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Canadian currency is Canadian Dollar. Some coins have special
names:
- $1 =100c (cent)
- 5 cent coin = nickel
- 10 cent coin = dime
- 25 cent coin = quarter
- 1 dollar = loonie
- 2 dollar coin = toonie
The bills are $2, $5, $10, $20, $50, $100 and $1000.
Banks and trust companies offer a wide financial services: chequing
and saving accounts, loans, mortgages, money order etc. Credit unions
offer financial services to their members.
You need to have an account to be able to cash a cheque made out
to you or to make it easier and safer to pay your bills. People
in Canada don't keep a lot of cash in their pocket. To open an account
you need two pieces of identification, immigration papers and your
SIN card or referral. Try to find a the financial institution that
best suite your financial requests. Look for a bank, trust company
or credit union that is close to your place or residence and which
has low maintenance and service fees. They should also have many
Instant Teller Machines (a convenient electronic device placed on
the street, stores etc. that use a magnetic card and a password
to directly access your accounts make payments, withdraw cash etc.
). Check the operating hours of that particular branch. Some operation
have to be done during regular bank hours. You can open multiple
accounts in different institutions. You can switch to another financial
institution if you are not happy with the service that you are getting.
You will get a cheque book that allows you to transfer money, to
pay rent etc. based on a hand signed cheque and a convenience magnetic
card (use a password that you easy for you to remember).
Try this site if you want to convert
currency online (up to date).
Here are the web sites of Major Banks, Trusts and Credit Unions
in Ontario:
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