Banking in Canada
 

Hi Just wondering what the banking was like in Canada and which are the best Banks to use for a newcomer to Vancouver. Also can you set up an account before arriving in Canada? I will also have some small bills to pay in the UK, whats the cheapest, quickest method of transferring money back to the UK.

Thanks

Re: Banking in Canada
 

Banking-Canada : British Expat Wiki

HTH.

Re: Banking in Canada
 

We have found RBC (Royal Bank of Canada) to be very good, although you can tell they are a salesperson first and banker second.

The big thing to be prepared for is that you pay for the privilege of a bank account in Canada (at least one that's worth anything). You also have to be prepared for charges on almost anything, so do make sure you check out what is and isn't included in your account. For instance you may be charged for a cheque, or for taking money out of a rival banks atm. Some even limit the number of transactions you can make for free.

The other nice thing with RBC is that if you are on a visa/permit for longer than 2 years they will give you a credit card to help you get your credit history going.

You cant really open one before you are here, or at least have your work permit, as the bank will need for Social Insurance Number (SIN) and you will need your work permit/visa to get this.

Re: Banking in Canada
 

All banks sadly.

Re: Banking in Canada
 

This may be because they are a business?

Everyone invested in them, including pension funds, union funds and mutual funds is likely benefiting form this.

Re: Banking in Canada
 

All the main banks have newcomer accounts, mostly free of charges for 6-12 months.

Newcomers to Canada - RBC
StartRight Program for Newcomers | Scotiabank
https://www.tdcanadatrust.com/planni...nada/index.jsp
https://www.cibc.com/ca/chequing-savings/newcomers.html
Banking for Newcomers to Canada | BMO Bank of Montreal

:)

Re: Banking in Canada
 

Don't get me wrong I am not passing a moral judgment on them for being a business or selling it was merely an observation on how the system is different here to the UK. In my experience you actually get good service from the banks here.

Re: Banking in Canada
 

There is more product dumping here.

It prepares a person for their first trip to the Canadian dentist well.

Re: Banking in Canada
 

If you bank with HSBC/First Direct in the UK they can open you a bank account in Canada before you arrive.

S

Re: Banking in Canada
 

Most banks will give you a secured credit card anyway.

Don't discount credit unions either. We are with Van City (as are a lot of people I work with) and they generally come across as being pretty good.

Re: Banking in Canada
 

The credit unions are meant to be good. Check out Presidents Choice.

The secured credit card is for IEC/TWPs. I had so many issues trying to get a credit card because I'm on an IEC. RBC refused me. TD refused me (despite banking with them). CIBC gave me a credit card straight away (although the credit check took 6 weeks to complete).

Re: Banking in Canada
 

They are a business indeed, but RBC at least our branch is getting a little too pushy. It's become annoying and frankly is poor customer service in my view.

Re: Banking in Canada
 

Not just for IEC's/TWP's - I had to have a secured credit card initially as a PR.. conversely, my son was given one with a $1000 initial limit with no security (same bank). It really does depend on who you see at the bank and how helpful they are feeling.

:)

Re: Banking in Canada
 

That can be the other helpful thing about opening one before you come with say HSBC if you happen to bank with them or FD in the UK. You're pre approved to get a credit card etc. because you carry some sort of credit rating with you. I'm probably not using the right terminology and appreciate it could be different for a TFW as opposed to a PR (or not as the case may be).


S

Re: Banking in Canada
 

I got $500 unsecured when I arrived as a PR.

They quickly want to pump it up after you've cleared it 6 months in a row. They also want to sell you their credit card insurance too.