stuartm

Hi all,

Just wondering if anyone could give me an idea of the sort of fees charged by BC banks? Ill be depositing about £25k and obviously want to keep the fees down!!!

I have checked the wiki before i get slated, but couldnt see anything on fee levels or examples.

Hope you can help

Thanks, Stu

JB0591

There is an interactive tool which might help you:

http://www.fcac-acfc.gc.ca/eng/consu...oB/default.asp

jericho

Why would you allow a bank to charge you fees to deposit money in their bank?

scrubbedexpat091

Not many banks in Canada that offer free banking services and have branches.

Its funny in a way I can use my Bank of America ATM card, deposit my money into my B of A account, and not pay a dime for anything, but RBC feels the need to charge just to allow me the privilege to use their bank.


Try Coast Capital Savings in BC if your not adverse to using a credit union. Some banks will waive the monthly fees if your wealthy enough and can keep a certain balance in the account each month.

phat-dave

hijacking your thread ...

anyone have any idea how the hell to transfer money OUT of an a Canadian account?

I have an account with TD Canada Trust and getting money out electronically appears impossible. I've tried "Bill Payment" and funds transfer... who would have thought it was so difficult.

Getting it there was a piece of piss, they clearly dont want it to come out!!!

justkidding

Where are you trying to move it to?

sharkus

Guessing you want it into an account with another financial institution in Canada? If so, then you could get a certified cheque / bankers draft and then deposit that into the other account. There WILL be a charge for the draft though

If it's off to a branch in another country then international wire transfer will do it, again, there will be a charge.

I have to say the banking fees over here do annoy me, having to pay to have a bank account seems very odd. I've had an abbey account in the UK since I was very young (parents opened it for me, and then we signed it over to me when I was older) and the only "fee" I've ever paid on it is tax on the savings. Over here I've got to pay to even have an account, just seems wrong to me.

Oh for a bank that didn't have a monthly fee, had a good online service, and one which allowed for international wire transfers from said online service. Oh, and no fees for using another banks' ATM's.

phat-dave

i wanted to do a transfer to another TD account or alternatively, the company i want to pay also has "Bill Payment" but when I try to add the account it says it's invalid (which it isn't).

too difficult

DanielM

I joined TD and just went into a branch and asked for a printout with all the necessary details.
I remember that the "swift code" is important as well as international banking codes for specific branches and that they do have some thing where funds are transfered by email.

I am very tired though so I may have dreamed all this............

MRC23

has anyone had experience with Presidents Choice Financial? No banking fees, no annual credit card charges. Sounds too good to be true, but it all is!

canadian_critic

Hi Stu,

Stick it in TD (Toronto Dominion, who are in BC) in their top of the line account called "Select". Ironically this is their most costly service at $25/month but this fee is waived if you maintain a minimum balance in any month of $5,000. The reason I recommend this is that it's the all-singing, all-dancing account and you get lots of things for free that you would probably expect to be free, but here in Canada they are not. Also you'll get a free safety deposit box and if you qualify, you get their 1% cashback credit card without the usual $99 annual fee. This also gives you free extended breakdown cover on goods purchased, some travel cover, free CDW insurance on rental cars, plus really comprehensive breakdown on any car you own. Again, you're probably thinking WTF, but with banking there's little that is free here.

What I like about Canadian banks and credit cards, is that they do not have the rip-off charges that we are used to in UK, like charging you for something minor that puts you over your limit, and then an overlimit fee plus a charge to tell you about being over the limit. None of that BS here - fees are more reasonable, and I've even talked my way out of fees I've rightly incurred, but on face value seem a bit ridiculous. TD are great for customer service.

You may be tempted to use Coast Capital Savings. They have a genuinely free chequing account and I have been a member for a few years. They are very nice to deal with and offer good value over and above the free account. However I am frustrated with their lack of branches, and even living downtown I really am not within walking distance of a branch. If you will be then you might just be better considering them. But as TD is opening up so many new branches and have Saturday and even Sunday opening on some branches, I don't think you'll go wrong with them. This is provided you can keep a $5k balance, or swallow the $25/month fee they'd normally charge. The offer lesser accounts requiring less balance and their minimum chequing account is about $4/month and if you bank online you won't get transaction fees too often. Again you're probably thinking WTF, but you'll get used to it. TD will probably give you a free 3 month period anyhow as they did with me twice.

jericho

We're with them, and have had no complaints to be honest.

britsnake

I recently opened an account with ing direct. They offer an unlimitted chequing account with no monthly fees and also interest on balances.

So far, the main downside of the account is that they put a hold for a week on all funds deposited by cheque or cash (My main account allows me to get instant access on all deposits up to $1000.

But then I remember that you still have to wait for cheques to clear in the UK.

With this account, I am able to easily transfer between my accounts held at other banks (subject to the hold).

Generally in Canada, they do not charge you to put money in, they only charge you when you are taking it out. When I opened my first Canadian account it was a savings account with this account i was only charged if I took money out more than once a month, so I didn't.

You are also generally restricted to using the Cash Machines of the institution you bank with, otherwise you face additional charges.

With me, there are other considerations apart from fees. I have always had a bank account with whatever bank has a cash machine in my place of work.

BristolUK

They're fine. Easy and free to write cheques, get money out and in, pay bills on line etc. You can use CIBC branches but only for the machines, not counter staff.

They can be a bit slow on clearing deposits - as much as ten days at the beginning - but they can change that if asked.