Opening a bank account

It is recommended that you open a banking account with a bank, credit union or trust company soon after arriving in Nova Scotia. It is not safe to carry large amounts of money (cash) with you. Later, if you move to another part of the province, you can transfer your money to another branch of the bank or trust company. You will be able to deposit or transfer monies from your account in your country of origin, though there are some restrictions on the amounts. Your banking institution will have information on these restrictions.

Take your passport and landing documents with you for identification when you open the account. Search for "bank or credit unions trust company Nova Scotia Canada" in a search engine or look under banking in a phone directory for a branch near you. You may also need your Social Insurance Number (SIN) Card.

When you are opening a bank account, you should try to find a bank that best meets your needs, is close to where you live, has low service fees, and has convenient banking hours. To open a bank account at any bank, you will need at least two pieces of identification such as your passport, social insurance number or personal identification card from Nova Scotia Access.

Automatic Banking Machines (ABM)

Referred to as an ABM, ATM – Automatic Teller Machine, or more commonly as a "bank machine". You will receive a plastic bank debit card when you open an account and you will need to choose a secret password, called a Personal Idenitifcation Number (PIN). Banking machines allow you to:

• Bank 24 hours a day, 7 days a week
• Make deposits
• Make withdrawals
• Make transfers
• Pay bills
• Check balance

There is usually an extra charge for using an ABM not belonging to your own bank. Your debit card, together with your PIN, provides the key to accessing your money. Your PIN acts as your ‘electronic signature’ for your bank accounts that you access with your debit card.

Protecting your confidential PIN

• Shield the keypad with your free hand or body when entering your PIN.
• Never reveal your PIN to anyone – including financial institution employees, law enforcement agencies, friends or family members.
• If you suspect that someone knows your PIN, immediately change your PIN at your branch.
• Regularly check your statements and balances to verify all transactions have been properly documented. If entries do not accurately reflect your transaction activities, such as missing or additional transactions, you should visit your branch.

Types of bank accounts

Savings account: If you want to save some money for your short term needs, think about opening a savings account. This type of account is a good choice if you do not need to use your money right away or you do not intend on having much account activity in a month. The bank will pay you interest. The amount of interest will vary, depending on the type of account you choose and interest rates in general.

Chequing account: If you want to keep some money handy for paying bills or personal expenses, you should think about opening a chequing account. Some chequing accounts do not pay interest and some do (though the amount is usually lower rate of interest than savings account).

Combination account: If you want to save more money but you also want to keep some handy to cover expenses and manage your day-to-day finances, you should consider opening a combination account. Interest is usually paid on these accounts on amounts above a set level.

Debit or INTERAC direct payment

In a store, you do not always need cash to buy your purchases. You can withdraw funds from your account and transfer them directly to the retailer. It works just like an ABM, using the same bank card and secret password.

In-branch transactions

Although transactions can be conducted “in-branch” with the assistance of a teller (a person who works in the bank), this is more expensive and usually is not included in monthly plans.

Telephone banking

Most financial institutions have a 24 hours a day, 7 days a week toll-free number that you can call. You can pay bills, get your current account balance, hear your last 5 to 10 transactions and transfer money between accounts. You will need your debit card, and you will need to choose a different password for telephone banking.

Banking on the Web

This method is similar to telephone banking, including buying and selling stocks. You will have to contact your branch in most cases to enable your online access, in addition to your debit card access. The password from your debit card will not be neccessarily your online password, though in most cases, you use your debit card number to access the bank account.

Pre-Authorized Payments

Money can automatically be transferred from your bank account to pay your bills. You can choose to have your bills paid by “Pre-Authorized Debit”. Your banking institution can give you more details on requirements when you open an account.