Banking in Canada
Feb 28th 2012, 5:47 am
#16
I said what ?!
Joined: Aug 2010
Location: Peterborough, Ontario.
Posts: 1,079
Re: Banking in Canada
backward as in charging for anything and everything similar to what banks used to do in the UK some good few years ago.
Reminds me of the cell phones here where a person gets charged for receiving a call and paying an absolute fortune for any decent data package.
Feb 28th 2012, 5:55 am
#17
Lost in BE Cyberspace
Joined: Nov 2011
Location: Somewhere between Vancouver & St Johns
Posts: 19,878
Re: Banking in Canada
In what way? I can do all the banking I need on-line but if I have a problem I can go to my branch where there is someone dedicated to sorting out my problem.
Last time I was in the UK I went to a branch of HSBC where all I could find was a wall of machines and someone whose job appeared to be to make sure staff could do their jobs without interruptions from those annoying customers.
We went to Barclays to close my wife's account. It had been dormant for nine years with a balance of five pounds so we thought we were doing them a favour. The conversation went something like:
Wife: I'd like to close my current account please.
Teller: I can't do that.
Wife: Why not?
Teller: I don't know if it's your account or not.
Wife: Here is my passport and driver's license.
Teller: I still can't do it.
Wife: So how do I close my account?
Teller: You have to write to us.
Wife: So anyone can write in and ask you to close the account and you will do it without any identification?
Teller: Well, we'd check the signature.
Wife: Oh, so can I sign something now? Then you can check the signature with the one on my passport, the one on my driver's license, and the one in your records.
Teller: No, you have to write to us.
Very modern.
Last time I was in the UK I went to a branch of HSBC where all I could find was a wall of machines and someone whose job appeared to be to make sure staff could do their jobs without interruptions from those annoying customers.
We went to Barclays to close my wife's account. It had been dormant for nine years with a balance of five pounds so we thought we were doing them a favour. The conversation went something like:
Wife: I'd like to close my current account please.
Teller: I can't do that.
Wife: Why not?
Teller: I don't know if it's your account or not.
Wife: Here is my passport and driver's license.
Teller: I still can't do it.
Wife: So how do I close my account?
Teller: You have to write to us.
Wife: So anyone can write in and ask you to close the account and you will do it without any identification?
Teller: Well, we'd check the signature.
Wife: Oh, so can I sign something now? Then you can check the signature with the one on my passport, the one on my driver's license, and the one in your records.
Teller: No, you have to write to us.
Very modern.
That teller is now applying for a job in Canada under NOC code 0122
Senior manager, personal financial services. Skill level 0, no LMO required
Feb 28th 2012, 6:13 am
#18
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Joined: Jan 2011
Location: Toronto
Posts: 453
Re: Banking in Canada
Oh that did make me chuckle. Takes me back to when I first moved here 18 months or so ago. We were at home, and my partner got out his cheque book to write his rent cheque. I sniggered, he seemed hurt (he's got used to my thoughts on pre-historic Canadian banking systems now), and I asked whether his bank was aware that we were now in fact living in the 21st century, and that cheques had died out with CD players. Cue him very nicely pointing out I'd better get used to it, pre-historic or not, cheques were most definitely 'in', in Canada. We agree to disagree on all things banking now - but deep down, I know that he knows it's shit. We have got a President's Choice account though, which for the most part works pretty well.
Feb 28th 2012, 6:19 am
#19
Dive Bar Drunk
Joined: Nov 2006
Location: Toronto
Posts: 8,651
Re: Banking in Canada
Oh that did make me chuckle. Takes me back to when I first moved here 18 months or so ago. We were at home, and my partner got out his cheque book to write his rent cheque. I sniggered, he seemed hurt (he's got used to my thoughts on pre-historic Canadian banking systems now), and I asked whether his bank was aware that we were now in fact living in the 21st century, and that cheques had died out with CD players. Cue him very nicely pointing out I'd better get used to it, pre-historic or not, cheques were most definitely 'in', in Canada. We agree to disagree on all things banking now - but deep down, I know that he knows it's shit. We have got a President's Choice account though, which for the most part works pretty well.
I have to cart $2200 around now at the beginning of the month to deposit it.
Canada will never be cashless.
Feb 28th 2012, 6:29 am
#20
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Joined: Jan 2011
Location: Toronto
Posts: 453
Re: Banking in Canada
I tried putting a check (as it's spelt here) into my landlord's account at RBC. Apparently they don't accept checks deposited by third parties. If it is not your account you can not deposit a check into it.
I have to cart $2200 around now at the beginning of the month to deposit it.
Canada will never be cashless.
I have to cart $2200 around now at the beginning of the month to deposit it.
Canada will never be cashless.
The other one I came across recently was emailing money to someone. My boyfriend was owed money by a friend, so his friend to sent an email money transfer - which also costs money to do. I asked surely he could just give his sort code and account number to his friend and he could transfer it online, jobs-a-good'un. Nope apparently not.
Feb 28th 2012, 7:11 am
#21
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,693
Re: Banking in Canada
Check is an Americanism. Cheque is the correct spelling in Canada.
