bertandernie

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

Siouxie

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

bertandernie

Hi siouxie

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

haggis88

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!

Tigger1

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.

DandNHill

That's actually unfair. We have had great service from them throughout the 2 years we have been here!

Rick b

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!!

orly

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.

BristolUK

It's probably a Nova Scotia thing.

DandNHill

Haha. Maybe

bertandernie

Thanks guys - some good suggestions, will have a look at a few before we get out there.

yzf.shaun

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.

Almost Canadian

If you use PC Financial, you can use CIBC branches for no fee

james.mc

Scotiabank have done us proud so far. How about an approved mortgage before we landed for a kick off. Result
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

Steve_

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.