Banking in Canada
Jun 9th 2013, 3:05 pm
#16
BE Forum Addict
Joined: May 2006
Location: Lethbridge AB
Posts: 4,250
Re: Banking in Canada
It does depend on some extent to where you are moving to, if you're moving to Alberta, the Alberta Treasury Board (ATB) banks make the most sense imo.
Because there are different security regulators in each province you can end up in weird situations where one product is offered in x province but not another or the interest rates are different or whatever.
And you have the inevitable problem of getting the hang of InterAC which always non-plusses newcomers to Canada. To cut a long story short it's so crap you really do need a credit card.
Do a search on here, it's a subject that comes up quite frequently. But yes, all banks have bank fees.
Also be aware of the taxes - if you give them a foreign address they put you down as non-resident but when you give them a Canadian address that doesn't necessarily mean they've put you down as resident, make sure they do.
Because there are different security regulators in each province you can end up in weird situations where one product is offered in x province but not another or the interest rates are different or whatever.
And you have the inevitable problem of getting the hang of InterAC which always non-plusses newcomers to Canada. To cut a long story short it's so crap you really do need a credit card.
Do a search on here, it's a subject that comes up quite frequently. But yes, all banks have bank fees.
Also be aware of the taxes - if you give them a foreign address they put you down as non-resident but when you give them a Canadian address that doesn't necessarily mean they've put you down as resident, make sure they do.
YOu mentioned atb - thanks for that
As a personal banking specialist I can tell you that not all banks suit everyone- through my job I see Lots of people who are disgruntled with the big banks and then come to atb for me to help - I am sure though lots of people from atb go elsewhere too.
My advice to you is don't just choose a bank and open an account there, go and chat with the employees you have GOT to be comfortable with the people you are dealing with.
Be very careful if you pick a newcomers account like RBI or scotia do as after the free account fee period your account might be switched to a pay as you go and it will be upto you to go and request a more cost effective account.
Jun 9th 2013, 3:26 pm
#17
Forum Regular
Joined: Mar 2010
Location: Okotoks, Alberta
Posts: 106
Re: Banking in Canada
Hi,
We went with Scotiabank and so far no problems at all. They couldn't have been more helpful. We opened the account and put some money in the account a couple of weeks before we left the UK. No problems at all.
We organised to go and see them in the first few days we were here and just went with our Passport, PR Card (or the bit they put in your PP when you land) and SIN card (because it has your Canadian address on it) That was it. We also applied for a Credit Card and didn't have to provide a deposit.
HTH
We went with Scotiabank and so far no problems at all. They couldn't have been more helpful. We opened the account and put some money in the account a couple of weeks before we left the UK. No problems at all.
We organised to go and see them in the first few days we were here and just went with our Passport, PR Card (or the bit they put in your PP when you land) and SIN card (because it has your Canadian address on it) That was it. We also applied for a Credit Card and didn't have to provide a deposit.
HTH
Jun 9th 2013, 3:26 pm
#18
Forum Regular
Joined: Oct 2008
Location: Toronto
Posts: 201
Re: Banking in Canada
We just opened a newcomers a/c with Scotiabank, one year free banking and we got a credit card with a $1000 limit to help build a credit score as well
Jun 9th 2013, 3:35 pm
#19
BE Forum Addict
Joined: May 2006
Location: Lethbridge AB
Posts: 4,250
Re: Banking in Canada
I was lucky as my cousin out here was a banker so she steered us a lot.
Jun 9th 2013, 4:14 pm
#20
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Banking in Canada
Account are what they are - my point is people in Canada build more of a relationship with their personal banker. This is a great thing to do as if your personal banker knows you and needs to maybe stretch th rules of lending they are much willing to apply for an exception to the rule if you are buying a house or a loan.
When you first open an account your experience with the bank will pretty much depend on the person who is dealing with your account. Some may do the bare minimum; others will go out of their way to be as helpful and accommodating as possible. And, as is always the case, when relationships matter we have an equal role to play. It does make if more difficult to go by recommendations on here. Just because someone has had a great experience with one bank in one city does not necessarily mean that you will have an equally good experience with the same bank in the next city. And vice versa.
Jun 9th 2013, 9:53 pm
#21
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Banking in Canada
Account are what they are - my point is people in Canada build more of a relationship with their personal banker. This is a great thing to do as if your personal banker knows you and needs to maybe stretch th rules of lending they are much willing to apply for an exception to the rule if you are buying a house or a loan.
I was lucky as my cousin out here was a banker so she steered us a lot.
I was lucky as my cousin out here was a banker so she steered us a lot.
Jun 9th 2013, 11:35 pm
#22
Joined: Nov 2012
Posts: 172
Re: Banking in Canada
Just opened an a basic chequing account with CIBC which was fairly straightforward even though I didn't have proof of where I'm living yet (utility bill ) .
It might be worth noting that some newcomer deals ( i.e CIBC) only apply to those with PR and not on TWP like me. Usual monthly fees then apply but these can be waived if enough funds are maintained.
The woman who set up my account did find it somewhat amusing when I suggested to her that they actually pay ME something for allowing them to use my money......but she was not for turning
It might be worth noting that some newcomer deals ( i.e CIBC) only apply to those with PR and not on TWP like me. Usual monthly fees then apply but these can be waived if enough funds are maintained.
The woman who set up my account did find it somewhat amusing when I suggested to her that they actually pay ME something for allowing them to use my money......but she was not for turning
Jun 10th 2013, 12:13 am
#23
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Banking in Canada
Just opened an a basic chequing account with CIBC which was fairly straightforward even though I didn't have proof of where I'm living yet (utility bill ) .
It might be worth noting that some newcomer deals ( i.e CIBC) only apply to those with PR and not on TWP like me. Usual monthly fees then apply but these can be waived if enough funds are maintained.
The woman who set up my account did find it somewhat amusing when I suggested to her that they actually pay ME something for allowing them to use my money......but she was not for turning
It might be worth noting that some newcomer deals ( i.e CIBC) only apply to those with PR and not on TWP like me. Usual monthly fees then apply but these can be waived if enough funds are maintained.
The woman who set up my account did find it somewhat amusing when I suggested to her that they actually pay ME something for allowing them to use my money......but she was not for turning
http://www.scotiabank.com/ca/en/0,,2468,00.html do for sure.
I would go back to the woman and ask her if she will match Scotia!
Jun 10th 2013, 1:15 pm
#24
BE Enthusiast
Joined: Jan 2010
Posts: 439
Re: Banking in Canada
Hi
We're looking at opening an initial bank account for when we move out there next month and was wondering if anyone could help or suggest good packages/options?
A lot of banks are showing monthly fees for just having a standard current account. Is this typical in Canada?
Also a lot are showing transaction fees for using other banks' ATM's. Again is this typical?
It would be great if anyone could offer advice or share any tips on this?
Many thanks
We're looking at opening an initial bank account for when we move out there next month and was wondering if anyone could help or suggest good packages/options?
A lot of banks are showing monthly fees for just having a standard current account. Is this typical in Canada?
Also a lot are showing transaction fees for using other banks' ATM's. Again is this typical?
It would be great if anyone could offer advice or share any tips on this?
Many thanks
After that, there are some options that can get you free accounts but depends on how often you use debit cards, whether you have savings, etc.
