Banking in Canada
Feb 4th 2016, 4:05 pm
#46
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Joined: Nov 2011
Location: Somewhere between Vancouver & St Johns
Posts: 19,849
Re: Banking in Canada
Thanks for the quick reply!
Yeah, we looked at that initially but were put off by the 17 month timescale for spousal sponsorship, vs the 6 month timescale for skilled workers.
We wrote that off quite early on, as although under the spousal sponsorship visa the CIC can/could/will issue a work permit within the first 4 months of applying (basically, allowing you to work in Canada whilst waiting out the 17 month timescale), the caveat is that they will only issue a work permit if you have a visitor visa. Aaaaand, low and behold, to be eligible for the visitor visa, you have to satisfy an immigration officer that you have sufficient funds:
**Under the spousal sponsorship, to be granted an open work permit you have to:
- satisfy an officer that you will leave Canada at the end of your stay,
- show that you have enough money to maintain yourself and your family members in Canada and to return home,
- not intend to work or study in Canada unless authorized to do so,
- be law abiding and have no record of criminal activity,
- not be a risk to the security of Canada,
- provide any additional document requested by the officer to establish your admissibility,
- be in good health (complete a medical examination if required).
Now, you could also assume this 'Visitor Visa' could be the same type of visa that we are granted when we go on a regular holiday (i.e. the stamp in your passport with a date of validity), if so the underlined point above might not be strictly enforced as I don't believe I've ever been asked for proof of funds when visiting the USA or Canada for summer or winter holidays. The only issue is the validity...i'd need to also have a return flight to the UK (they would never let me in on a one way ticket!) and hope in the back of my mind that the work permit is granted within the first 4 months. It'd be a heck of a gamble as i could potentially see me coming back to the UK to nothing - no home, nada, after 6 months.
I've just re-looked at this visitor visa requirements, and it appears that Canada will be introducing a process similar to what the USA do using the pre-authorisation to travel (ESTA) - the Canada equivalent is called the ETA, valid for 5 years for stays up to 6 months...in essence, it looks like a new form of visitor visa. So, i assume being in the UK that the ETA would be applicable to me...but again, if that work permit (as part of the spousal sponsorship) should not be granted within the first 4 months, it would be disastrous in having to leave Canada to come back to the UK, to largely nothing/no home.
PS - thanks for the links in the last post! I did notice some banks allow you to 'initiate' an account opening procedure when not a permanent resident, but under the Bank Act (Canada) they would ask for (in my case, based on my circumstances) a permanent residence card, which i cannot provide (see: Open an Account Online | Scotiabank). It just seems to be a brick wall at every turn! I know this would be much easier if i had british pounds in a british bank account (and gawd, with the exchange rate, it would be brilliant converting it to canadian dollars!) but sadly that's not the case as the funds are already in Canada, held by my partners parents.
Thoughts folks? (sorry, might be getting off topic so will try and focus on banking issues)
Yeah, we looked at that initially but were put off by the 17 month timescale for spousal sponsorship, vs the 6 month timescale for skilled workers.
We wrote that off quite early on, as although under the spousal sponsorship visa the CIC can/could/will issue a work permit within the first 4 months of applying (basically, allowing you to work in Canada whilst waiting out the 17 month timescale), the caveat is that they will only issue a work permit if you have a visitor visa. Aaaaand, low and behold, to be eligible for the visitor visa, you have to satisfy an immigration officer that you have sufficient funds:
**Under the spousal sponsorship, to be granted an open work permit you have to:
- satisfy an officer that you will leave Canada at the end of your stay,
- show that you have enough money to maintain yourself and your family members in Canada and to return home,
- not intend to work or study in Canada unless authorized to do so,
- be law abiding and have no record of criminal activity,
- not be a risk to the security of Canada,
- provide any additional document requested by the officer to establish your admissibility,
- be in good health (complete a medical examination if required).
Now, you could also assume this 'Visitor Visa' could be the same type of visa that we are granted when we go on a regular holiday (i.e. the stamp in your passport with a date of validity), if so the underlined point above might not be strictly enforced as I don't believe I've ever been asked for proof of funds when visiting the USA or Canada for summer or winter holidays. The only issue is the validity...i'd need to also have a return flight to the UK (they would never let me in on a one way ticket!) and hope in the back of my mind that the work permit is granted within the first 4 months. It'd be a heck of a gamble as i could potentially see me coming back to the UK to nothing - no home, nada, after 6 months.
