jamesy2

Has anyone had experience with either HSBC or RBC? i decided to open a Canadian HSBC account as they allow you to half open an account before you arrive (you can deposit but no online banking). This process though has been a nightmare and i have had a lot of bad information from them which has wasted my time and money. I understand RBC offer a similar service to open an account before you arrive in Canada.

Have i just been unlucky so far with HSBC or are RBC a better bank to go with?

Sunnybrae

Have a look at Scotia bank as well, they offer better savings rates than RBC.

CanadaJimmy

Where are you moving to? I would recommend taking a look at the credit unions that operate in the area. They are just the same as banks but usually don't charge any monthly fees like the big banks do, and often have more widely available ATMs as part of the Exchange Network. I've been a Coast Capital Savings customer for years and very happy with them. You will likely have to go in person to the branch, but you should be open an account right away.

Almost Canadian

I don't think such a process is limited to HSBC or RBC. We are able to open a TD account from the UK and make deposits to it before we arrived. As soon as we had confirmed our identity in the branch in Canada, we were issued with a debit card on the spot and could then make withdrawals. I imagine that the same applies to all banks in Canada.

HGerchikov

We are with HSBC and have been since we arrived in Canada. We have for the most part been happy with their service, however they do not have a lot of branches compared to some of the other banks, so, depending on where you are going to live you might want to factor that in. For example, when we were in Oakville there was a branch just around the corner from us, then we moved North and it was an hour and a half to the nearest branch, now we are back closer to the GTA but still rural and its a 45 minute drive to our 'local' branch.

Danny B

HSBC Holdings plc is a British multinational investment bank and financial services holding company. It is the second largest bank in Europe. That don't mean shit here in Canada. I banked with HSBC in the UK, and up until recently here in BC.

I couldn't hack it any longer, hardly any branches, and so behind in tech. Now I'm with Tangerine (who have no land based branches) but they do have good tech so you can do almost everything online.

J-A-UK

I’ve had an RBC account in Canada since arriving in 2007.
I’ve been loyal to them with credit cards and mortgage
but recently their customer service has declined immensely .
So much so I’ve closed my accounts

Pingpong2021

I opened an RBC account before we moved to Canada from the UK last summer. I had to get all the RBC application forms, signatures and ID documents notarised by a local UK solicitor before sending in the mail to their International accounts department in Vancouver. Once we arrived in Canada we had a virtual meeting with the RBC account manager and are debit cards etc were ordered and sent to our local branch. I was able to send the proceeds from the UK to the account and all went smoothly. I had to invest 3k in an RBC GIC to get a Mastercard with a 3k credit limit, but have since now had that waived. I have found the RBC customer service and experience excellent so far. Hope this helps

abner

If you have a strong existing relationship with HSBC outside Canada, and are needing immediate access to mortgage or business credit as you arrive in Canada, then by all means exploit that existing relationship.

But if your personal banking needs are more 'mainstream middle-class recent immigrant', then (IMHO) you're better off establishing yourself with one of the 'Big 5' Canadian banks (BNS, BOM, CIBC, RBC,TD), and perhaps also -- as suggested by an earlier poster -- with a credit union (they're a worthwhile alternate option to canvass when looking for a first-time-in-Canada mortgage).

[Edit: The Big 5 have mostly struck me as much of a muchness, not really worth recommending one over another. But I did just note J-A-UK's post above, which was down on RBC. FWIW, I personally have had pretty good experiences with TD (they acquired me as a customer when they absorbed Canada Trust), and (much longer ago) with BMO.]