Re: Banking with HSBC
 

+1 I only used the HSBC to transfer for 'small' amounts to my family back in the UK. For the equity from the house sale etc I used a global currency Company also (can't remember who now but could find out if needed)

Not sure why you are being charged $25 for the HSBC account. I've had my account over 2 years and not charged anything and still get free ATM withdrawals.

Re: Banking with HSBC
 

Thanks :-)

Will keep you posted.

Re: Banking with HSBC
 

We also have a barclays account in the UK with a small ammount of money in it no charge to keep account open and very handy for making uk Amazon purchases for kindle books and for doing birthday cards etc on moonpig with uk delivery.

Re: Banking with HSBC
 

Ok, be very wary of what HSBC tell you re transferring credit history. We were given the same tale when leaving the UK on the proviso that we kept a fee-paying account open in the UK. Anyway, long story short, when you get to Canada it transpires that the credit history transfer only applies if you are applying for HSBC products over here and, even then, it's a hassle. Compared to the UK, HSBC have a very small presence over here and are not so easy to deal with. If you want to build up a credit history quickly then apply for a secured credit card (Capital One for example), don't run a balance and don't max out too often. If you want to discuss the HSBC thing in more depth, feel free to PM me.

Re: Banking with HSBC
 

Thanks

Think i'm going to avoid HSBC in Canada now.

As a new immigrant I want to be as prepared as possible, sounds like this might just hinder me.

Re: Banking with HSBC
 

So I've just enquired about a new bank account with HSBC and was told the same thing about credit history transfer. We need to set one up as part of my husband job. The OHIP need one for him to be able to work. I wondered about nearest branch proximety but are you able to use Internet banking in the same way as uk? We bank with HSBC in UK so it sort of makes sense to set up one with them at least initially.

Re: Banking with HSBC
 

Branches are pretty scarce. For example, we live in Peterborough and our nearest branches are an hour's drive south west (Oshawa) or 2.5 hours south east (Kingston) if you want to avoid the GTA; plus their opening hours aren't too flexible (10-4 M-F in Kingston). You do have internet/phone banking however. We do all our regular banking with TD as they are super-convenient i.e. branches everywhere, open until 8pm weekdays, open Sat AND Sun, as well as online banking. As I said earlier, HSBC are a fairly minor player in high street banking over here.

Re: Banking with HSBC
 

We opened an HSBC account here before we moved, it seemed easy at the time. There's only one HSBC ATM in London though (although you can use BMO ones now free) so we ended up opening an account elsewhere. Our HSBC manager in the UK actually tried to get us a mortgage with HSBC here set up. Again they didn't really want to know. The only way they said they would consider it was if we were premier clients (ie paying) in both countries. That wasn't even available in the UK at the time so we went elsewhere here.

We weren't charged anything, it was easy to transfer money but in hindsight we would have done better rate wise to use a broker, and convenience wise to go somewhere else once we got here.

Re: Banking with HSBC
 

I must have fell lucky with my HSBC as they gave me a premier account in the UK and in Canada that I didn't have to pay for and all my Canadian ATM withdrawals are free from any machine.

They didn't try and sell me a mortgage or anything.

Re: Banking with HSBC
 

We are Premier customers, but not really sure what that gets you other than free insurance, and I guess for a mortgage you get a broker/financial advisor anyway. What Canadian banks are likely to hold more branches/cash machines around and can you set up through the uk?

Re: Banking with HSBC
 

It looks like we will be moving in the middle of winter to Ontario as well. I have been reading this thread with great interest. Lots of interesting points made

Good luck with your move!

Re: Banking with HSBC
 

HSBC banks are not on every corner so drawing $$$ from an alternative machine regularly may incur an additional charge.

We use TD and there is a bank on every street, well that's what it seems like :@)

Re: Banking with HSBC
 

Bella Cullen,

Whereabouts are you off to?

Vic

Re: Banking with HSBC
 

The availability of branches depends where you are. There are plently in teh Lower Mainland of BC. In central Richomd there are four branches within a ten minute walk of each other.

Re: Banking with HSBC
 

We have one branch in Red Deer but its right in the downtown so not that convenient compared to the Canadian banks that are everywhere. We have premier accounts which is why we have monthly charges but due to the lack of bank machines they refund you the ATM charges when you draw from elsewhere. Opening is 10 - 4 and not at all on weekends.......a real bind when you're away working all week and for things like credit card applications both of us need to be present.......who wants to use half a day from only 2 weeks annual leave just to go to the bank??

Also another annoying thing we found on arrival, although we'd gone to all the effort of setting up global banking from the UK the branch in Red Deer had no knowledge of the accounts on arrival because the HSBC Global is a separate thing from the Canadian branches so we had to wait a few days after our first visit to the bank before we could do anything. Also they have a stupidly low debit card daily limit ($400) I think which when you first arrive and are busy buying lots, is no use to you. When we bought our TV and electicals the shop called HSBC to increase the daily limit for that purchase (something that is apparently normal for other banks to do) but they flat refused to do it.......crazy as it's our money in their bank.

Anyway my advise would be for ease of transfers etc when you first move over....set up the HSBC but as soon as you arrive go to TD who are worlds apart in opening times, products and service :)