Pre arrival webinar on bank and phone summer 2015
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Transcript of Pre arrival webinar on bank and phone summer 2015
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Banking & Cell Phones
Pre-Arrival Webinar
Tues July 7, 2015. 10-10:30am PSTWed July 8, 2015. 3:30-4pm PST
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Banking
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Introduction• Banks vs. Credit Unions• Why do I need a bank account?• Types of Accounts• Transactional Information• Debit Card & Credit Card• Convenience Banking• Next: How to Setup
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Banks vs. Credit UnionsBanks Credit Unions
Pros • More loan, investment, and account options
• Better accessibility • Better online banking• More robust customer
service at any time
• Member = part owner• Higher interest rates• Fewer fees• More personal customer
service
Cons • More maintenance fees• Commonly profit-driven
• Small size = fewer branches and ATMs
• Lower quality online banking
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Why Do I need a Bank Account?• To transfer money from your
home country• To receive money (scholarship,
pay from work, etc)• To pay for expenses• More secure than carrying
around cash
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Types of AccountsChequing Savings US Account
• Most commonly used
• All debit transactions
• Withdraw from ATM
• Pay bills online
• Send money
• Issue cheques
• Generates no interest
• Separate account for a different purpose
• Generates more interest
• For people who do a lot of transactions in US dollars
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Transactional InformationCash Access Pay Bills Cheque Cashing
• In branch
• ATM
• Third party merchants
• There are limits!
• Online banking
• In branch
• Directly with the company
• Automatic pre-authorized payments
• Holding policy
* Plan big purchases in advance!
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Online & Mobile Banking• Manage accounts• Pay tuition, utilities• Send money • Check transaction history• Text / app banking• Banking on the go• 24/7 access
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Debit Card• Key to your banking• PIN security to identify you• Withdraw cash from ABM• Pay for purchases directly –
instant debit from account• Online/mobile banking
Limited online purchase capability
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Credit Card• Helps you establish credit history• Pre-set credit limit• Amount spent accumulates, paid off
once a month• Online purchasing• Emergency cash withdraw with
interest charges
* difficult for international students to get a credit card
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Potential Fees & Charges• Withdrawing cash from other banks’ ATM• Withdrawing or debiting your Savings
account directly• Non-Sufficient Funds (NSF)• Going over monthly debit transactions
allowed• Paper statements*• Monthly maintenance fees
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Next: How to Setup an Account1.Go to a bank branch nearby2.Bring Passport, Study Permit, Proof of Address3.Make an appointment…and that’s it!
1783 West Mall, Vancouver, BC V6T 1Z2
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Questions about Banks?
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Cell Phones
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Outline
• Cell Phones Overview• Available Plan Options• Approximate Price Ranges• How to Set-up
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Cell Phones in Canada• Why so expensive?• ‘Local’ vs. ‘long-distance’ (not just about area codes!)
The Big 3 Companies Independent Providers
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Contract vs. No Contract
Pros • Reduced price on the handset • Usually more options for plans available• Options for family package at reduced cost
Cons • Expensive penalty when terminating • Significant financial commitment• May not be able to change your handset
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Contract vs. No Contract
Pros • Switch providers or stop using at any time• Buy a phone with no obligations or costs• Prepaid – control how much you want to
spend, no surprises.
Cons • Cost per minute more expensive • Pay upfront for cellphone• Fewer plans • Prepaid – minutes expire, need to top-up
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Price OverviewFree High Cost/
Max OptionsMed Cost Low Cost/
Few Options
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Available Plan OptionsProvider Voice only Voice and text Voice, text
and dataEverything
Low Cost 30 cents/min (pay-as-you-go)
$20-$30 $30-$40 $40+
Med Cost prepaid / pay-as-you-go(monthly fees apply)
$25-$50 $35-$75 $75+
High Cost prepaid / pay-as-you-go(monthly fees apply)
$25-$35 $45-$80 $80+
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Things to Ask at the Phone Shop Trial Period Data and Messaging Services In plan vs. unlimited minutes International Text Upgrade, Family / couple options Start of school year promotions in September SIM card transferability
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Things to Ask at the Phone Shop• Bottom line – what do you finally pay?• Policies on Terminating Contracts• Hidden fees, System Access Fees• Over-usage fees• Data limits• Roaming charges
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Want More Details?
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Questions?