Dollar is Canada’s currency. One dollar contains 100 cents. Here are the Canadian coins, information which every newcomer should know:
- The penny (1 cent)
- The two-dollar coin is termed as the “toonie”
- The nickel (5 cents)
- Some of the paper bills are $5, $10, $20 and $50.
- The quarter (25 cents)
- The one-dollar coin is termed as the “loonie”
- The dime (10 cents)
Newcomers who are having native currencies with them can exchange the same for Canadian money to make transactions and for the purpose of sale purchase. In addition to that, there are various foreign exchange offices located at different premises in the country. However, local bank would be the best option to get best rate of exchange.
Savings and Accounts: A majority of Canadians prefer keeping the money in bank. To open a bank account, you must provide them with certain documents linked with your identity, personal record, Social Insurance Number and address proof, to name a few.
Sending Money: Money order or a certified cheque is the best option to send money. Avoid using mails for the same.
If you are applying for credit (for instance a loan), you would be charged a certain amount of interest depending upon the financial institution from where you are taking the money.
For more info on the protection of money in Canada and saving it properly, dial 1 866 461 3222.
