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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 |
Re: Banking in Canada
Originally Posted by bertandernie
(Post 10739346)
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 I would suggest looking at one of the 'newcomer' accounts as most of them give 6-12 months of fee-free banking and some offer a credit card and car financing etc. http://www.scotiabank.com/ca/en/0,,4285,00.html http://www.rbc.com/canada/banking-packages/ http://www.tdcanadatrust.com/newtocanada/ http://www.bmo.com/home/personal/ban...mers-to-canada https://www.cibc.com/ca/chequing-savings/newcomers.html http://www.hsbc.ca/1/2/personal/new-to-canada :) |
Re: Banking in Canada
Originally Posted by siouxie
(Post 10739369)
Yes, both of those are standard in Canada.
I would suggest looking at one of the 'newcomer' accounts as most of them give 6-12 months of fee-free banking and some offer a credit card and car financing etc. http://www.scotiabank.com/ca/en/0,,4285,00.html http://www.rbc.com/canada/banking-packages/ http://www.tdcanadatrust.com/newtocanada/ http://www.bmo.com/home/personal/ban...mers-to-canada https://www.cibc.com/ca/chequing-savings/newcomers.html http://www.hsbc.ca/1/2/personal/new-to-canada :) Many thanks for all this useful information. We'll take a look at each of these. I take it it's a good idea to set up an account before we land (if we can)? Thanks |
Re: Banking in Canada
Scotiabank are easy to get basic accounts and a low-limit, no downpayment credit-card...but don't expect much else from them when you've gotten yourself established after a few months and are looking for credit limit increases or further services!
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Re: Banking in Canada
ING Direct has a free chequing account with an automatic over draft of $250 but no credit card and they're online only so no physical bank.
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Re: Banking in Canada
Originally Posted by haggis88
(Post 10739396)
Scotiabank are easy to get basic accounts and a low-limit, no downpayment credit-card...but don't expect much else from them when you've gotten yourself established after a few months and are looking for credit limit increases or further services!
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Re: Banking in Canada
Been here 9 months and TD have been great to us. Credit Card with fair limit (no hostage money neded!!) They are open good hours and even have that neat log in thing that ties in with immigration!!
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Re: Banking in Canada
Pretty sure with a minimum balance you can get fees waived. Think CIBC was $1000 when my parents opened an account a few years back.
Meridian CU (Ontario) is $1000 too I believe. |
Re: Banking in Canada
Originally Posted by DandNHill
(Post 10739511)
That's actually unfair. We have had great service from them throughout the 2 years we have been here!
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Re: Banking in Canada
Originally Posted by BristolUK
(Post 10739534)
It's probably a Nova Scotia thing. ;)
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Re: Banking in Canada
Thanks guys - some good suggestions, will have a look at a few before we get out there. :)
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Re: Banking in Canada
I went with the RBC Welcome to Canada.
Got a credit card initially for $1000 without a security deposit against it. After 6 months limit increased second card issued and overdraft offered. So manage your finance and they will soon increase your limits. All in all I've been pleased with the service but not the fees. I'm likely to move to one of the free options soon They don't offer specific newcomer packs but http://www.bmoclubsobeys.com/en/home.aspx http://www.pcfinancial.ca/ or ING direct as has already been mentioned. I'm swaying for sobeys as you can use the physical BMO Branch if required for a small fee. |
Re: Banking in Canada
Originally Posted by yzf.shaun
(Post 10739619)
I went with the RBC Welcome to Canada.
Got a credit card initially for $1000 without a security deposit against it. After 6 months limit increased second card issued and overdraft offered. So manage your finance and they will soon increase your limits. All in all I've been pleased with the service but not the fees. I'm likely to move to one of the free options soon They don't offer specific newcomer packs but http://www.bmoclubsobeys.com/en/home.aspx http://www.pcfinancial.ca/ or ING direct as has already been mentioned. I'm swaying for sobeys as you can use the physical BMO Branch if required for a small fee. |
Re: Banking in Canada
Originally Posted by haggis88
(Post 10739396)
Scotiabank are easy to get basic accounts and a low-limit, no downpayment credit-card...but don't expect much else from them when you've gotten yourself established after a few months and are looking for credit limit increases or further services!
Originally Posted by DandNHill
(Post 10739511)
That's actually unfair. We have had great service from them throughout the 2 years we have been here! :p
We have an unsecured credit card through Scotia... only $1k limit but it's a start. We hammer it sometimes when we are out then when back home transfer cash into it online through web banking and hey presto... instantly back up to full available limit again. I also like the 'bank the rest' feature :) |
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. |
Re: Banking in Canada
Originally Posted by Steve_
(Post 10740778)
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. YOu mentioned atb - thanks for that :thumbsup: 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. |
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.:thumbup: HTH |
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
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Re: Banking in Canada
Originally Posted by scotty1974
(Post 10748389)
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
I was lucky as my cousin out here was a banker so she steered us a lot. |
Re: Banking in Canada
Originally Posted by burton bunch
(Post 10748398)
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. |
Re: Banking in Canada
Originally Posted by burton bunch
(Post 10748398)
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. :cool: |
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 :D |
Re: Banking in Canada
1 Attachment(s)
Originally Posted by fabretti18
(Post 10748915)
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 :D 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! :) |
Re: Banking in Canada
Originally Posted by bertandernie
(Post 10739346)
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 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. |
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