I've just re-looked at this visitor visa requirements, and it appears that Canada will be introducing a process similar to what the USA do using the pre-authorisation to travel (ESTA) - the Canada equivalent is called the ETA, valid for 5 years for stays up to 6 months...in essence, it looks like a new form of visitor visa. So, i assume being in the UK that the ETA would be applicable to me...but again, if that work permit (as part of the spousal sponsorship) should not be granted within the first 4 months, it would be disastrous in having to leave Canada to come back to the UK, to largely nothing/no home.
PS - thanks for the links in the last post! I did notice some banks allow you to 'initiate' an account opening procedure when not a permanent resident, but under the Bank Act (Canada) they would ask for (in my case, based on my circumstances) a permanent residence card, which i cannot provide (see: Open an Account Online | Scotiabank). It just seems to be a brick wall at every turn! I know this would be much easier if i had british pounds in a british bank account (and gawd, with the exchange rate, it would be brilliant converting it to canadian dollars!) but sadly that's not the case as the funds are already in Canada, held by my partners parents.
Thoughts folks? (sorry, might be getting off topic so will try and focus on banking issues)
What is your current CRS score? Less than 450 then chances are you won't get the ITA.
I suggest you post questions in the Immigration section as you will lose most answers in this thread.
Read this link for FAQ
Spousal Sponsorship-Canada/FAQ : British Expat Wiki
Feb 4th 2016, 4:21 pm
#47
Just Joined
Joined: Feb 2016
Posts: 15
Re: Banking in Canada
Thanks again for your reply.
Yeah, i amended my post to bring it back to a banking focus (i must have edited it after you replied).
Not to take away from the banking questions (which i still have if anyone can help...how can i open a Canadian bank account without a visa/permanent residence card?) but my CRS score is 425 (or there abouts). This is lower than the CIC cut off of 460-ish, however I'm hoping for a provincial nomination through Ontario as I have a Masters Degree and (nearly) a PhD, with one or both of those meeting Ontario's criteria. In short, Ontario search the express entry database for anyone with these qualifications in the work category they are looking for (i'm an environmental engineer so tick that box) with a points score of 400 or above, which I'm confident will make me eligible, knocking a year off the spousal application route.
With that, I'm fairly confident in this immigration option (having ruled out the spousal one), its just this bank account that is stumbling me as i need to provide proof of funds.
For a non-resident, it appears you can initiate a bank application from the UK but have to complete it in a branch, and have to provide (in my case at least) a permanent resident card, which i do not have. A foreign passport is OK as 1 of the 2 forms of ID, but reading the required documents under the Bank Act (Canada) there doesn't seem to be any way to circumvent the 'Canadian Specific' form of ID that is required under Part A [http://www.scotiabank.com/ca/en/0,,20,00.html#a6].
Can someone clarify this? Basically, the situation is i can walk into any bank/branch in Toronto and present them will a plethora of forms of ID when i go on holiday in April....the issue is that none of those forms of ID will be Canadian, they will all be from the UK. Will this be possible?
Yeah, i amended my post to bring it back to a banking focus (i must have edited it after you replied).
Not to take away from the banking questions (which i still have if anyone can help...how can i open a Canadian bank account without a visa/permanent residence card?) but my CRS score is 425 (or there abouts). This is lower than the CIC cut off of 460-ish, however I'm hoping for a provincial nomination through Ontario as I have a Masters Degree and (nearly) a PhD, with one or both of those meeting Ontario's criteria. In short, Ontario search the express entry database for anyone with these qualifications in the work category they are looking for (i'm an environmental engineer so tick that box) with a points score of 400 or above, which I'm confident will make me eligible, knocking a year off the spousal application route.
With that, I'm fairly confident in this immigration option (having ruled out the spousal one), its just this bank account that is stumbling me as i need to provide proof of funds.
For a non-resident, it appears you can initiate a bank application from the UK but have to complete it in a branch, and have to provide (in my case at least) a permanent resident card, which i do not have. A foreign passport is OK as 1 of the 2 forms of ID, but reading the required documents under the Bank Act (Canada) there doesn't seem to be any way to circumvent the 'Canadian Specific' form of ID that is required under Part A [http://www.scotiabank.com/ca/en/0,,20,00.html#a6].
Can someone clarify this? Basically, the situation is i can walk into any bank/branch in Toronto and present them will a plethora of forms of ID when i go on holiday in April....the issue is that none of those forms of ID will be Canadian, they will all be from the UK. Will this be possible?
Last edited by rossd01; Feb 4th 2016 at 4:31 pm.
