crusaderrabbit

Hello all,

I know this is a topic which comes up time and time again on the forums, but have been doing some research into Canadian banks for when we land and in terms of fees etc for a standard chequing account there really doesn't seem to be much of a difference between them? Am I right in this conclusion or are there any which anyone wants to recommend or warn off.

Have also looked at PC Financial - which seems the best but are they any restrictions, problems etc people have had with them which might not be apparent at first glance?

Finally, in the UK I do not have a credit card (no real need) but, like a lot of people my debit card is Visa. Am I right in thinking you only have Visa or Mastercard in Canada on Credit cards and debits are all interac. This would mean that for some things, eg purchasing online like Amazon.ca, you would need a credit card (or use your old UK debit card?!?)

Once again any comments greatly appreciated

CR

bazzz

I've just signed up with them for a checking account, so I'll let you know how I get on. As far as I can tell, they have quite low limits on your bank card to start with, which rises after a number of months.

Pretty much. The only problem is that sometimes you can't use a UK-based card for ordering online as their systems are only setup to verify North American cards. It does vary between retailers, but it was certainly a problem I encountered. I recommend you try and get yourself an MBNA credit card in the UK ASAP - and use it - then contact MBNA once you arrive in Canada asking them to use your UK credit history as an introduction to MBNA Canada. This way you might be able to get a Canadian credit card without having to put down a bond.

There is a limited amount of scope to use your Interac card online, through Certapay - http://www.certapay.com/en/ - although it's far from widespread and not available with all banks.

dbd33

pcfinancial don't issue certified cheques. Other than that I haven't found anything different between them and the TD except that pcfinancial put a few cents in the account each month while the TD take out dozens of dollars.

Notiaink...honest

Whats the difference between a certified check and a money order / bank draft anyway?

The biggest issue with PC is that they have a hit and miss attitude to opening accounts for non permanent residents (ie those on work permits, and others with 9xx SIN numbers) Sometimes they do, sometimes they dont.

I havent figured out how to get foreign currency from them, although Im sure it can be done, but other than those two things after 5 years I havent found a serious downside.

Biiiiink

I opened checking and savings accounts with them with ease, but then couldn't deposit my own personal cheque to start the account because it didn't have my address preprinted on it

Whilst you can use Switch at most UK online stores, I've never seen Interac as a payment option with online Canadian retailers.

I've used Canadian credit cards in UK online stores and had security pop-ups with Scotia cards only (just a few questions about the card, instant authorisation afterwards). I've had Canadian and Brit credit cards declined on US websites - they really like to use billing address as a security measure instead of the 3 digits from the back that the rest of the world uses to make sure you're the authorised cardholder, and of course foreign banks won't give them billing info to check so transactions are sometimes declined (Walmart US the other week for a hoover). On the other hand I've successfully used US sites that say no foreign cards, and put a US address for my billing address (which isn't true) and had it accepted without question (Pottery Barn last week).

dbd33

I don't know. I can't say I've ever had need to use either.

EVA3695

We have been able to open a bank account from the UK. We are current HSBC customers and have opened a HSBC Canada account thru filling in the international forms at our local branch. We have recieved the debit cards and cheque books already, after only a fortnight. Not sure how they compare but gives us peace of mind before we arrive in a couple of weeks.We intend to transfer money accross online and thought using the same bank would be easier.

Notiaink...honest

Makes no difference. The variations in the exchange rate offered have way more inpact on the expense of the transfer than any nominal fee to do it, and the third parts companies like HiFX seem like a more cost effective option for a large lump sum.

HSBC have patchy coverage in Canada, good in some places, non existent in others, and they are one of the more expensive banks for day to day use in terms of fees.


http://www.hsbc.ca/1/2/en/personal/c...quing-accounts

PeterF

I don't think I had written a cheque in the UK for at least 10 years, my debit card would normally do and if I want to pay anyone remotely I'd do it on-line.

In Canada, they charge you for cheques, the debit card does not contain the visa mark so is not accepted for on-line payments nor some establishments (rare only time for me was at the airport).

On-line is so primitive, you can only pay who they say you can!! The banks seem to have a list of utility companies you can pay on-line, they do not give you the facility of entering someones name, account number and sort code as per the UK. I do believe it is because they charge you for cheques, they want you to keep paying.

There is an alternative apparently, they call it e-transfer or words to that effect.. and guess what, they charge you for it.

