Managing Your Money

If you plan to work in Canada or to transfer money while you are here, we suggest you open an account with a Canadian bank or credit union.

Find out which services are offered by banks and caisses populaires (credit unions) before deciding which institution offers the account that best corresponds to your needs, gives you the best return on your money, and charges the lowest service fees.

Opening a bank account

All financial institutions offer a range of services: debit card, foreign currency exchange, money transfer, safety deposit box, etc.

To open a bank account, make an appointment at the branch of your choice and bring two pieces of ID. A deposit is not usually required to open an account in Québec, although the Caisse populaire Desjardins will ask for a $5 qualifying share (membership share). Caisse populaire Desjardins has an on-campus branch.

You might also check with your home financial institution to see if it has an agreement with a Canadian institution. This could save you money.

To get an estimate of the cost of living in Quebec during your studies, please consult the example of student budget available on the website of Student Awards and Financial Aid Office (Bureau des bourses et de l’aide financière, BBAF).

To help you evaluate the average cost of everyday goods and services, use the NUMBEO cost-of-living comparator, and compare the cost of living in your city of residence with the cost of living in Quebec City.

You can transfer money via your bank or Western Union, MoneyGram or Paypal.

Overview of services available from main financial institutions.

You can use a debit card for purchases at most retailers. The amount of your purchase is deducted directly from your bank account. You can also use your card any time to access your account at an automatic teller machine (ATM) or on your institution’s website, where you can perform most routine banking transactions (deposits, withdrawals, transfers, bill payments, etc.).

Credit cards (Visa, MasterCard, etc.) can be used to shop online and at stores. At the end of each month, you receive a statement with a detailed list of your purchases. You must then pay your balance within about 21 days or you will be subject to interest charges that often exceed 20%

Prepaid cards are a handy way to make online and in-store purchases. They provide the same flexibility and security as credit cards, the only difference being that you must deposit your money into the account before you can use them.

To obtain a debit, credit, or prepaid card, apply at your bank.

Find out about the terms and conditions, since fees are often associated with their use.