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Pre-arrival webinar on banking and phones

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Banking and cell phones in Canada - UBC Graduate Student Orientation 2016

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Pre-arrival webinar on banking and phones

  1. 1. Banking & Cell Phones Pre-Arrival Webinar July 11 and 13, 2016
  2. 2. Banking
  3. 3. 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
  4. 4. Banks vs. Credit Unions Banks 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 • ATMs with more language options Cons • More maintenance fees • Commonly profit-driven • Small size = fewer branches and ATMs • Lower quality online banking
  5. 5. 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
  6. 6. Types of Accounts Chequing 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
  7. 7. Transactional Information Cash 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!
  8. 8. Online & Mobile Banking • Manage accounts • Pay tuition, utilities • Send money • Check transaction history • Text / app banking • Banking on the go • 24/7 access
  9. 9. Debit Card • Key to your banking • PIN security to identify you • Withdraw cash from ATM • Pay for purchases directly – instant debit from account • Online/mobile banking • Limited online purchase capability
  10. 10. 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
  11. 11. 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
  12. 12. Next: How to Setup an Account 1.Go to a branch nearby 2.Bring Passport, Study Permit, Proof of Address 3.Make an appointment…and that’s it!
  13. 13. Questions about Banks?
  14. 14. Cell Phones
  15. 15. Outline • Cell Phones Overview • Available Plan Options • Approximate Price Ranges • How to Set-up
  16. 16. Cell Phones in Canada • Why so expensive? • ‘Local’ vs. ‘long-distance’ (not just about area codes!) The Big 3 Companies Independent Providers
  17. 17. 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
  18. 18. 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
  19. 19. Price Overview Free High Cost/ Max Options Med Cost Low Cost/ Few Options
  20. 20. Available Plan Options Provider Voice only Voice and text Voice, text and data Everything 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+
  21. 21. 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
  22. 22. 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
  23. 23. Want More Details?
  24. 24. Questions?

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