Hi guys

Coming over all being well in May with OH on TWP he is going on an internal transfer through his company which is great, we will then apply for PR when we arrive. I am getting an open spousal work permit...

I've read the Wiki article about Banking and had a look at RBC and CIBC as both allow you to open accounts before arriving. It seems they have good offers for newcomers but that seems limited to those arriving with PR - is this the case or will TWP suffice? Any advice useful. Also am sure there will be +/- for each bank but all viewpoints welcome!

Cheers

You'l get as many opinions as banks and be none the wiser by then end of it. We've banked with RBC for 20 years no complaints. I had an account with CIBC for a couple of years, they to were OK, but did not need the account any longer. If you want full service be prepared to pay for banking. Our RBC account we pay $35 a month, which covers everything including credit cards.

I never had any luck getting decent credit until my TWP was leveraged into PR...

Once I had PR I started to use Presidents Choice for day to day banking and havent looked back.

YMMV.

I second RBC. I joined when I first came overand am still with them. I pay $13.95 a month for unlimited withdraws, debits, cheques etc (yes you have to pay for these on a per use basis in Canada if you dont have a unlimited account)

I applied for a CC a few times during my 1st year, only to be refused, which i expected, Im not a PR yet, am currently in the waiting came for common-law to be approved. However after being with RBC for a year I applied for one and was given one with a $1000 limit (5 months ago) I have recently upped this to $1500 and will continue to do so to build credit. Once again I am not a PR. Another bonus is my Chequing accounts fee of $13.95 a month gives me monthly refunds for my credit card fee, so my CC doesnt cost me anything..

Money transfers to any UK Bank cost $13 - and you can transfer up to $5000 a time I believe. I transfer money twice a month and from bank account to bank account it takes no more than 3 days.

Go for RBC.

And then leave as soon as you qualify for a free account elsewhere (really free, not free if you tie up your resources with us free)

Which Banks offer 'real' Free accounts?

Only PC Finance really for most people I think but it isn't a 'real' bank account in many senses of the word.

http://www.pcfinancial.ca/

But typically they want you to be a PR

CIBC, of which presidents choice operates as a branch of, isnt a real bank? Funny, I think I do everything from current and savings accounts, RRSPs, mortgages, lines of credit and credit card with them. If had bankers drafts from them, wire transfers. They are even offering mutual funds of sorts now.

PC is basically banking without a branch to queue up in. Anything that you might need a branch to do you can arrange over the phone or in person with the kiosk staff, and then go into a CIBC branch of your choosing to pick up if necessary. All PC really lacks is a "relationship" with a branch manager.

PC isn't a real bank. With the standard free checking account you get an Interac card and a bank account which can be managed online and through the ATM and a cheque book if you want them but they are not going to sign security forms for you or offer any kind of personal services teller like the other ones do.

It's good to have a PC account anyway though, even if you only use it for the unlimited withdrawals and debit card transactions that it offers.

I tried PC. Any money transfers are held for 5 days for the your first 6 months your with them (no matter if national or international, $5 or $500) making it useless to me. Nobody wants to wait a entire week for their money to be transferred.

The maximum daily withdrawal limit can also be a bit of a pain but it's free and since most things in this country are not, you can't really complain.

This is true, for people who want a real basic no frills service its perfect.

Its a question of credit rating perhaps? FOr example , my cheques dont get held, I can withdraw against them immediately, my wifes on the other hand do...

It takes a week for TD to do a SWIFT transfer too... I figured they all take the same.

Ive never wanted more than a grand in cash on one day? One time I was paying $5k by interac as a car deposit and I had to up my limit to cover that, but it took all of 2 minutes to do...