Pre arrival webinar on bank and phone summer 2015
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Transcript of Pre arrival webinar on bank and phone summer 2015
Banking & Cell Phones
Pre-Arrival Webinar
Tues July 7, 2015. 10-10:30am PSTWed July 8, 2015. 3:30-4pm PST
Banking
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
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
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
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
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!
Online & Mobile Banking• Manage accounts• Pay tuition, utilities• Send money • Check transaction history• Text / app banking• Banking on the go• 24/7 access
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
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
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
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
Questions about Banks?
Cell Phones
Outline
• Cell Phones Overview• Available Plan Options• Approximate Price Ranges• How to Set-up
Cell Phones in Canada• Why so expensive?• ‘Local’ vs. ‘long-distance’ (not just about area codes!)
The Big 3 Companies Independent Providers
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
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
Price OverviewFree High Cost/
Max OptionsMed Cost Low Cost/
Few Options
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+
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
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
Want More Details?
Questions?