Feb 4th 2016, 6:39 pm
#48
SUPER MODERATOR
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,033
Re: Banking in Canada
Have a read of the Wiki, there's info in there about bank accounts you can open from the UK.
I agree with FL, spousal would be by far the easier way to go - by the time you've got nomination from Ontario, which takes a while, it's unlikely to be any quicker than the 8-10 months your spousal app would take, and may even be longer (for info on why it's not the 17 months you think, have a look at the Spousal FAQ).
If you could also read the 'newbies' sticky thread it would be appreciated. Please do put any other visa related queries in the immi section, and best to start your own thread about bank accounts too, thx.
Good luck with it all.
I agree with FL, spousal would be by far the easier way to go - by the time you've got nomination from Ontario, which takes a while, it's unlikely to be any quicker than the 8-10 months your spousal app would take, and may even be longer (for info on why it's not the 17 months you think, have a look at the Spousal FAQ).
If you could also read the 'newbies' sticky thread it would be appreciated. Please do put any other visa related queries in the immi section, and best to start your own thread about bank accounts too, thx.
Good luck with it all.
Feb 4th 2016, 6:51 pm
#49
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Banking in Canada
Thanks again for your reply.
Yeah, i amended my post to bring it back to a banking focus (i must have edited it after you replied).
Not to take away from the banking questions (which i still have if anyone can help...how can i open a Canadian bank account without a visa/permanent residence card?) but my CRS score is 425 (or there abouts). This is lower than the CIC cut off of 460-ish, however I'm hoping for a provincial nomination through Ontario as I have a Masters Degree and (nearly) a PhD, with one or both of those meeting Ontario's criteria. In short, Ontario search the express entry database for anyone with these qualifications in the work category they are looking for (i'm an environmental engineer so tick that box) with a points score of 400 or above, which I'm confident will make me eligible, knocking a year off the spousal application route.
With that, I'm fairly confident in this immigration option (having ruled out the spousal one), its just this bank account that is stumbling me as i need to provide proof of funds.
For a non-resident, it appears you can initiate a bank application from the UK but have to complete it in a branch, and have to provide (in my case at least) a permanent resident card, which i do not have. A foreign passport is OK as 1 of the 2 forms of ID, but reading the required documents under the Bank Act (Canada) there doesn't seem to be any way to circumvent the 'Canadian Specific' form of ID that is required under Part A []Open an Account Online | Scotiabank.
Can someone clarify this? Basically, the situation is i can walk into any bank/branch in Toronto and present them will a plethora of forms of ID when i go on holiday in April....the issue is that none of those forms of ID will be Canadian, they will all be from the UK. Will this be possible?
Yeah, i amended my post to bring it back to a banking focus (i must have edited it after you replied).
Not to take away from the banking questions (which i still have if anyone can help...how can i open a Canadian bank account without a visa/permanent residence card?) but my CRS score is 425 (or there abouts). This is lower than the CIC cut off of 460-ish, however I'm hoping for a provincial nomination through Ontario as I have a Masters Degree and (nearly) a PhD, with one or both of those meeting Ontario's criteria. In short, Ontario search the express entry database for anyone with these qualifications in the work category they are looking for (i'm an environmental engineer so tick that box) with a points score of 400 or above, which I'm confident will make me eligible, knocking a year off the spousal application route.
With that, I'm fairly confident in this immigration option (having ruled out the spousal one), its just this bank account that is stumbling me as i need to provide proof of funds.
For a non-resident, it appears you can initiate a bank application from the UK but have to complete it in a branch, and have to provide (in my case at least) a permanent resident card, which i do not have. A foreign passport is OK as 1 of the 2 forms of ID, but reading the required documents under the Bank Act (Canada) there doesn't seem to be any way to circumvent the 'Canadian Specific' form of ID that is required under Part A []Open an Account Online | Scotiabank.
Can someone clarify this? Basically, the situation is i can walk into any bank/branch in Toronto and present them will a plethora of forms of ID when i go on holiday in April....the issue is that none of those forms of ID will be Canadian, they will all be from the UK. Will this be possible?
If you do want to open an account here, it is possible. When I first came to Canada as a visitor, I went to the bank with my partner who introduced me to the customer service advisor (by appointment); I provided a copy of my passport, my visa card (!) and my UK drivers license.
CIBC, for instance: https://www.cibc.com/ca/acceptable-i...on.html#ident1
To complete a personal bank account application, you will need to provide your name, date of birth, occupation, if any, and address, if any.
