Montreal

Currency in Montreal

• Currency Used: The official currency in Montreal (and all of Canada) is the Canadian Dollar (CAD), often represented by the symbol $ or C$.
• Denominations:
  • Coins: 5 cents (nickel), 10 cents (dime), 25 cents (quarter), $1 (loonie), $2 (toonie).
  • Banknotes: $5, $10, $20, $50, $100.
• Exchange Rates: Exchange rates fluctuate daily. Check online or at a bank for the most accurate rates. As of October 2023, $1 CAD is approximately 0.73 USD, but this can vary.

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Banking in Montreal

Montreal has a well-developed banking system with several major banks and financial institutions offering services to residents, immigrants, and visitors.

Major Banks in Montreal

1. Royal Bank of Canada (RBC)
2. Toronto-Dominion Bank (TD)
3. Bank of Montreal (BMO)
4. Scotiabank
5. Canadian Imperial Bank of Commerce (CIBC)
6. National Bank of Canada (headquartered in Montreal)

These banks have branches and ATMs throughout the city, making them easily accessible.

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Opening a Bank Account in Montreal

If you’re planning to stay in Montreal for an extended period (e.g., as an immigrant, student, or worker), opening a local bank account is highly recommended.

Eligibility

• You can open a bank account in Canada even if you’re not a permanent resident or citizen. Temporary residents, international students, and workers are eligible.
• You’ll need to provide identification and meet the bank’s requirements.

Documents Required

1. Primary ID: Passport, Canadian driver’s license, or permanent resident card.
2. Secondary ID: Work permit, study permit, or Social Insurance Number (SIN).
3. Proof of Address: Utility bill, lease agreement, or a letter from your employer.
4. Immigration Documents (if applicable): Work or study permit.

Procedure

1. Choose a Bank: Research banks to find one that suits your needs (e.g., low fees, online banking, or international transfer options).
2. Visit a Branch: Most banks require you to visit a branch in person to open an account. Some banks also allow online account opening for certain types of accounts.
3. Select an Account Type: Options include chequing accounts (for daily transactions) and savings accounts (for saving money).
4. Deposit Funds: Some banks may require an initial deposit (e.g., $25–$100 CAD).

Costs

• Monthly Fees: $4–$15 CAD, depending on the account type. Many banks waive fees for students or new immigrants for the first year.
• Transaction Fees: Most accounts include a limited number of free transactions per month. Additional transactions may cost $1–$2 CAD each.
• Overdraft Fees: If you spend more than your account balance, you may incur fees of $5–$10 CAD per overdraft.

Best Practices

• Ask about newcomer packages, which often include fee waivers and other benefits.
• Consider opening an account with a bank that has partnerships with banks in your home country to reduce international transfer fees.

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Using ATMs in Montreal

ATMs (Automated Teller Machines) are widely available in Montreal and are a convenient way to withdraw cash, check balances, or deposit money.

Finding ATMs

• Bank ATMs: Located at bank branches, shopping malls, and major transit hubs. These are the most secure and reliable.
• Independent ATMs: Found in convenience stores, gas stations, and bars. These often charge higher fees and may not be as secure.

Fees for ATM Use

1. Bank ATMs:
   • If you use your own bank’s ATM, there are usually no fees.
   • Using another bank’s ATM may incur a fee of $2–$5 CAD per transaction.
2. Independent ATMs:
   • These charge higher fees, typically $3–$6 CAD per transaction.
   • Always check the fee displayed on the screen before proceeding.
3. Foreign Cards:
   • If you’re using a card issued outside Canada, your home bank may charge additional fees (e.g., foreign transaction fees or currency conversion fees).

Best Practices

• Use ATMs affiliated with major banks to minimize fees.
• Withdraw larger amounts at once to avoid multiple transaction fees.
• Check with your home bank about international withdrawal fees before traveling.

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Handling Money in Montreal

Credit and Debit Cards

• Credit and debit cards are widely accepted in Montreal, even for small transactions.
• Visa, Mastercard, and American Express are the most commonly accepted credit cards.
• Contactless payments (e.g., tap-to-pay) are popular and widely used.

Currency Exchange

• Where to Exchange Money:
  • Banks: Offer competitive rates but may charge a small fee.
  • Currency Exchange Offices: Found in downtown Montreal and at the airport. Rates vary, so compare before exchanging.
  • ATMs: Often provide a good exchange rate, but check for fees.
• Avoid exchanging money at hotels or tourist areas, as rates are often less favorable.

Tipping Culture

• Tipping is customary in Montreal. Common practices include:
  • Restaurants: 15–20% of the bill (before tax).
  • Taxis: 10–15% of the fare.
  • Other services (e.g., hairdressers): 10–15%.

Taxes

• Sales tax in Montreal includes:
  • GST (Goods and Services Tax): 5%.
  • QST (Quebec Sales Tax): 9.975%.
  • Total combined tax: 14.975%. This is added to most goods and services, so be prepared for the final price to be higher than the listed price.

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Local Considerations

1. Language: Montreal is a bilingual city, with French as the primary language. Most bank staff and ATMs offer services in both French and English.
2. Banking Hours: Most bank branches are open Monday to Friday (9:00 AM–5:00 PM). Some branches offer extended hours on evenings or weekends.
3. Digital Banking: Online and mobile banking are widely used in Montreal. Most banks have user-friendly apps for managing accounts, paying bills, and transferring money.
4. Fraud Prevention: Be cautious of phishing scams and card skimming. Use ATMs in well-lit, secure locations and monitor your account for unauthorized transactions.

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Summary

• Montreal’s banking system is modern and accessible, with numerous options for opening accounts and using ATMs.
• Visitors should use bank-affiliated ATMs to minimize fees, while immigrants should explore newcomer banking packages for cost savings.
• Credit and debit cards are widely accepted, but it’s always good to carry some cash for small purchases or emergencies.
• Be mindful of tipping customs, sales taxes, and potential fees when handling money in the city.

By following these guidelines, you’ll be well-prepared to manage your finances effectively while in Montreal!