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Bank account help!

Bank account help!

Old Jul 18th 2013, 2:00 am
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Default Bank account help!

So I have arrived in Canada with a one year work permit and am researching possible banks to open a Chequing account (I think this is like a British current account?).

I have got leaflets from about 6 banks but I don't understand all the jargon!

Ideally I will get some ATM withdrawals for free (min maybe 10 a month) and the bank will be across Canada (I want to travel). I don't have much money to put in at the start (maybe £300 /$450). I'll use it to pay any wages into and take my money out. Will be my only Canadian account.

Some banks have good intro offer. Any ideas?
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Old Jul 18th 2013, 2:18 am
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Default Re: Bank account help!

I have had my accounts so long that I haven't checked what the other banks are offering in years but I can say that you don't have to worry about the bank being available across the entire country (all of the Big Five will be though) as you can just use any cash machine that has the 'Interac' symbol on it.
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Old Jul 18th 2013, 2:53 am
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Default Re: Bank account help!

The "big 5" are all pretty much the same - Royal Bank of Canada (RBC), TD Canada Trust, Scotiabank, Bank of Montreal (BMO), and Canadian Imperial Bank of Commerce (CIBC). I've had accounts with 4 of the 5 at one time or another.

I currently use TD as I live in the US (where they have a growing presence) and travel to Canada frequently. I have TD accounts in Canada and in the US. They let me do transfers between the 2 accounts for free and I can use ATM's in one country using the ATM card from the other country for free as well.

Scotiabank has a newcomers' program ("StartRight") that you might be able to take advantage of:

http://www.scotiabank.com/ca/en/0,,397,00.html
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Old Jul 18th 2013, 8:27 am
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Default Re: Bank account help!

CIBC have a new immigrant banking program, it offers free checking account for a year, we have found them to be friendly and helpful.
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Old Jul 18th 2013, 3:03 pm
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Default Re: Bank account help!

PC is across the nation now isn't it? Quebec too.

If use of another bank's cash machine costs you, then PC has the advantage of the machines in supermarkets (Loblaws, Superstore etc) in addition to CIBC ones so that reduces the likelihood of having to use a machine that will cost you.

And, of course, they're free without having to be a special group.
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Old Jul 18th 2013, 5:06 pm
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Default Re: Bank account help!

Originally Posted by BristolUK
PC is across the nation now isn't it? Quebec too.

If use of another bank's cash machine costs you, then PC has the advantage of the machines in supermarkets (Loblaws, Superstore etc) in addition to CIBC ones so that reduces the likelihood of having to use a machine that will cost you.

And, of course, they're free without having to be a special group.


Sobey's and BMO are partnered in a similar way now as well.
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Old Jul 18th 2013, 6:20 pm
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Default Re: Bank account help!

Originally Posted by purplepanda
So I have arrived in Canada with a one year work permit and am researching possible banks to open a Chequing account (I think this is like a British current account?).

I have got leaflets from about 6 banks but I don't understand all the jargon!

Ideally I will get some ATM withdrawals for free (min maybe 10 a month) and the bank will be across Canada (I want to travel). I don't have much money to put in at the start (maybe £300 /$450). I'll use it to pay any wages into and take my money out. Will be my only Canadian account.

Some banks have good intro offer. Any ideas?
You can use any ATM, but there isn't a Link system here like the UK so if you use an ATM that isn't part of your bank you will get charged for the withdrawal.
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Old Jul 18th 2013, 6:38 pm
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Default Re: Bank account help!

Originally Posted by colchar
Sobey's and BMO are partnered in a similar way now as well.
That's useful.

Have a PC account and a BMO/Sobeys account and you probably have more access to cash machines than any other pair of accounts as well as charge free banking.
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Old Jul 19th 2013, 5:42 am
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Default Re: Bank account help!

If you open a chequing account make sure you get a $1000 credit card. If they don't have it, go else where. It will help long term if you decide to stay longer and possibly immigrate.
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Old Jul 19th 2013, 2:31 pm
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Default Re: Bank account help!

Many people have had difficulty getting a card let alone a $1000 limit, although it does seem less of a problem these days.

I think I'd rather have the free banking. There's always the UK cards in the meantime.
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Old Jul 19th 2013, 2:55 pm
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Default Re: Bank account help!

If someone wanted to get a credit card to establish credit here it might be an idea to get a prepaid one through Citibank or whoever. They aren't exactly prepaid, that money is basically a security deposit to cover them if you don't pay your bill.
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Old Jul 19th 2013, 4:16 pm
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Default Re: Bank account help!

Originally Posted by colchar
If someone wanted to get a credit card to establish credit here it might be an idea to get a prepaid one through Citibank or whoever. They aren't exactly prepaid, that money is basically a security deposit to cover them if you don't pay your bill.
Yep - they are known as "secured" credit cards and definitely will help in building credit history to the point that a regular, unsecured credit card can be obtained eventually.

http://lifehacker.com/5976175/how-to...x-simple-steps
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Old Jul 20th 2013, 2:23 am
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Default Re: Bank account help!

PC....no service charges and unlimited transactions, it's administered by CIBC, so free ABM withdrawals there.
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Old Jul 20th 2013, 3:48 am
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Default Re: Bank account help!

I use RBC and TD.

Both are decent, TD has better hours, but less ATM locations as most seem to only be at a branch, where RBC has ATM's in places like Shoppers Drug Mart, London Drugs, random ones in malls etc. Think at one point they claimed to have more ATM's then any other bank.

The accounts range from as low as 4 something a month for like 10 transactions, to 14 or something like that for an unlimited account.
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Old Jul 20th 2013, 5:59 pm
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Default Re: Bank account help!

Originally Posted by colchar
If someone wanted to get a credit card to establish credit here it might be an idea to get a prepaid one through Citibank or whoever. They aren't exactly prepaid, that money is basically a security deposit to cover them if you don't pay your bill.
Not a bad idea, but best to get one initially with the institution you bank with. It better long term and if one needs to get a line of credit or other financial products in the future it helps having the records in the same house. Its also easier paying and keeping track. i.e mobile app: you can transfer from one account to another. But if the credit card is with another institution its just more hassle to pay.
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