{"id":5595,"date":"2022-06-26T18:51:49","date_gmt":"2022-06-26T18:51:49","guid":{"rendered":"https:\/\/parsvisaimmigration.com\/common-banking-terms-in-canada-for-newcomers\/"},"modified":"2024-01-12T14:12:02","modified_gmt":"2024-01-12T14:12:02","slug":"common-banking-terms-in-canada-for-newcomers","status":"publish","type":"post","link":"https:\/\/parsvisaimmigration.com\/en\/common-banking-terms-in-canada-for-newcomers\/","title":{"rendered":"Common banking terms in Canada for newcomers"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5595\" class=\"elementor elementor-5595 elementor-4000\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3c7bf0c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3c7bf0c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9143902\" data-id=\"9143902\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a876eb0 elementor-widget elementor-widget-text-editor\" data-id=\"a876eb0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h1 style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: 14pt;\">Common banking terms in Canada for newcomers<\/span><\/strong><\/span><\/h1>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: 12pt;\">Cash<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt;\">A common term for money or physical currency or cash<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 12pt;\"><span style=\"color: #ff0000;\"><strong>credit card<\/strong><\/span><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt;\">A payment card that allows you to buy things on credit terms. You can also use a credit card to receive cash. Credit cards have certain limitations.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"font-size: 12pt;\"><span style=\"color: #ff0000;\"><strong>Credit score<\/strong><\/span> <\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt;\">A record that shows your ability to repay your bank debts. Your history shows whether you have made your scheduled payments on time<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: 12pt;\">Credit rating<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt;\">This score is based on your bank account history and helps financial institutions determine whether they are eligible to lend to you. This credit rating is based on how you have paid back your debts in the past, how much you owe, and how you manage your credit account with restrictions like credit cards.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: 12pt;\">Credit report<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt;\">This report is a real document that shows your credit history and credit score. In Canada, this is provided by two agencies <span style=\"color: #ff0000;\">, TransUnion<\/span> and <span style=\"color: #ff0000;\">Equifax<\/span> .<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: 12pt;\">Credit Union<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt;\">A full-service financial institution that operates on a partnership model and provides services and products like other financial institutions.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: 12pt;\">Direct deposit<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt;\">Money transferred electronically directly to your account.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong><span style=\"font-size: 12pt;\">Interstreet<\/span><\/strong><\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-size: 12pt;\">or the percentage interest rate that is used to determine the amount of interest that must be paid. This can mean the interest you have to pay back on the money you borrow, or it can mean the interest you earn on an investment that you have to pay.<\/span><\/p>\n<p>636<\/p>\n<p>888<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-184439d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"184439d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-812b7ce\" data-id=\"812b7ce\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Common banking terms in Canada for newcomers Cash A common term for money or physical currency or cash credit card A payment card that allows you to buy things on credit terms. You can also use a credit card to receive cash. Credit cards have certain limitations. Credit score A record that shows your ability [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[177],"tags":[],"class_list":["post-5595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-immigration-information"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/parsvisaimmigration.com\/wp-content\/uploads\/2022\/06\/jonathan-cooper-0O2Pp6-mOkY-unsplash-scaled.webp?fit=2560%2C1707&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/posts\/5595","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/comments?post=5595"}],"version-history":[{"count":3,"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/posts\/5595\/revisions"}],"predecessor-version":[{"id":5598,"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/posts\/5595\/revisions\/5598"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/media\/4848"}],"wp:attachment":[{"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/media?parent=5595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/categories?post=5595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/parsvisaimmigration.com\/en\/wp-json\/wp\/v2\/tags?post=5595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}