Moving to a new country means learning about a whole new monetary system. Canadians typically have bank accounts where they keep their money. Banks are a very safe and secure place to keep your money. It is not recommended that you keep large sums of money in your home. These days, people use a debit card more often than they use cash. This is a card you carry with you instead of money, and it authorizes deductions from your bank account. Similarly, a lot of employers now send your pay cheque directly to your bank account. These things are very convenient, but may take some getting used to.
For more detailed information about banking, types of bank accounts, methods of payment, and much more, look at the ‘Money and Banking' section in the Newfoundland and Labrador Newcomer's Guide to Newfoundland and Labrador.
To view a currency converter, click here.