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Pre-arrival webinar on banking and phones
- 1. Banking & Cell Phones Pre-Arrival Webinar July 11 and 13, 2016
- 2. Banking
- 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. 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. 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. 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. 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. Online & Mobile Banking • Manage accounts • Pay tuition, utilities • Send money • Check transaction history • Text / app banking • Banking on the go • 24/7 access
- 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. 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. 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. 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!
- 14. Cell Phones
- 15. Outline • Cell Phones Overview • Available Plan Options • Approximate Price Ranges • How to Set-up
- 16. Cell Phones in Canada • Why so expensive? • ‘Local’ vs. ‘long-distance’ (not just about area codes!) The Big 3 Companies Independent Providers
- 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. 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. Price Overview Free High Cost/ Max Options Med Cost Low Cost/ Few Options
- 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. 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. 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
- 24. Questions?
Notes de l'éditeur
- Maybe you can mention that pennies are being phased out in the first banking slide - as an example that times are changing as transactions switch to become more and more electronic
- A credit union is a cooperative financial institution in which individuals pool their money to provide loans and services to other members. In the United States, credit unions are nonprofit entities, and their cooperative structure is designed to ensure fair dealing. Additionally, anyone who belongs to a credit union must first qualify to join under a particular institution's field of membership.
- Savings accounts offer a minimal about of interest. Ask about other options for saving money. It’s common to have both chequing and savings
- Important because many payments are electronic and may require a credit or debit card, especially online. Plan ahead for big purchases (e.g. airplane tickets.) Sometimes banks can help you make the payment or temporarily raise your limit if you ask.
- When you open an account, the bank will issue you an ATM card. Your ATM card can be used in bank machines around the city. You can also use it as a debit or Interac card and pay for items directly. Charges to debit cards are deducted from your account immediately, unlike a credit card.
- If you are applying for a credit card, you may want to ask if they have cards with no annual fee for students. Please note that it can be very difficult for an international student to obtain a credit card Credit score Getting a credit card can be difficult for new international students, including US citizens. They need to build up Canadian credit. They may have a very low limit (e.g. $250) for six months or more, or they may “lock in” an amount in an account tied to their credit card. It’s true that students can get credit cards, but the limits are usually very low – around $250. This creates problems when they want to buy plane tickets home in December. They can use their debit cards but some of them get very frustrated. As a newcomer to Canada, it may be harder than you expect to get a credit card - Some banks require a “locked” deposit in order to issue a credit card or give low credit limits for the first six months to a year - Apply in person at a bank - If you need to make a big payment (like a plane ticket), talk to your bank and they may help with individual purchases - if you develop good credit, ask your bank to raise the limit
- Transaction fees and the number of transactions allowed per month vary according to the bank and type of account, so it is necessary for a person to decide what their requirements are before choosing an account. Monthly fees for banking transactions will depend on the type of bank account chosen. However, some banks do offer no-fee bank accounts.
