{"id":98009,"date":"2015-07-29T13:55:36","date_gmt":"2015-07-29T17:55:36","guid":{"rendered":"https:\/\/www.bve.ulaval.ca\/?page_id=98009"},"modified":"2025-10-21T13:35:25","modified_gmt":"2025-10-21T17:35:25","slug":"managing-your-money","status":"publish","type":"page","link":"https:\/\/www.bve.ulaval.ca\/en\/international-students\/living-in-quebec-city\/managing-your-money\/","title":{"rendered":"Managing Your Money"},"content":{"rendered":"

To find out more about financing your studies and managing your budget, visit the Bureau des bourses et de l’aide financi\u00e8re website (BBAF<\/a>).<\/p>\n

Cost of studies in Canada: Get prepared!<\/a>\u00a0is offered at the beginning of each fall and winter semester, to help you prepare for the cost of life in Canada before you arrive in Quebec.<\/span><\/p>\n

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Cost of living<\/h2>\n<\/div>\n
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The cost of living in Qu\u00e9bec and Canada is very high. In addition to your annual expenses (tuition, housing, telephone, electricity, etc.), you’ll need to plan for one-time expenses that can be substantial (winter clothing, moving or furnishing costs, immigration documents, etc.).<\/p>\n

Make sure you have enough money to cover all these expenses. Scholarships or part-time job income are generally not enough to meet your needs.<\/p>\n

To get an estimate of the cost of living in Quebec during your studies, please consult the example of student budget <\/a>available on the website of Student Awards and Financial Aid Office (Bureau des bourses et de l\u2019aide financi\u00e8re, BBAF).<\/p>\n

To help you evaluate the average cost of everyday goods and services, use the NUMBEO cost-of-living comparator<\/a>, and compare the cost of living in your city of residence with the cost of living in Quebec City.<\/p>\n<\/div>\n

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Debit and credit cards<\/h2>\n<\/div>\n
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You can use a debit card<\/strong> 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), on your institution\u2019s website or on the mobile application, where you can perform most routine banking transactions (deposits, withdrawals, transfers, bill payments, etc.).<\/p>\n

Credit cards<\/strong> (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%<\/p>\n

Prepaid cards<\/strong> 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.<\/p>\n

To obtain a debit, credit, or prepaid card, apply at your bank.<\/p>\n

Find out about the terms and conditions, since fees are often associated with their use.<\/p>\n<\/div>\n

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Bank account<\/h2>\n<\/div>\n
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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.<\/p>\n

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.<\/p>\n

Opening a bank account<\/h3>\n

All financial institutions offer a range of services: debit card, foreign currency exchange, money transfer, safety deposit box, etc.<\/p>\n

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 Qu\u00e9bec, although the Caisse populaire Desjardins will ask for a $5 qualifying share (membership share). Caisse populaire Desjardins has an on-campus branch<\/a>.<\/p>\n

Express bank account opening<\/h4>\n

At the start of the fall semester, Desjardins and the Bureau de la vie \u00e9tudiante are working together to offer you a 2-step express bank account opening service:<\/p>\n

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  1. Before you arrive: <\/strong>pre-open your account remotely<\/a><\/li>\n
  2. As soon as you arrive in Quebec:<\/strong> book an appointment<\/a> to finalize your account in just a few minutes!<\/li>\n<\/ol>\n<\/div>\n
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    Main financial institutions<\/h2>\n<\/div>\n
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