Scotia bank are about to issue debits with Visa on (Hooray, welcome to the 21st Century).

The interest rate you get is pitiful, even though borrowing rates are similar to the UK plus all the additional charges they make on your account, the bankers (careful not to mis-spell there) must be all billionaires 10 times over.

JonboyE

There aren't many poor bankers (sp?) in Canada. Another option in BC (no idea about other provinces) are the credit unions. Coast Capital offer completely free chequing and savings account with online access and a debit card as long as you stay in credit. Cheques are, of course, an extra cost but you hardly ever need to use them. I am still not halfway through a $30 book of cheques I bought five years ago.

I started with HSBC Canada because I was with the Midland in the UK. I switched to Scotiabank because they offered me a great mortgage deal. They charge about $3.50 a month for the chequing account.

For anyone about to move out here please consider hanging on to your UK Visa or Mastercard - at least until you get settled. Your credit rating does not cross the Atlantic and it can take some time before the Canadian banks will issue you with one. Although you can exist in Canada without a credit card, life is so much easier with one. Even if you don't use it, just having an active Visa/MC will demonstrate you are credit worthy and you won't need deposits for utility companies, car hire, video rental and so on.

TinaH

regarding HSBC , i have been looking into this but it would appear that to be able to tranfer from here over to Canada ( along with credit ratings etc) you have to us the International dept and i have been told by my branch to get it free of charge ( think its £100 per a/c otherwise) have to have £50,000 in savings/accounts with them (okay for a while whilst selling up etc but once over there will need access to everything ) i'm sure i saw £25 per month mentioned too for the account if dropping below certain amounts in accounts? maybe someone could be more specific if they've been there and done that with HSBC.

With regards to the last comment re; UK credit cards ( and debit cards for that matter) Nationwide Building Society does NOT charge anything for use of credit OR debit card overseas you also get business rates not tourist rates on the exchange rates too. you can manage all the accounts online too - even have an e-savings account online if you can/want to leave some savings in the UK . ( there may be slightly better savings rates elsewhere but best to streamline the UK accounts and have all under one roof so to speak!)
i have not used travellers cheques etc for over 8 years and always get better exchange rates with either of my Nationwide cards ( you would still get 'cash advance charges' on the credit card though if drawing cash from a machine)

kind regards,
Tina

bear-diesel

Hi
We walked in to RBC on Mon to open an account.
Three hours later they had to do a recount of the monies we had brought across with us. We brought a mix of cash and travellers cheques so that we didn't have to wait for any thing to clear.
HOWEVER, by the time they had recounted, the bank had closed its tills. We were assured that it would go in first thing tues.
When we went in on Tues we were surrounded by bank staff, it was a little like a reverse hold up. they were bowing and scraping, apologising that the money was in cyberspace but would be in on Wed.
All things told the money went in ok, but now we are greated personally when we go in
we got a credit card straight away although we had to pay a bond, but at least we can start building a history
jo

gt94sss2

HSBC are referring to their HSBC Premier service - when they refer to having over £50,000 in savings/investments with them to qualify in the UK (differs in other countries)

As part of this service, they can arrange for you to open HSBC Premier bank/credit accounts at HSBC in other countries within 10 days of asking (for free) and also 'transfer' your HSBC UK credit history to overseas HSBC accounts.

I also believe you get online banking from HSBC, which shows you all your HSBC accounts globally under one login and fee free (or discounted) money transfers between HSBC accounts in your name.

Otherwise a £100 charge applies if you use their UK International Banking Centre and it takes longer.

If going to Canada and you're not a HSBC UK Premier customer, you might be able to avoid this charge by contacting HSBC Canada direct - and if/when needed any HSBC UK branch should be able to confirm your ID for their application process, though you would not benefit from your UK HSBC credit history going with you..

Other links:

HSBC Premier in Canada
HSBC Premier global site

Regards
Sunil

TinaH

Thanks Sunil,

i'll take a look at those links

kind regards,
Tina

the moog

TinaH - if you can get to that threshold for HSBC Premier in the UK (as it's much higher requirements in Canada equivalent) then you qualify for it in Canada, your banking will be free, they will be very helpful, you will probably retain it for some time (even if you spend it in Canada!).......
And they will also carry your credit rating history across.
Plus you can setup sterling account within your HSBC Candian accounts which means you can bring money from UK in pounds, and change it instantly online when the rate / circumstances suit.
It has worked well for us to date!