KCWA Logo

Contact Sitemap

Body-KCWA

Home   >   Settlement   >   Bank

Bank

KCWA Family and Social Services is a non-profit organization established in 1985 by a group of women who were concerned with women and family issues and serves women, men, senior and youth all of them.

Canadian bank system is made up of both Canadian and Foreign Banks. If you want to learn more about the Canadian banking system you should visit the Canadian Bankers Association Website.

When you bring money into Canada you can bring cash or travelers checks. You can also transfer money directly through the bank. One item that you should note is that if you bring over $10,000 dollars into Canada you must inform the customs officer. If you transfer through your bank you have to make sure that your bank has an agreement with the Canadian bank. Since Canada does have branch offices for Korean banks you could transfer money in advance or open an account after you transfer money into Canada. You can also use a Canadian bank that has a branch office in South Korea.

If you did bring money into Canada after you arrive at the airport in Canada you will be asked to show proof from the bank in which you transferred the money.

Types of Bank Accounts

For each bank the institution may create a different name for accounts. In general however banks divide accounts into savings and checking accounts. A savings account gets better interest than a checking account and is used because of the high amount of interest in order to save money. On the other hand one gets personal checks with the checking account and conducts everyday business, such as frequent withdrawals, bill payments, and other day-to-day uses of the account. Although the policy at each bank is different, frequently high fees are charged for using the ATM and/ or other services related to the bank and therefore you should read information provided when you open an account carefully.

Opening a Bank Account

If you are going to open a bank account you need two types of identification. You should go to the bank you are interested in and check out the various accounts and open the account you have decided upon. Once you open an account the bank will give you a debit card in which you can buy items like a credit card but the card will debit your account. You can also use the card to take out cash or deposit money into the bank.

Useful Link