bielbs

Is it worthwile paying the HSBC £100 set up fee and having the account ready for when you move over or is it better to wait until your in Canada to set up with a local bank?

plca

I would be interested in knowing people's opinions on this also...

We were going to open a TD Trust account when we arrived (heard good things about them).

Anyone ?

chanceUK

i recommend waiting and going with TD bank. They are by far the most convenient having very long opening hours and are open weekends. I guess it depends on what you are looking for.

wizzard

I personally know of maybe two branches of HSBC that I ever see in Toronto and one in Oakville when I work out there sometimes. Compared to Canadian banks (Royal, TD, CIBC, Scotia, BMO) being on every other corner. Unless you are getting some sort of advantage through being an existing customer with HSBC i.e. with credit ratings or mortage etc. I don't really think there is much difference between the everyday products offered by the banks. Similar fees, similar rates etc. Pick the one most convenient.

Geordielass

we have just done this but with a USA account as we have a rental property there and needed a bank account. Be warned if they promise you can have internet access as with the USA account you need a Social Security number to be able to view it, so you might need a SIN for Canada. We have been told that we have more forms to fill out before we can have this access granted and it could take anywhere between 1 month to 3. I complained and said that we didnt fill out the original forms this was done for us and what had we paid the £100 for if we still couldnt view the account online.......we got our £100 refunded straight away and they are dealing with the forms. Like I say this was the USA and not Canada so check with them, we also need a Canadian account and wonder what problems we might be up against!!

JoolsGod

I had banked with HSBC in the UK for 22 years so we used them to open our account over here. They have a special "passport" account where you don't pay charges and get free cheques for 6 months etcand i was told that i bring my 22 years of credit history with me. They also give a credit card in which you can then start to build canadian credit history.

HSBC International Banking in UK were fantastic and made it all so easy. The HSBC branch this side however haven't been so good and didn't seem to know what they were doing with this account. To be fair though it is now all sorted out.

Yesterday we opened an account with Scotiabank and that was a very easy process now we are here with an address and ID etc. As someone else hads already pointed out there aren't many branches of HSBC over here but i have my account still in UK too and to transfer money to my canadian account at a charge of £10 as opposed to i think it was £25 if to a different account.

snowshoveller

Similar situation here to, but finally this is end is working well. as a first direct customer I think the fee was waived or reduced

Piff Poff

I have banked with the HSBC for a number of years, so thought I should set up an HSBC account for here. My god they were blinking useless and it never happened. I still have my UK bank account, the statements were sent to me here. But within a couple of days of landing we opened an account with our local Credit Union and all's well. The Credit Union have longer banking hours than TD and we have not had a single problem with them.

Sam-in-Okotoks

I would just wait until you get here and go with TD.

You can get some good deals with TD dpending on which branch you go to. Some of the bank managers will give you a credit card with no initial deposit and free banking for 6 to 9 months.

Sam

Kokanee

I would also wait until you come to Canada.

"The Worlds Local Bank" isn't as local as you think.

Everyone will have their own thoughts and experiences on different Canadian Banks but RBC have been excellent for us.

Brownstar

BUt if you are an HSBC customer they give you a credit card without a deposit and free banking for 6 months.

OP - don't bother setting the account up now, just go to your local HSBC when you arrive and set it up, just get letters of introduction from your current HSBC branch. Yes they have less branches but they have full internet and phone banking facilities and the largest network of cash machines due to agreements with BMO and a few others so you can get your money out for free. The only times I go into a bank is to pay cheques in.

snowshoveller

the only thing really bugging me about hsbc canada at the moment is that using debit card in ATMs in the states is a bit of a lottery and for purchases pretty much impossible - fortunately I have my first direct cards which work everywhere!

Sam-in-Okotoks

Funny you should say that, my uncle visited us last summer and he banks with HSBC in the UK. We took him to the HSBC on 130 Ave and the ATM would not work with his card. He was able to get money by entering the branch and the staff were very helpful.

ann m

I found opening up an account to be so easy here (Scotiabank) - it literally took half an hour, and we walked out with bank cards, etc. The only thing I would suggest is attempt to make an appointment to see the right person - you could do that before you arrive.

I guess the only issue might be that it would then take another 2-5 days for any monies to transfer/clear once you advised the UK bank or agency of your new account number. Bring $5000 cash with you!

Personally, I'd pick a local branch - and HSBC are not that local to many places (depending on where you live of course!) - it becomes a pain in the backside if you need to go and speak to a real life person, when the branch turns out to be a 40 minute drive away. And generally, bank staff here are much more hands-on/face-to-face/easy to speak to, whatever you want to call it, anyway. And I think in those first few weeks and months, you are more likely to want to speak to a real life person while trying to sort out bank drafts to pay for vehicles or houses, while trying to get a credit card, whilst arranging for a potential temporary high daily withdrawal limit whilst you rush around spending obscene amounts of cash on furniture and appliances! etc, etc. Just my opinion. Others will no doubt disagree and are happy with the 'online' world ....

Silverdragon102

We opened a Canadian account with HSBC before we left the UK and had a couple of minor problems but nothing serious. Mortgage is with TD and they opened a account for us with no problems so good experience there. I have no problems viewing my accounts online with either bank and I have no SIN number