Money and Banking
In Canada, money can be called many things: cash, bucks, coins and bills. There are 100 cents in one dollar. Common bills (paper money) are $5, $10, $20, $50, and $100. Coins used in Canada are:
- nickel = 5 cents ($0.05)
- dime = 10 cents ($0.10)
- quarter = 25 cents ($0.25)
- loonie = 1 dollar ($1.00)
- toonie = two dollars ($2.00)
Many people do not like to carry large bills—$50 and $100 and some stores and restaurants do not take large bills.
Currency exchange is constantly changing. To check the value of Canadian dollars, go to www.xe.com
Banking and financial planning
All of the Canadian banks are represented in Kamloops. All of the major Canadian banks such as the Royal Bank of Canada, Bank of Montreal, CIBC, Scotiabank and TD Bank have either branches or associates in most major cities in the world.
In Canada, there are different account types: chequing account, chequing-savings account, savings account and term deposit. During International Orientation, you will be familiarized with banks near TRU and we will help provide support for you to open a Canadian bank account.