Tirytory

So less than impressed with Scotiabank for not huge reasons but they seem incapable of doing certain things efficiently. Plus they wouldn't give us a mortgage unless we had pr or at least 50% of house value which seems a tad short sighted of them.

I appreciate it's all subjective but any recommendations of a more efficient bank. We will need a business account as well as the usual chequing/savings accounts.

TD have agreed a mortgage but we're not sure if we should transfer everything to them.

Also, any tips for establishing good credit?

I should probably add we're in Ontario.

Jericho79

So one bank has approved you already, and another has said yes subject to 50% deposit and PR.
What's the problem? Be careful of going round bank to bank- the more credit checks you have on your profile, the longer it will take to start building your credit score.

Tirytory

Well we don't have PR at the moment or 50%, and they're the bank we're with so we won't be getting a mortgage with them anytime soon. We don't bank with TD at the moment- thinking about swapping to them.

Given that my husband is going to be Incorporating and we will need two/ three accounts, I want the bank to be at the very least more efficient than Scotia, hence the query. If a general consensus shows that they're much of a muchness then we'll stay put.

Dashie

I would say much of a muchness. We had nothing but problems with TD, but know people who have never had an issue. We've had no issues with BMO (we switched everything to them).

Siouxie

Use a broker for a mortgage rather than a bank and mention the CMHC newcomers to Canada scheme. I know a good broker if you need one - I used him and he got me a mortgage when I had virtually no credit rating.

Did you bring proof of having paid mortgage/rent/utilities in the UK? Look at the alternative ways of proving credit worthiness when you don't have a credit rating in Canada in the pdf below.

http://www.cmhc-schl.gc.ca/en/hoficl...C_Newcomer.pdf

Tirytory

Thanks Siouxie,

Err we didn't but both our mortgages were linked to our bank account which we kept so fairly printable... We do have some utilities bills etc.

I have spoken to a broker, it was the realtor who pushed TD (realtors are just pushy full stop it think) and we just wanted an idea of the how much rather than specifically going with them. That said if it's competitive then no problem.

Siouxie

As you don't have PR yet, you will probably need to get a letter of reference from your previous financial institution, stating that you were in good standing.

CMHC have some useful information about mortgages on their website, might be worth a read through as it explains about loan to income ratio's etc.

http://www.cmhc.ca/newcomers/english/buying.html
http://www.cmhc-schl.gc.ca/en/co/buho/buho_010.cfm mortgage affordability calculator
http://www.cmhc-schl.gc.ca/en/co/buh...hostst_002.cfm calculating household costs and debt ratio's and other advice

As someone said further up, be careful of how many banks/brokers you approach regarding mortgages as every credit check lowers your credit rating! Brokers have access to alternative credit sources as well as banks, which can be handy if you don't have a lot of history in Canada.

I would go and talk to a bank advisor about opening business accounts and see which one will offer you the best deal. They all have a degree of flexibility available to them, it depends on how much you push and how much research you have done before seeing them; use one against another to get the best interest rates/bank charge rates/credit facilities.

Edo

I tried the big banks first but now I've switched to a Credit Union. Fantastic service, no minimum balance requirements, no silly charges, and absolutely no monthly fees.

joinerboy

Hi
Sorry to hear your experiences with Canadian banks so far.
I've always found Scotia Bank good back when i arrived I received 12 months free banking plus an Scotia unsecured CC think it was called ' start right account ' also found Amex pretty good as well, I was with them back in UK so they opened me a Canadian account with a $7k straight away here. Ford also offered me finance on a new truck but decided not to take them up on the finance. Scotia have been easy to deal with for me they approved my mortgage quickly plus a $25k line of credit as well if ever needed.Back when came to Canada we heard lots of horror stories about establishing credit in Canada but my direct experience has been good. When I arrived in Canada I already had PR this could of made it easier may be.
All the best

snoopdawg

It sounds like that particular Scotia branch rather than Scotia in general. Our branch ( in BC) have been amazing. As you know we were in a similar position/occupations, but we brought over a letter of recommendation from our RBS manager, a copy of our Equifax UK Credit ,and we got a letter from one of the Docs we were working with giving our estimated income. The bank wanted all of them, we easily got a mortgage for about 75% of the house, whilst on a TWP after only being here 2 months, in fact I know we could have had more!! Unlike the UK, we are on 1st name terms with the branch manager, our personal manager and our business manager ( plus most of the other employees). I really couldn't fault them at all. Have you spoken to the manager, if not , maybe make an appointment or try another branch. Just be careful as others have said about repeated credit checks .

scrubbedexpat091

I use TD now, probably the best bank I have used so far anywhere. Haven't been to a branch yet that was not friendly and efficient, and they have been top notch on the phone as well.

Previously I used RBC, and they were okay, but not great, and service was starting to get bad.

TD also tends to have the best hours, open late, many branches open weekends. RBC has some decent hours too.

Scotia seems to have the worst hours.

I haven't tried a credit union, they are too picky and wouldn't open a checking account for me, but I prefer big banks pretty much anywhere I go there is a branch if I need one.

bats

We like TD. We were with Scotia who were scabby so we changed. I'm not sure if the difference is mainly down the the branch but with TD we don't pay charges which ee did with Scotia.

Aviator

Been with RBC for 20+years and found them to be great (as great as a bank can be), we use their VIP account. Was not impressed at all with TD when we tried them for a business account. BMO the same.

Also, use a credit union, the service is friendly, but less efficient than RBC.

There will be folks who have had good experiences and bad experiences of every financial institution. All one can really do is find an account that works for them and go there. The longer you are a customer, the relationship develops. Changing frequently does not help. Every credit check done, impacts the credit rating. Which may matter more to some than others.

Novocastrian

^This. The first time we lived in Canada I had a very straightforward account with TD largely because there was a branch across the road from where I worked and another one down the street from where I was renting. This was of course pre-ATM pre-internet times so access to physical branches was important back then.

When I came back in 1993 I got pre-approved for a mortgage by TD but ended up finding a better deal at Canada Trust. Nonetheless I had our checking/savings account and later, when the OH set up her own sole proprietor company, a rudimentary business account there. Not terribly sophisticated but satisfactory.

Of course TD and Canada Trust merged in 2000 and we've stuck with them without problems. The branch manager I deal with and I are on first name terms.

Since we bought in France, we've established HSBC Premier accounts as well, which facilitates on-line forex transactions.

In short. Do what works best for you.

Tirytory

Our Scotiabank clearly not as helpful. We have the letter about estimated income, plus previous tax returns from UK etc but they were still insistent about 50% or PR. They've just been really inefficient about a few things, and we don't have much confidence that they do what they say they do. Having said that I take on board what others have said about frequent credit checks. Apparently their business account is pretty good according to accountant...

The credit card limit is pretty frustrating too...wonder how long that takes to up