Banking Information
In Canada, there are several major banks, each with branches spread throughout the Greater Toronto Area, and throughout the country. You will want to choose a bank and a home branch that is located close to where you will be living. You can search the closest branch location to your campus by entering the University’s address on any bank’s website. A comprehensive list of Canadian banks is listed below in alphabetical order:
- Bank of China
3300 Midland Ave.
Toronto, ON M1V
4A1 416-297-7921
www.boc.cn - Bank of Montreal
4411 Kingston Rd.
Toronto ON M1E 2N3
416-284-2627
www.bmo.com - CIBC
371 Old Kingston Rd.
Toronto ON M1C 1B7
416-282-1477
www.cibc.ca - Royal Bank of Canada
865 Milner Ave.
Toronto ON M2B 5N6
416-284-8600
www.rbc.com - Scotia Bank
Borough Drive, Unit 211
Toronto ON M1P 4P5
416-296-5626
www.scotiabank.ca - TD Canada Trust 4515 Kingston Rd.
Toronto ON M1E 2P1
416-281-6701
www.tdcanadatrust.ca
Credit Card and Budgeting
A credit card can be an important tool to help you manage money and make life easier and more convenient. More importantly, having a credit card and using it responsibly can help you build a solid credit history. A good credit history is required to maximize your financial potential in the future when you want to get a major loan to buy a new car or house. As an international student, you face a few more challenges than other first-time credit card applicants because of your lack of credit history, income, and residency. This require that you do some homework before submitting your first application so you can maximize your chance of success.
Many students obtain their credit cards through a bank, preferably, from your home branch. Please see the section above for a list of banks in Canada. Credit cards can be offered from other banks and companies, such as: Capital One, VISA, American Express, MasterCard, Citi Card, etc. The University of Toronto also has its own credit card that it offers to students and alumni.
Don’t forget to compare rates and terms before submitting your application. If you are approved, you should receive an approval notice in the mail within 3 to 4 weeks after your application submission. Your new credit card is mailed to you inactive along with detailed terms of agreement and a user guide. Before you use your first credit card, please do the following:
- Review the terms to be sure they are what you signed up for
- Sign the back of the card
- Call the activation number as instructed on your credit card
- Memorize your PIN**, and if possible, have your PIN changed to a number you can easily remember.
PIN** = Personal Identification Number (The secret 4- or 5-digit identification number you use to access your accounts at an ATM for cash advances)
Note: Please use your credit card wisely as you will have to pay minimum payments every month and the outstanding balance will have interest applied. The interest applied could be large depending on the interest rates (speak to your bank about the interest rates on credit cards). Please visit the Financial Consumer Agency of Canada for detailed information on how to use your credit card responsibly.
How to Register for a Cell Phone Plan
Toronto has different service providers offer cell phone plans for students. You can check out their websites or visit their store locations to find out about plans that will best you. Please be aware of taking your cell phone abroad as many of them do not operate beyond Canada. The following is a list of service providers offer cell phone plans;
- Bell World
www.bell.ca - Solo
www.solomobile.ca - Fido
www.fido.ca - Rogers
www.rogers.ca - Koodo Mobile
www.koodomobile.com - Telus Mobility
www.telus.ca - Virgin Mobile
www.virginmobile.ca