In addition, you will need to provide two pieces of valid, original and not substantially defaced identification from among those set out in Identification 1 or Identification 2, at least one of which must be from Identification 1.
In addition, you will need to provide two pieces of valid, original and not substantially defaced identification from among those set out in Identification 1 or Identification 2, at least one of which must be from Identification 1.
United Kingdom passport
Foreign passport (United Kingdom and United States passports are acceptable as ID1 or ID2)
United Kingdom driver's licence
Alternatively, you may present one piece of identification from among those set out in Identification 1, if your identity can be confirmed by a client in good standing with CIBC, or an individual in good standing in the community in which the branch is located.
Look for "Newcomers" Accounts.Foreign passport (United Kingdom and United States passports are acceptable as ID1 or ID2)
United Kingdom driver's licence
Alternatively, you may present one piece of identification from among those set out in Identification 1, if your identity can be confirmed by a client in good standing with CIBC, or an individual in good standing in the community in which the branch is located.
Last edited by Siouxie; Feb 4th 2016 at 6:53 pm.
Feb 5th 2016, 3:47 am
#50
Just Joined
Joined: Feb 2016
Posts: 5
Re: Banking in Canada
Hi, I agree with a lot of what's been said. My experience is the Canadian banking sector is stuck somewhere in the late 80's early 90's from a UK perspective. It's something you have to accept. It's an expensive, poor service which has caused me lots of issues as a new person to Canada. I've still kept my uk bank running and I still find it easier to use a UK card in Canada than the domestic one!
I'm currently trying to find a non-Canadian bank which allows me to keep CAD so I close my Canadian bank account as the service is so poor. If anyone has any advice I'd be grateful.
I'm currently trying to find a non-Canadian bank which allows me to keep CAD so I close my Canadian bank account as the service is so poor. If anyone has any advice I'd be grateful.
Feb 7th 2016, 12:38 pm
#51
BEER Enthusiast
Joined: Jan 2009
Location: Riverdale
Posts: 587
Re: Banking in Canada
This may be of no use to anyone, but for simple no-fee daily banking, you can't beat PC Financial. If I was coming here from the UK I would get the banking set up from one of the big banks and then open up a PC Financial account for the convenience of using unlimited debit transactions. They are a "third party" bank tied to CIBC and Loblaws grocery chain are hugely popular here.
Last edited by Bleepedy Bloops; Feb 7th 2016 at 12:40 pm.
Feb 9th 2016, 12:06 am
#52
BE Forum Addict
Joined: Oct 2008
Location: Near the Northern Lights
Posts: 1,466
Re: Banking in Canada
Another very good alternative is (depending where you live) your local Credit Union. Mostly no fees and they offer great online services.
Feb 9th 2016, 1:39 am
#53
Account Closed
Joined: Jan 2006
Posts: 0
Re: Banking in Canada
We now bank with Vancity, and while some fees like the monthly account fee are lower, some fees are actually higher then RBC was.
Of course most have minimum balance waivers for some fees if one is lucky enough to be able to maintain whatever the minimum is.
I think it's like 1,200 for our account which is impossible to maintain, so we get to pay the 7 bucks a month.
We do get 1 free in branch visit per month for that 7 dollars though. Otherwise I think its either 75 cents or 1.00 for each additional visit.
Feb 9th 2016, 2:24 am
#54
BE Forum Addict
Joined: Oct 2008
Location: Near the Northern Lights
Posts: 1,466
Re: Banking in Canada
Most of the credit unions at least around these parts charge fees for an account, Coast Capital doesn't but they are fairly picky on who they will take.
We now bank with Vancity, and while some fees like the monthly account fee are lower, some fees are actually higher then RBC was.
Of course most have minimum balance waivers for some fees if one is lucky enough to be able to maintain whatever the minimum is.
I think it's like 1,200 for our account which is impossible to maintain, so we get to pay the 7 bucks a month.
We do get 1 free in branch visit per month for that 7 dollars though. Otherwise I think its either 75 cents or 1.00 for each additional visit.
We now bank with Vancity, and while some fees like the monthly account fee are lower, some fees are actually higher then RBC was.
Of course most have minimum balance waivers for some fees if one is lucky enough to be able to maintain whatever the minimum is.
I think it's like 1,200 for our account which is impossible to maintain, so we get to pay the 7 bucks a month.
We do get 1 free in branch visit per month for that 7 dollars though. Otherwise I think its either 75 cents or 1.00 for each additional visit.
