I have found somewhere.
If you know where you are arriving beforehand then only carry 500-1000 dollars with you. If you have to make arrangements for your living, then carry 1500-3000 in cash, all 100 dollar notes.
You can open an account in about 15 minutes in banks likes TD Canada, RBC or CIBC. All they need is your passport and study permit. Once you have the account, you can send the information to your family who can transfer money directly to your account. You can deposit all money with you in your account.
In Canada, 99.9% shopping or transactions are done with debit/credit card and cash is hardly used. It is safe also.
Normally there are deals for students, even on opening an account in a bank. Keep an eye on it. For example, some banks will give you 50 dollars just for opening a student account and another 50 for applying for their credit card (no fees). Some will accept you in a lucky draw for 1000 dollar and the draw is each day.
Also, credit card is very-very useful here. Only TD Canada gives one to students (with 1000 credit limit). Apply along with your account application.
Most banks have deals for students at the semester start time. Each bank has different deals.
Last fall (Sep 2011): 50 + 50 dollar deal for international students was in TD Canada. 1000 dollar lucky draw was in RBC.
It is good to open student bank account in 2-3 different banks since:
1. There is no fees for doing so (since you are a student)
2. There is no fees for maintaining your account till the time you are a student status.
3. There is a transaction limit of 25 free transaction per month. After that you have to pay for each transaction. If you pay for your coffee using your debit card, it is a transaction. So is when you withdraw cash from ATM.
4. If you try to withdraw cash from different bank ATM then it will cost you 3 dollars extra.
My recommendation: Open account in CIBC, TD Canada and RBC and distribute your funds among three. Safe and easy to withdraw cash and you have 75 transaction in three cards.
Of course, once you get you TD credit card then use it all the time. It gives 1% cash back (the rebate card, not the green card). So if you spend 1000 dollar from it, you get back 10 dollars.
If you know where you are arriving beforehand then only carry 500-1000 dollars with you. If you have to make arrangements for your living, then carry 1500-3000 in cash, all 100 dollar notes.
You can open an account in about 15 minutes in banks likes TD Canada, RBC or CIBC. All they need is your passport and study permit. Once you have the account, you can send the information to your family who can transfer money directly to your account. You can deposit all money with you in your account.
In Canada, 99.9% shopping or transactions are done with debit/credit card and cash is hardly used. It is safe also.
Normally there are deals for students, even on opening an account in a bank. Keep an eye on it. For example, some banks will give you 50 dollars just for opening a student account and another 50 for applying for their credit card (no fees). Some will accept you in a lucky draw for 1000 dollar and the draw is each day.
Also, credit card is very-very useful here. Only TD Canada gives one to students (with 1000 credit limit). Apply along with your account application.
Most banks have deals for students at the semester start time. Each bank has different deals.
Last fall (Sep 2011): 50 + 50 dollar deal for international students was in TD Canada. 1000 dollar lucky draw was in RBC.
It is good to open student bank account in 2-3 different banks since:
1. There is no fees for doing so (since you are a student)
2. There is no fees for maintaining your account till the time you are a student status.
3. There is a transaction limit of 25 free transaction per month. After that you have to pay for each transaction. If you pay for your coffee using your debit card, it is a transaction. So is when you withdraw cash from ATM.
4. If you try to withdraw cash from different bank ATM then it will cost you 3 dollars extra.
My recommendation: Open account in CIBC, TD Canada and RBC and distribute your funds among three. Safe and easy to withdraw cash and you have 75 transaction in three cards.
Of course, once you get you TD credit card then use it all the time. It gives 1% cash back (the rebate card, not the green card). So if you spend 1000 dollar from it, you get back 10 dollars.