I agree this is more convenient with a UK bank account. However, people send me money by email and it doesn't cost me anything.
Feb 28th 2012, 9:52 am
#22
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Joined: Mar 2010
Location: Winterpeg
Posts: 773
Re: Banking in Canada
I'd have to disagree with the 2 comments on HSBC. I opened one specifically in the UK knowing I was coming over here. They had my HSBC account set-up in Canada within a week and also a credit card over here. It is also free banking with my HSBC Canada account (no $1.50 for an ATM withdrawal!)
It is also great for transferring money quickly and inexpensively back to the HSBC UK and onto other people/bills if required.
The comment on banks being backward compared to the UK are all correct though !
It is also great for transferring money quickly and inexpensively back to the HSBC UK and onto other people/bills if required.
The comment on banks being backward compared to the UK are all correct though !
Feb 28th 2012, 10:32 am
#23
The ride never ends
Joined: Sep 2011
Location: SW Ontario
Posts: 2,481
Re: Banking in Canada
When I lived in Canada on a working visa from Aug 2010 to Aug 2011 I used RBC. Opening an account was relatively simple including getting a joint account with my girlfriend.
Paid $4 for my own account and $4/month for the joint account and got something like 15 debits per month. As someone from the UK where it's generally "free" for personal banking this seemed rather quaint but there you go.
Had all the usual online banking and there are RBCs all over the place.
Paid $4 for my own account and $4/month for the joint account and got something like 15 debits per month. As someone from the UK where it's generally "free" for personal banking this seemed rather quaint but there you go.
Had all the usual online banking and there are RBCs all over the place.
Feb 28th 2012, 10:48 am
#24
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Joined: Sep 2008
Location: Edmonton, AB
Posts: 449
Re: Banking in Canada
We also set up a HSBC account from the UK for over here. The only useful thing about them over here is that the global transfers are excellent between HSBC accounts. If you still have finances in the UK it is definitely a plus. HSBC don't have many branches though in AB like all the regular banks so that's definitely a consideration to make.
In hindsight I wouldn't have bothered opening up a Canadian HSBC account prior to leaving as you can open an account so easily once here.
Tim
In hindsight I wouldn't have bothered opening up a Canadian HSBC account prior to leaving as you can open an account so easily once here.
Tim
Feb 28th 2012, 12:07 pm
#25
Dive Bar Drunk
Joined: Nov 2006
Location: Toronto
Posts: 8,651
Re: Banking in Canada
I don't get that - surely you can just send your landlord a 'check' and then he deposits it? I am laughing as I envision you in an old fashioned counting house, wearing some form of smoking jacket, counting out your silver and gold coins, placing it in plush velvet draw-string money bags and delivering it to your landlord.
The other one I came across recently was emailing money to someone. My boyfriend was owed money by a friend, so his friend to sent an email money transfer - which also costs money to do. I asked surely he could just give his sort code and account number to his friend and he could transfer it online, jobs-a-good'un. Nope apparently not.
The other one I came across recently was emailing money to someone. My boyfriend was owed money by a friend, so his friend to sent an email money transfer - which also costs money to do. I asked surely he could just give his sort code and account number to his friend and he could transfer it online, jobs-a-good'un. Nope apparently not.
Email transfers are no solution as my bank has a $1000 cap. So I'd have to send 3 and make 3 payments.
It's just one of those things of inconvenience you get used to living in Canada the 5 to 10 year thing.
Feb 29th 2012, 12:04 am
#26
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Feb 29th 2012, 12:30 am
#27
I said what ?!
Joined: Aug 2010
Location: Peterborough, Ontario.
Posts: 1,079
Mar 1st 2012, 1:16 am
#28
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Joined: Sep 2006
Posts: 359
Re: Banking in Canada
Hi
DON'T USE HSBC!!!!! Before we came over we took the trouble to open up premier HSBC accounts and from begginng to end they were incompetant, just avoid them.
We have BMO -bank of montreal accounts, we opened them instantly, they issued debit cards on the day we opened the accounts. We also opened Credit cards on the same day, we took out a monthly charge package of about $14.00 which covers all transactions monthly including our childrens accounts. Banking online is good with them. You cannot use your debit cards to purchase online, so need your credit cards. To open supplier accounts you need to use Void cheques and a fax. We also have a mortgage with them at very good rates.
Your debit and visa cards will work but the rate of exchange may not be the best.
DON'T USE HSBC!!!!! Before we came over we took the trouble to open up premier HSBC accounts and from begginng to end they were incompetant, just avoid them.
We have BMO -bank of montreal accounts, we opened them instantly, they issued debit cards on the day we opened the accounts. We also opened Credit cards on the same day, we took out a monthly charge package of about $14.00 which covers all transactions monthly including our childrens accounts. Banking online is good with them. You cannot use your debit cards to purchase online, so need your credit cards. To open supplier accounts you need to use Void cheques and a fax. We also have a mortgage with them at very good rates.
Your debit and visa cards will work but the rate of exchange may not be the best.