- Opening a student bank account in Canada is a free and simple process. There are several banks close to the University. Make sure you find out what type of account is best suited to your needs. To open an account, you will need to have personal identification. Be sure to take your passport, study permit and university-issued student card. To activate the account, you will need to deposit a small amount of money. After opening an account, you will receive a bank debit card that will allow you to withdraw money at most automated bank teller machines, and will be accepted at most stores to pay for your purchases. To open a bank account, you will need identification, such as your UBCcard, passport, and local address. If you don’t have a local address yet, you can use the International House address temporarily: 1783 West Mall, Vancouver, BC V6T 1Z2 When you visit a bank, ask about accounts that offer lower service fees for students. Be sure to ask for details concerning all the possible fees that might apply for services, such as: monthly administrative service withdrawing and depositing money using Automated Teller Machines (ATMs) at other institutions writing cheques online banking using debit cards
- Why so expensive? 3 major companies’ monopoly. Bell, Rogers and Telus have about 90% of Canadian cellphone market. The main difference is that independent providers usually don’t enforce contracts ‘local’ – 604 or 778 numbers - For phones, please highlight “local” calling zones as this will be a new concept for many students. (I’m not sure if you highlight it enough.) You can take a short ferry ride away from Vancouver and be outside of your “local” calling zone, even if you call a “local” 604 number. Many students get huge unexpected bills until they learn this. ‘long-distance’ can be both out-of-province or even a different region within BC (e.g., calling from here to Kelowna would be long distance) – usually identified with a different area code
- Service Contract — Advantages You can usually get a reduced price on the handset, the longer the contract the cheaper the phone. You can choose a plan that suits your needs for the kind of calling you do. You can check the bill, see where the costs are too high and take action. You may be able to switch plans within the contract if the plan is not suitable. You may be able to bundle other provider services to get discounts. You may be able to have a package at a reduced cost that includes other cellphone users in your family or home. Service Contract — Disadvantages You will have a contract with one provider from one to three years which is usually only breakable by paying a penalty — this is very expensive, especially during the initial stages. You must realize long term contracts mean a significant financial commitment. You may want to change your handset more frequently which may not be possible without an additional charge. When you use more minutes, or send more text messages than is allowed in your plan, your monthly bill can be much larger than you expect. for contracts signed after Dec 2, 2013, - cell phone companies will no longer be able to charge customers fees to break their contracts after 2 years. - cap extra data charges at $50/month - return their cell phones within 15 days if unhappy with service - accept or decline changes to the key terms of a fixed-term contract
- No Service Contract — Advantages You can switch providers or stop using the phone at any time without penalty. You can buy an inexpensive basic phone outright with no further obligations or costs. You can either buy prepaid cards or choose to receive a bill for a monthly rate. With prepaid cards, you don’t need a credit check or credit card and you can control how much you want to spend — no surprises. No Service Contract — Disadvantages You may find the cost per minute will be higher than committing to a contract. You will need to pay upfront for your cellphone. You may have fewer providers to choose from. If you choose prepaid cards you will need to check for an expiry date and add more money to your account on or before that date — or your unused credits may be forfeited. If you choose to receive a monthly bill, it may be larger than you expected if you go over your allotted amounts for voice, texting or data.
- *calling card to be discussed in more detail soon
- Might also explain some common “packages” offered – like weekend calling/after 6pm calling, and be more explicit about “local” calling areas vs. free across Canada – encourage students to ask many questions Calling cards Maybe talk a bit more about calling cards (where to buy them on campus) and suggest combining options – like using a Canadian cell phone for Canadian calls but then using a calling card or using computer for Skype/other internet calling to call home Can buy them at the post office in the SUB, Shoppers, any other convenience/drug store or big grocery stores as well, or online If you get unlimited minutes after a certain time in the day, you can make use your cell phone and calling card to make long distance or international calls Some are re-chargeable many UBC students use texting to communicate wi-fi is widely available across UBC’s campus
- If you have time, a “check list” of questions to ask at the phone shop may be very helpful. This could be available online already, not sure. But something you could show in the PPT and also hand out as part of the presentation? Just an idea.
- Pre-paid (or Pay-As-You-Go) customers must top up every month. If they don’t, they are cut off and lose any credit they had. Even if it’s hundreds of dollars. Pre-paid customers (on some networks) pay for incoming text messages. Any vaguely desirable phone will typically require a three year contract Voicemail tends to cost extra. As much as $10 a month. Some networks charge a monthly “Network Access Fees”, or to quote the Chairman of Wind mobile, “nonsense fees for fictitious network services”. Locking phones to networks still happens 100% of the time Data roaming is essentially legalised theft. Typically around $30 for a MB without a plan, it would cost you around $2.50 to read the front page of this website. Many functions that should be included as part of any data plan, tend to cost extra. Tethering, for example. Even paying for data on some pre-pay plans only entitles you to use WAP, not full browsing. Many applications on the iPhone simply will not work over 3g (such as Facetime) or they are scaled back. For example, no HD video on Youtube and Skype is throttled to reduce the call quality to make you consider making a phone call instead.
- Be informed before you go in!