El Supremo

Does anyone have experience of using any of the Canadian banks for straight-forward banking (i.e. current accounts)?

I understand that most will charge a monthly fee, will limit the number of transactions per month and not provide you with a visa debit card.

Is this the case with all banks or are there any exceptions?

Thanks!

enak

Most banks will happily provide you with a Visa Debit card.

Most will charge a monthly fee (online banks PC and Tangerine don't, and there are Credit Unions too). The monthly fee is normally waived if your balance is over a threshold normally in the $3k to $4k region.

The fee also varies depending on number of transactions per month - although I would guess they don't really limit the transactions - just charge you for more :-) Unlimited transactions costing maybe over $10 and otherwise more like $5.

The big banks with branches where we are are TD, CIBC and RBC, but your decision will obviously consider what is local to you.

http://britishexpats.com/wiki/Banking-Canada

BristolUK

Engineer_abroad

You need to shop around and for info current accounts are referred to as chequing accounts in North America.

You usually pay a monthly fee depending on the type and number of services and transactions you make. if you are worried many banks do an unlimited option for around 15 bucks a month. With the visa debit card you have to be careful as some banks will only issue you with a client card at the outset (it is your debit card but cant be used online or over the phone). You can normally request this kind of card )(mine is referred to as visa virtual debit) but it caught us out when we arrived.

If you use a lot of cash be very careful who you go with as you are often charged for taking cash out of an ATM not operated by your own bank.

The other thing to bear in mind is you may struggle to get a credit card depending on your circumstances. There have been many stories of people having to put a deposit down to secure a credit card.

scrubbedexpat091

Some banks offer a visa debit card but their use in Canada is limited still due to interact being the primary debit system. But they are useful for buying online from non-Canadian websites.

Some offer a physical card that can he used in say a US store and others like RBC offer a virtual card which can only be used online.

The big banks will charge you. Some credit unions have free accounts.

If your okay with online banks Tangarine or PC financial mightt have no fee or lower fee banking.

All the banks for a higher monthly fee have unlimited transaction accounts.

If you have high enough monthly balance the banks may waive or reduce the fees.

Siouxie

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

Shirtback

+1 to most of the above.

I do my day to day banking through a credit union. No fees for basic services (including unlimited transactions) as long as I keep my chequing account over a certain balance. Over the years, said required balance has been reduced, because whenever I find/am offered a better "deal", I call the CU & they "match" the better deal. This strategy worked for a mortgage, as well, btw.

BristolUK

Perhaps they should branch out into TV packages.

pdarwin

I had to do this. Put $2k in a secured account and got a credit card straight away. No big deal really. You get your $ back after a while.
Also for charges, I pay $5.95 pm bank charges with RBC for unlimited transactions.

beckiwoo

If you are on TWP or IEC then it can be more tricky to get an insured credit card. I got refused by TD and RBC but then CIBC gave me one and then recently I got one with Presidents Choice with the same amount of credit.

It depends on the banks

Siouxie

No, it really depends on the customer service advisor you see.

My son's friend, here on an IEC, had no issue getting a credit card with RBC.

Shirtback

Perhaps they should , back when I had TV, this approach worked for them too.

I've employed the same tactics with my 'phone provider, on occasion; it's rarely necessary .

Yup. It's unusual, in these parts, to be refused a credit card on arrival. The initial limit might be very low, but is easily increased after a few months on simple request.

Engineer_abroad

Equally I got an unsecured credit card from RBC immediately on opening my account and I'm on a TWP. It all depends on your salary and the expire date is changed to match the expiry of your work permit.

beckiwoo

I obviously spoke to someone who didn't want or need the commission then. Their loss!

beckiwoo

I applied about 6-7 months into to my IEC visa with proof of another 2 years on the way. They didn't even entertain that idea.

My salary is fine and my expiry date for my CIBC and PC credit card is 2018/2019 respectively.

It really is who you get but never again will I entertain the idea of banking with RBC