Bank Account

[1010]

I am a Malaysian student who will be attending Acadia University in this upcoming fall. Could anyone please give me some guidelines in the following questions?

1.Does anyone know the procedures of opening a bank account in Canada and what are the documents needed?Do I need to translate the non-English documents?
2.I am planning to bring travelers' cheque but I have no idea how to use it,could someone please explain this to me?
3.In which options(Bank transfer,cheque,online banking) will you parents transfer money to you?My parents and I have no idea about this and we really need someone to guide us! It is really complicated since we need to convert Ringgit to Canadian dollars?
4.Is that true if you transfer money via cash deposit (in Ringgit) to a Canadian bank account and the funds will be directly converted to Canadian dollars?


I appreciate for all of your help=) Thanks !!!

 

[newtoexpressentry]

1.Does anyone know the procedures of opening a bank account in Canada and what are the documents needed?Do I need to translate the non-English documents?
In most cases u will require passport , study permit and proof of address. U visit the bank office and they will tell u everything its a very easy process
2.I am planning to bring travelers' cheque but I have no idea how to use it,could someone please explain this to me?
Travelers cheques can be deposited into the bank once ur account is opened. once u deposit money in bank u can withdraw cash at the same time or use ur debit card once u get the card
3.In which options(Bank transfer,cheque,online banking) will you parents transfer money to you?My parents and I have no idea about this and we really need someone to guide us! It is really complicated since we need to convert Ringgit to Canadian dollars?
once u open bank account in canada ur parents can do a transfer from ur home country. U need to check ur home country bank for options of transferring money as well as currency exchange rates different options give different rates and time frames
4.Is that true if you transfer money via cash deposit (in Ringgit) to a Canadian bank account and the funds will be directly converted to Canadian dollars?
if u brink Ringgit some bank branches can convert money but rates r different with different banks there may be better options to exchange money. normally u shop around to find the best exchange rate. meaning is ur home country bank giving u better exchange rates or the canadian bank is giving u better exchange rates or if there is better rates with other institutions. for example see this TD bank website https://www.tdcanadatrust.com/products-services/banking/foreign-currency-services/index.jsp

 

[1010]

1.Does anyone know the procedures of opening a bank account in Canada and what are the documents needed?Do I need to translate the non-English documents?
In most cases u will require passport , study permit and proof of address. U visit the bank office and they will tell u everything its a very easy process
2.I am planning to bring travelers' cheque but I have no idea how to use it,could someone please explain this to me?
Travelers cheques can be deposited into the bank once ur account is opened. once u deposit money in bank u can withdraw cash at the same time or use ur debit card once u get the card
3.In which options(Bank transfer,cheque,online banking) will you parents transfer money to you?My parents and I have no idea about this and we really need someone to guide us! It is really complicated since we need to convert Ringgit to Canadian dollars?
once u open bank account in canada ur parents can do a transfer from ur home country. U need to check ur home country bank for options of transferring money as well as currency exchange rates different options give different rates and time frames
4.Is that true if you transfer money via cash deposit (in Ringgit) to a Canadian bank account and the funds will be directly converted to Canadian dollars?
if u brink Ringgit some bank branches can convert money but rates r different with different banks there may be better options to exchange money. normally u shop around to find the best exchange rate. meaning is ur home country bank giving u better exchange rates or the canadian bank is giving u better exchange rates or if there is better rates with other institutions. for example see this TD bank website https://www.tdcanadatrust.com/products-services/banking/foreign-currency-services/index.jsp

Thank you very much for the information =) This really helps me a lot !!!

 

[1010]

@newtoexpressentry Do you mind if I ask which options do your parents transfer money to you?Have them converted the money to Canadian dollars before the transaction? We are now planning to open a Scotia Bank account in Malaysia but I actually prefer Bank of Montreal more since there is BOM ATM machine nearby my school. I would like you to give me some advice. Many thanks to you.

 

[newtoexpressentry]

@newtoexpressentry Do you mind if I ask which options do your parents transfer money to you?Have them converted the money to Canadian dollars before the transaction? We are now planning to open a Scotia Bank account in Malaysia but I actually prefer Bank of Montreal more since there is BOM ATM machine nearby my school. I would like you to give me some advice. Many thanks to you.

I did not understand ur question are u asking specifically in my case or in general? u have to search from wire transfer services and/or foreign exchanges dealers like banks in ur area. U will have to get their rates and procedure. For example a bank that does forex can give u various options like direct wire transfer, travelers cheques etc. u have to go to various forex places because rates are different and u can save a lot of money

 

[1010]

@newtoexpressentry Thank you for your detailed explanation I will try to find the best solutions with my parents.