Tripitaka

I've spent three days researching which bank to sign-up with for my imminent move. I know lots more about Canadian banking but no more about which bank to go with so I thought I'd ask here.

Requirements:
Pretty much all my banking is done online so I need good or great facilities there.

All my day-to-day purchases go on a credit card which gets paid off each month; I've also been researching these but it isn't necessarily linked to the bank or account type I need. One transaction to pay it all off once a month.

I expect to have maybe 10-15 direct debits a month.

I would like maximum flexibility in where I withdraw cash at an ATM. C'mon Canada, get with the program and link up your ATM network so no fees!

I don't use a lot of cash - everything goes on the credit card to generate maximum benefits. No need for cheques I think although it may be handy to have a book. In the UK, I write one check a month for the window cleaner and that is only because he won't leave a card saying he has been so I can get him cash!

Overdrafts are useful to have but aren't critical features.

I'll be primarily in Nanaimo area on Vancouver Island so if there are regional variations, that might be useful info.

Question:
What bank would you recommend and why?

TIA,

Mark.

iaink

Presidents choice. Its Free. like actually totaly free, not free if you do this this and that, just free. Plus I get points on transactions that go towards paying for my groceries, this is actualy worth several hundred dollars a year to me as my mortgage is with them too. I dont need to keep a large balance in order to get free unlimited transactions.

Cash machines dont really matter is you get cash back at most stores when paying with interac direct debit... no charge for that and stores everywhere to use

Zoe Bell

Get used to using cheques a lot more, and in some cases , paying for the privilege of having " personalized ones" I.e. With your name and account number and stuff on

Tripitaka

GASP!!! Pay for groceries on a....DEBIT CARD???? LOL! What about my rewards points? I get mocked here for paying for a £1.50 sandwich on my Mastercard but I scooped £400 in rewards rebates this year.

I'll check out Presidents Choice; not one I've heard of. What is the internet banking system like?

Alan2005

I wouldn't worry to much about your credit card. Any on-line bank account will allow you to set up a payment to it. Unless you want it to be automatic - then I've no idea.

Tripitaka

I don't understand why. What would cash or credit card not cover?

iaink

No, not groceries, Im talking about small items like a $2 bag of potato chips at the local IGA store and getting $20 or 40 cashback for other sundry items through the week... Big grocery shops go on the credit card in order to maximise points

Their internet banking system has been flawless for the last ten or so years I have used it. Its as good as any other canadian online banking anyway as it should be as its effectively a branch of the CIBC

www.pcfinancial.ca

iaink

Its a canada thing.... many things you might use a direct debit or electronic payment for you will end up needing cheques for. Im pretty sure in the UK I wouldnt be writing checks for my kids music lessons or for the milk at school and the like.

JonboyE

I would look at Coast Capital Savings Credit Union. (Credit unions are a bit like building societies used to be like in the good old days in the UK).

Their chequing accounts are free and you get a (small) share of their profits. Online banking is as good as any of the Chartered Banks. You can use any Credit Union ATM for free but you will pay at others. As Iaink says, if you need cash regularly get used to asking for cash back. Like you, I use a credit card for everything. If I draw $40 at the beginning of a month I am likely to have half of that left in my wallet at the end. Hence finding ATMs is a non-issue.

You will have to buy some cheques, but unless you need them to pay your rent you use them very infrequently. I bought 50 cheques in 2003) less than $30) and still have quite a few left.

However, I am not sure about credit cards. You will need to ask about their policy for issuing credit cards to newcomers.

Tripitaka

Isn't that what standing orders are for? I guess I'm in for a bit of a shock. I'm not against cheques, per se but they are just so 1990's. Ah well, it's no big deal - just carry more cash than I do here.

iaink

It would be if such a thing existed here... Its Canada, you get used to it. Sort of.

Tripitaka

I'm not too worried on that front as I think the Capital One Aspire M/C or something similar looks like the thing. I'm not really looking for a bank affiliated CC unless there is a great one out there attached to a great bank.

I don't often swap cards so I want to sign up with the right one and get building a credit score ASAP and hopefully ramp up the limits from there. I have a M/C and AmEx in the UK with decent limits on them but a) I'll get hit with foreign transaction sfees for using them, b) I'll have to transfer more $ to £ to pay them off and c) I'm not building my Canadian credit score by using them. My wife will also probably apply for a second, different card with another provider to maximise benefits and early credit scoring.

Tripitaka

But, you do have direct debits, right?

It's a funny old world. I guess a more interesting question and this juncture would be: "What does your internet banking allow you to do (or isn't available) compared to systems in the UK?"

ducktastic

Last week in the UK we set up a HSBC Premier account, which has allowed us to have a UK current/saving and a Canadian checking and saving account all managed from one log in online. We can move sterling to dollars as and when we want. We already have cards..all happened very quickly and smoothly.

Tripitaka

Oooh! I like that idea. I'll take a look as I'll be moving money back to the UK on a monthly basis to cover commitments here. I was going to use TorFX but this sounds like it might offer an alternative.