and secure.
  3. They are members of the Canadian Deposit Insurance Corporation.
  4. Deposits are insured up to $100,000.
  5. Anyone can open an account. You will need to show an ID.

Read: Opening a bank account: Understanding your rights to know more.

How to choose a bank account:

  1. Banks offer around 100 types of accounts.
  2. Know your needs to choose the right account for you.
  3. Think how many times you need to withdraw and deposit each month.
  4. Compare:
    • transaction fees
    • interest rates
    • taxes
  5. Ask about accounts for newcomers to Canada.
  6. Some newcomer accounts do not have transaction fees for six months or more.

Credit Unions

  1. They are cooperatives.
  2. They are owned by members (the people who use their services).
  3. They are not-for-profit.
  4. Earnings are owned by the members who all own shares.
  5. Caisses populaire, is the French version of a credit union.
  6. They are regulated.
  7. All deposits are guaranteed without limit by the Deposit Guarantee Corporation of Manitoba.

Services and facilities:

  1. Credit unions offer:
    • savings accounts
    • chequing accounts
    • investments
    • loans
    • insurance
    • trust services
  2. Facilities:
    • internet banking
    • mobile banking
    • ATM
    • telephone banking
  3. Not all credit unions have the same requirements to join.
  4. Contact the nearest branch for the requirements.
  5. Use this map to look for a branch near you.

Before becoming a member:

  • Think of your needs and your transactions.
  • Compare fees, taxes, interests and other benefits.
  • Compare with bank products.
  • Look for the nearest branches and ABM sites.

Remittance Centers

  1. Ways to send money abroad:
    • wire transfer through a bank
    • remittance centres like Western Union or MoneyGram
    • Postal Money Order
    • Online or mobile (e-transfers)
  2. What you need to find out:
    • Compare the fees and speed of delivery for each service.
    • Check websites for information.
    • If you are sending money through a bank:
      • your recipient may need to have a bank account
      • know what kind of identification is required to claim the money
    • Look for special offers for newcomers.
    • Some banks offer free money transfer services for clients.
    • Beware of money transfer scams.
    • Read about scams and how to avoid them from the Government of Canada site.

Fringe financial institutions

  1. They cash checks and offer payday loans.
  2. Some sell money orders and collect bill payments.
  3. Those without bank or credit union accounts use their services.
  4. People like them because of the fast service, convenient locations and extended hours of operation.
  5. They are not regulated.

What you need to know:

  1. Fringe institutions are the last choice.
  2. They charge higher transaction fees and interests compared to banks.
  3. If you need their service, know the exact charges and interest rates.
  4. Check for hidden charges.
  5. Ask questions if the transaction is not clear to you.

Back to top

We'd love to hear from you!

Please login to tell us what you think.

Join a Virtual Coffee Chat

Essential facts newcomers need to know about financial institutions in Manitoba

February 27, 2017 @ 7:00 pm

This event has passed. All dates and times are Winnipeg local time.

Essential facts newcomers need to know about financial institutions in Manitoba

March 2, 2017 @ 10:00 am

This event has passed. All dates and times are Winnipeg local time.


Related Learning Activities

Preparing yourself for retirement in Canada

A young girl stacking piles of quarters.

Getting financially ready to retire in Canada is one thing, but there’s a lot more to it that that. Come… Read more »

Tips about how to get ready to file your tax return in Canada

A young girl stacking piles of quarters.

Taxation can be a very difficult and overwhelming topic. The goal of this workshop is to make it a little… Read more »

The importance of having a will

A young girl stacking piles of quarters.

we have all heard that it’s important to have a will, but why? Come to this workshop and find out!

The importance of having a will

Article thumbnail fallback

Having a proper well could save you and your family from financial disaster. Join this workshop to discover the importance… Read more »

Back to top

CC BY-NC-SAText of this page is licensed under CC BY-NC-SA, unless otherwise marked. Please attribute to English Online Inc. and link back to this page where possible. For images and videos, check the source for licensing information.