evets

I have done some research on this already and checked out the wiki on BE.

Currently bank with ING in Australia, which is called Tangerine now in Canada. I like the account as when I use paypass(tap and pay in Canada), I get cash back. Not really noted that for bank accounts but for some CC in Canada.

Also struggling with some of the high fees that the banks charge, was shocked when I moved to Australia from the UK, coming from free banking. But the fees here and the conditions for free banking pale in comparison to Canada. Not sure how they can ask for nearly $30 a month for some accounts!!!

My plan, try and find a bank that does free banking for at least 6 months but ideally a year, provides a CC(not a pre-paid CC) so I build up some credit history and then either look to move or see what options I have. Since cheques(not used one for many years) also seem to be a requirement, mainly for renting from what I can see. Would be looking to minimise any additional cost to this.

I do note that some of the banks I have looked at if you leave a minimum balance some asking for up to $3500 in your account, you are eligible for free banking(honestly are they taking the p@#$, this is why I put money into my savings account for the slightly better interest rate).

Another problem that I am wondering about is the accumulation of points in some the schemes the bank have, since I have no idea about them and what benefit they offer. So wondering what accounts offer the best schemes for the accumulation of points and what they can be used for.

For example PC Financials allow you to build up points for discounts on there products.

Siouxie

All of the banks have 'newcomer' packages offering free banking for 6-12 months, most offer a credit card and some a car loan.

Most of the banks also offer a low cost account.

You can find more details here: http://www.fcac-acfc.gc.ca/eng/resou...ges/AE304.aspx and a detailed list of the banks and their included services for the low cost account here: http://www.fcac-acfc.gc.ca/Eng/forCo...-Comptesf.aspx - and a further document that lists all costs, services etc: http://itools-ioutils.fcac-acfc.gc.c...aspx?f1=1&f2=1

Newcomers to Canada - RBC
https://www.cibc.com/ca/advice-centr...utrc=S167:1644
StartRight Program | Scotiabank StartRight
https://www.tdcanadatrust.com/planni...nada/index.jsp
https://www.bmo.com/newstart/en/
https://www.tangerine.ca/en/landing-...FZC1wAodDVgE1g
PC Financial No Fee Bank Account | President's Choice Financial

evets

Cheers Siouxie, appreciated will review the links in more detail, most of them have already checked out. Thus my post for some of the additional questions.

Do you sleep as 4am for you!!!

Siouxie

You're welcome..

The links to the banks are all newcomer account with free banking, so hopefully they will be of use.

I work til 3am, 6 days a week, then I need an hour or so of 'chill' time before bed.. hence me still being up and awake!

evets

Ah ok, you work crazy hours. 3am finish must sure mess your body clock up.

Yep and agreed it does take time to wind down.

Can you offer any advice about the points schemes for the banks as not sure what would be of the most, if any, benefit to me.

Tigger1

You won't be able to join Tangerine until you have some Canadian ID (driver's licence etc.) I had recommended them to my cousin who came out on a WHV because of the no fees and they wouldn't accept her application until she had Canadian ID.

evets

Thanks Tigger, I will join one of the newcomer accounts for 6 to 12 months till I get on my feet and ID's sorted out. Then look for a better option.

evets

Slight off topic, but I had a look at the RBC and they have an office about a 20 min walk from my office and new comer program, will do. They allow you open an account from abroad but could not find any details. Have emailed them to provide more details.

While looking at the Bank of Montreal, they do provide a list which looks quite complicated, well not really complicated but more tedious and probably costly as you need to get lawyers involved.

For those that opened accounts from abroad would you say it would be the same process for all the banks?

Siouxie

I really wouldn't bother opening one from the UK - the money you transfer is tied up.

RBC are pretty good, I've banked with them for years and my son opened an account with them (with me recommending him) with no job and $100 deposit - they also gave him a credit card. It took about 20 minutes and he was issued with his account number and a temporary card on the spot.

You can also deposit a UK cheque with them and they will convert it and clear it to your account - usually within a couple of days - or you could just withdraw cash from your UK account at an ATM to deposit into your account. Bear in mind, any cheque deposited (or money transferred) above $10,000 will automatically have a hold put on it. You can arrange a wire transfer to your new account the same day, more or less.

If you do decide to open from the UK, be prepared to not be able to access your account until you have verified your status and ID at a branch in Canada - and wait a week or more before your money is released, should you make a tranfer prior to arriving. Personally, the only way I would do it in advance would be with the absolute miminum deposit required to open the account.

evets

Thanks Siouxie, but moving from Australia!.

Thanks all very very good points, will keep that in mind.

Siouxie

Ooops!

Sorry about that, I should have remembered!

For the UK references, please insert "Australia" lol.

evets

Not a problem, lots of messages get posted. Hard to keep track of the origin when multiple messages are posted!

Engineer_abroad

Second that about RBC. I use the signature no limit account. Around $15 a month after the free 12 month period for no limits on transfers and payments, free personnel cheques, so many bankers cheques a year, cc (inc rebate of annual fee).

plasticcanuck

So opening which account at BMO requires the involvement of a lawyer???

Aviator

Not always, depends on your relationship with the bank.