Feb 9th 2016, 3:55 am
#55
Account Closed
Joined: Jan 2006
Posts: 0
Re: Banking in Canada
OK I should count my blessings cuz I am with First Calgary credit union and they never charged me fees for anything that you mentioned. I am really against bank fees and I do my utmost to avoid financial institutions that charge fees. I just refuse to be exploited by a bank that use MY money to make money and then charge ME for doing that too. That is just ridiculous!
If not more or less essential, I'd just not have an account at all, but no viable way to avoid using banks these days.
Feb 9th 2016, 12:27 pm
#56
Oscar nominated
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 50,835
Re: Banking in Canada
I've made UK transfers to my account. GST refunds go directly there. My tenants either do email transfers or pay cash which I deposit in the machine. I have pre-authed debits and I pay a number of other bills on an as and when basis. I get cashback at a number of local stores if needed and/or when I do main shopping.
I have dealt with a couple of matters by phone no less efficiently than had I attended a branch.
I always had a preference for being able to go to a branch. But I have a stronger preference for avoiding fees.
Mar 21st 2016, 4:02 am
#57
Account Closed
Joined: Jan 2006
Posts: 0
Re: Banking in Canada
A few downsides to the credit union that never occured with RBC.
Made an error doing an online payment. With RBC as long as I called by 6pm they could reverse it instantly.
Not so with the credit union. Made an error as their website is poor and anyhow called within 5 mins of the error.
Short of the story its going to take 3 to 6 weeks to see the money back....
Along with fees RBC didnt charge and included in the monthly fee, not all that thrilled with a credit union.
Had no choice but to leave RBC though.
Made an error doing an online payment. With RBC as long as I called by 6pm they could reverse it instantly.
Not so with the credit union. Made an error as their website is poor and anyhow called within 5 mins of the error.
Short of the story its going to take 3 to 6 weeks to see the money back....
Along with fees RBC didnt charge and included in the monthly fee, not all that thrilled with a credit union.
Had no choice but to leave RBC though.
Mar 21st 2016, 11:56 am
#58
Oscar nominated
Joined: Jan 2008
Location: Moncton, NB, CANADA
Posts: 50,835
Re: Banking in Canada
Swings and roundabouts.
Lower fee or fee free banking, higher interest, fast clearance times...
Whatever advantages there are with one bank or alternative set-up over a different one will present a reverse disadvantage.
It's just a case of finding where the advantage means more than the disadvantage.
Lower fee or fee free banking, higher interest, fast clearance times...
Whatever advantages there are with one bank or alternative set-up over a different one will present a reverse disadvantage.
It's just a case of finding where the advantage means more than the disadvantage.
Mar 21st 2016, 1:38 pm
#59
Forum Regular
Joined: Jan 2009
Posts: 104
Re: Banking in Canada
All the main banks have newcomer accounts, mostly free of charges for 6-12 months.
Newcomers to Canada - RBC
StartRight Program for Newcomers | Scotiabank
https://www.tdcanadatrust.com/planni...nada/index.jsp
https://www.cibc.com/ca/chequing-savings/newcomers.html
Banking for Newcomers to Canada | BMO Bank of Montreal
Newcomers to Canada - RBC
StartRight Program for Newcomers | Scotiabank
https://www.tdcanadatrust.com/planni...nada/index.jsp
https://www.cibc.com/ca/chequing-savings/newcomers.html
Banking for Newcomers to Canada | BMO Bank of Montreal
Apr 27th 2016, 10:50 am
#60
Just Joined
Joined: Feb 2016
Posts: 15
Re: Banking in Canada
Hi again folks!
Sorry for the delay in replying. New job plus finishing off my studies has meant I'm a tad busy!
Thank you so much for all the advice on the back of my original comments. After investigating the spousal sponsorship route as mentioned here, i arrived at the excel spreadsheet that was put together and, with the 10 month likely timescale, we went that route. As such, no need for a bank account for proof of funds! woot woot!
The application is in so fingers crossed. I'll register my details with this site to track the progress.
Thank you once again!
Sorry for the delay in replying. New job plus finishing off my studies has meant I'm a tad busy!
Thank you so much for all the advice on the back of my original comments. After investigating the spousal sponsorship route as mentioned here, i arrived at the excel spreadsheet that was put together and, with the 10 month likely timescale, we went that route. As such, no need for a bank account for proof of funds! woot woot!
The application is in so fingers crossed. I'll register my details with this site to track the progress.
Thank you once again!
