confused_uk

Hello all

I'm finding it really hard to manage my finances here. Back in UK the two of us had our own accounts that our wages went into, a joint account that we paid equal amounts in that all our bills came out of, plus various savings accounts.

Here we both have our own accounts (so two lots of fees) that our wages go in, we would really like a joint account so we can manage our outgoings better but don't want the expense of more fees.

I'm with HSBC (it was the easiest one to open from the UK) but the branch & only ATM is two hours away so if I wish to withdraw cash locally I get hit with more fees. I was just on the phone enquiring about opening a TFSA (I believe it's the same as an ISA) but apparently if I wish to take money out of it I have to do it in branch, it can't be done using online or telephone banking. Great.

I should probably move banks but my one here is linked to my UK one so it would be somewhat of a hassle.

Any tips or advice? How do you manage your day to day banking & navigate your way through all the fees & roadblocks?

Thanks

dbd33

It sounds as if you're considering dealing with a domestic bank; as well as, or instead of, HSBC. If you're going to continue to deal with the UK then I would caution you against using the TD. One thing the TD is spectacularly bad at is dealing with abroad. I routinely deal with people in European countries by mailing cash as it's easier, quicker, and more reliable than using the TD's transfer facilities.

confused_uk

It's only really for sending the odd bit of money back and forth every now & then, I usually use hifx and can't really be bothered to start changing all the banking details with them. Would TD be a problem if using a forex company?

bc2015

We just have one joint account and we get free fees, because my wife works in a related company. (We'd get the free fees anyway as we maintain a balance in our current account).

We kept our joint account back home and it's not linked to Canada at all. That separation is pretty handy.

Btw HSBC is part of this ATM network https://theexchangenetwork.ca/Find-An-ATM.aspx so you might have more ATM options. I can withdraw from HSBC ATMs with no charge because my credit union is part of the same network.

confused_uk

ooh, thank you, I didn't know about this. My nearest one is 20mins away

What bank gives you free fees if you maintain a balance?

raindropsandroses

We are now with Scotia Bank after CIBC ended up having to pay me compensation after the way I was treated, and Scotia have been brilliant.

At the time we switched RBC were doing a no fees regardless of balance offer, so I asked Scotia if they would match it, and still give us their $150 bonus for switching and they did. Usually I think you have to keep something like more than $3000 in your account to have no fees.

Our branch manager said its definitely worth haggling as banks will match other banks deals.

raindropsandroses

Oh yes, and whilst CIBC said they couldn't give us a non pre paid credit card for the first three months as newcomers to Canada, Scotia gave us one there and then with a $5000 limit

JonboyE

In BC credit unions have no fee if you stay in credit checking (current) accounts. Worth checking where you are.

confused_uk

Just looked at that for NS, it doesn't appear to be the same here

confused_uk

Thanks, I'll look into that

raindropsandroses

You are welcome. Ive found the rural Scotia Bank branches much more helpful and willing to twist the rules than the ones in town. Plus I now get coffee every time I call in to our branch as I know the staff

Siouxie

I'm with RBC, my son and I have separate accounts but we have a joint account for paying the mortgage / bills from - only ever 'online'. We pay $4 a month for it.

http://www.rbcroyalbank.com/products...-accounts.html

Collie

PC Financial (a subsidiary of CIBC) is fee-free as long as you are in credit: indeed it even pays you a little bit of interest on your current account! Withdrawals from CIBC cash machines are free, and the internet banking service is good. We had no problem arranging a large certified cheque from them when buying a house, so they do the "unusual" stuff too.

It took us about 10 minutes to set up new accounts with them - we popped into a "pavilion" in a PC grocery store to do so, armed with identification and a bit of cash to deposit.

confused_uk

This looks like a great option, maybe I'll start a joint account with them.

jennellapea

We have PC Financial for our joint account because not only is it free but the cheques are free too. (We have to pay our landlord by cheque)