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:

• CIBC
• Scotia Bank
• TD Canada Trust Bank
• RBC – Royal Bank
• Bank of Montreal

Prior to issuing a Study Permit, some visa offices require evidence of paying the cost of tuition for the first year plus living expenses to the University of Saskatchewan.

• International Student Deposit Procedures

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 sufficient for initial expenses (approximately $4,000) as it may take some time for your funds to be transferred to Saskatoon. 

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). Apply for a student ID card in PAWS.

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:

• CIBC
• HSBC
• Scotia Bank
• TD Canada Trust Bank
• RBC – Royal Bank
• Bank of Montreal

Online currency converter

Canadian currency is based on the decimal system as follows:

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.

If you are an international student studying in Canada, you may have to file a Canadian income tax return.

• Canada Revenue Agency
• Tax receipts