Transfer money

If you wish to send money to your home country, a bank can advise you on the most reliable means. Try to select a bank that has a direct signing relationship with the state bank in your home country. The fewer banks involved in the transfer, the better chance there is of the money reaching its proper destination.

  • The best way to transfer funds from your country to Saskatoon is by a bank draft made payable to yourself from your home bank to a specific bank in Saskatoon. It can take anywhere from 10–20 days for a bank draft to be processed.
  • Use an electronic bank card from your home bank to withdraw money at ATMs (bank machines) in Canada. You will have to pay service charges for using a bank card outside your country and exchange rates change daily, so check with your bank before choosing this option, as it can be quite expensive.

The following Canadian banks provide full services:

Prior to issuing a Study Permit, some visa offices require evidence of paying the cost of tuition for the first year ($6,000 - $10,000) plus living expenses (approximately $10,000) to the University of Saskatchewan. Follow the guidelines for depositing money to the University of Saskatchewan to do this. 

Bring money with you

We suggest that you don't carry large amounts of cash on you when you travel to Canada. Currency exchange services are available at major airports in Canada and at any of the major banks or credit union banks in the city.

You should bring with you cash or traveller's cheques sufficient for initial expenses (approximately $1,200.00). It may take some time for your funds to be transferred to Saskatoon. Students should bring enough money for the first month's expenses (approximately $1,500.00) in Saskatoon.

Get a bank account

You will need the following things to set up a bank account:

  • passport
  • local address
  • student card (prior to getting a student card, show your letter of admission)

One of the first things you should do when you arrive in Saskatoon is to deposit your money in a bank. It is not wise to carry large amounts of money with you or to keep it where you live. There are ten chartered banks in Canada, most of which have offices in Saskatoon. In addition, there are many locally and nationally based credit unions and trust companies that function much the same as banks.

There are two main types of accounts at banks:

  1. Chequing accounts - which most people use for paying regular bills and for most shopping needs.
  2. Savings accounts - which allow you to earn interest on money which you do not need to use.

When you visit a bank, ask about accounts that offer lower service fees for students. Be sure to ask for details concerning all the possible service fees that might apply for monthly service, withdrawing and depositing money, using ATMs at other institutions, writing cheques, banking online, using debit cards, etc. These service fees can add up, so make sure you understand how you will be charged.

You will probably need a chequing account, as cheques are widely used for paying rent and bills. You will have to pay a fee to order cheques, but your bank may be able to give you a few free temporary cheques to use right away.

Some Banks in Saskatoon:

Currency

Online currency converter

Canadian currency is based on the decimal system as follows:

 Penny
Nickname: Penny 
Worth: 1 Cent

Nickname: Nickel
Worth: 5 Cents

Nickname: Dime
Worth: 10 Cents

Nickname: Quarter
Worth: 25 Cents

Nickname: Loonie
Worth: 1 Dollar

Nickname: Toonie
Worth: 2 Dollars

Worth: 5 Dollars

Worth: 10 Dollars

Worth: 20 Dollars

Worth: 50 Dollars

Worth: 100 Dollars
 

Coins are used for many machines such as food and drink vending machines, photocopiers, telephones, parking meters, clothes washing machines and dryers.