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Banking - Newcomers - Point to note

Banking - Newcomers - Point to note

Old Mar 23rd 2018, 12:35 am
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Default Banking - Newcomers - Point to note

Hi All,

I recently opened a bank account at RBC having officially made the move to settle here as a PR. I activated my PR through a soft landing 2 years ago whereby I flew to Toronto from London for 1 day before returning back to ensure my card was activated prior to the activation window closing.

Although I have only just officially settled in Canada, severing my ties to the UK and getting approval for my Goods Accompanying list/items, RBC have refused to place me on a Newcomers Program, with all of the added benefits it includes, as my soft landing took place more than 1 year ago (Newcomers Program is valid for 1 year from the date of the newcomer's "landing", be it soft or hard).

This seems odd to me, although RBC are not budging at all. Should I really have opened an account within 1 year of my soft landing despite still residing in the UK only to lose all of the "newcomer benefits" in having the account which only last 3-12 months dependent on the account?

I am interested to hear from any of you as to whether or not you have encountered similar experiences when setting up your own bank accounts here.
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Old Mar 23rd 2018, 7:21 am
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Default Re: Banking - Newcomers - Point to note

Originally Posted by Rainmaker
Hi All,

I recently opened a bank account at RBC having officially made the move to settle here as a PR. I activated my PR through a soft landing 2 years ago whereby I flew to Toronto from London for 1 day before returning back to ensure my card was activated prior to the activation window closing.

Although I have only just officially settled in Canada, severing my ties to the UK and getting approval for my Goods Accompanying list/items, RBC have refused to place me on a Newcomers Program, with all of the added benefits it includes, as my soft landing took place more than 1 year ago (Newcomers Program is valid for 1 year from the date of the newcomer's "landing", be it soft or hard).

This seems odd to me, although RBC are not budging at all. Should I really have opened an account within 1 year of my soft landing despite still residing in the UK only to lose all of the "newcomer benefits" in having the account which only last 3-12 months dependent on the account?

I am interested to hear from any of you as to whether or not you have encountered similar experiences when setting up your own bank accounts here.
I'd suggest making an appointment with a customer service representative and tell them that if RBC aren't willing to extend the Newcomer package, you'll happily take your account to Scotiabank or CIBC. Scotiabank have a similar package but is for 'Newcomers' who have been here for between 1 and 3 years. (see terms and conditions here: Scotiabank StartRight Program for Newcomers | Scotiabank - or alternatively, to CIBC who's 'Newcomer' package is extended to those who have been here up to 5 years https://newcomer.cibc.com/new-to-canada

Your other option is to tell RBC to take a running jump and open an account (after contacting to verify that you qualify) with one of the other banks. Interestingly, RBC will extend the Newcomer package to those who transfer their account from another Canadian bank, 1 to 3 years after PR status is granted (again, see their terms and conditions: http://www.rbc.com/newcomers/_assets...p/legal.html#1


Last edited by Siouxie; Mar 23rd 2018 at 7:28 am.
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Old Mar 23rd 2018, 9:31 am
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Default Re: Banking - Newcomers - Point to note

We opened a bank account with TD when we "soft" landed in September 2017. TD gave us commission free check accounts for 6 months and a special savings account that paid 2.5%. We did this as we wanted to transfer money so establish a credit history in Canada. This helps when you come to signing a lease on a rental property. Only wish we had requested a credit card at the same time we were issued Visa debit cards. The quicker you establish a credit history in Canada, the better it is........as you will soon find out.
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Old Mar 23rd 2018, 12:15 pm
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Default Re: Banking - Newcomers - Point to note

Shop the competition, and tell RBC all about it.

A "Soft Landing" isn't actually a thing though, it's just a useful, invented term for something a lot of us do. I became PR in 2007, actually moved here 2010, those are my actual metrics.
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Old Mar 23rd 2018, 1:46 pm
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Default Re: Banking - Newcomers - Point to note

Originally Posted by glendem4
We opened a bank account with TD when we "soft" landed in September 2017. TD gave us commission free check accounts for 6 months and a special savings account that paid 2.5%. We did this as we wanted to transfer money so establish a credit history in Canada. This helps when you come to signing a lease on a rental property. Only wish we had requested a credit card at the same time we were issued Visa debit cards. The quicker you establish a credit history in Canada, the better it is........as you will soon find out.
A credit history is not affected by having funds, it is affected by having credit and making the payments required for that credit.
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Old Mar 23rd 2018, 1:50 pm
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Default Re: Banking - Newcomers - Point to note

Originally Posted by Almost Canadian
A credit history is not affected by having funds, it is affected by having credit and making the payments required for that credit.
True. But having the funds means the bank will likely grant a secured credit card so that the credit building may begin.
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Old Mar 23rd 2018, 1:56 pm
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Default Re: Banking - Newcomers - Point to note

Most bank's recommend going with another company to build credit fast, like a Canadian tire credit card.
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Old Mar 23rd 2018, 3:21 pm
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Default Re: Banking - Newcomers - Point to note

I with the advice about - politely inform RBC that you're considering taking your business elsewhere.

I did my soft landing in December 17, and opened cheque and savings accounts with Bank of Montreal right away. They were terrific. I also got an unsecured credit card straight away (which I was a bit surprised about, although I'd immediately deposited a significant sum of money and my employment situation would have helped I think). I'm now going about trying to build credit as quickly as possible ahead of the hard landing.
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Old Mar 23rd 2018, 8:14 pm
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Default Re: Banking - Newcomers - Point to note

NOTE:- that establishing a credit history means showing that you pay off credit card bills on time ............... I have a friend who charges something on her credit card, but then immediately goes to the bank to pay off the amount. She hates to wait until she gets the invoice.

She has no credit history and I think the above may be responsible.
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Old Mar 23rd 2018, 11:12 pm
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Default Re: Banking - Newcomers - Point to note

Originally Posted by scilly
NOTE:- that establishing a credit history means showing that you pay off credit card bills on time ............... I have a friend who charges something on her credit card, but then immediately goes to the bank to pay off the amount. She hates to wait until she gets the invoice.

She has no credit history and I think the above may be responsible.

you mean full or partial (above required minimum) payment once the credit card statement has been produced correct?
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Old Mar 23rd 2018, 11:13 pm
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Default Re: Banking - Newcomers - Point to note

Originally Posted by MelVan
I with the advice about - politely inform RBC that you're considering taking your business elsewhere.

I did my soft landing in December 17, and opened cheque and savings accounts with Bank of Montreal right away. They were terrific. I also got an unsecured credit card straight away (which I was a bit surprised about, although I'd immediately deposited a significant sum of money and my employment situation would have helped I think). I'm now going about trying to build credit as quickly as possible ahead of the hard landing.
Sounds good.

What made you decide on Bank of Montreal in the end?

Thanks.
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Old Mar 23rd 2018, 11:27 pm
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Default Re: Banking - Newcomers - Point to note

Originally Posted by Rainmaker
you mean full or partial (above required minimum) payment once the credit card statement has been produced correct?

I/we have not carried a balance on any credit card for about 40 years. We always pay in full before the due date on the statement.

In other words, we don't buy anything unless we have the amount already or will have access to the full amount by the due date.

We've bought cars by having access to a Line of Credit with our bank and paying that off as fast as possible.


But I assume that paying at least the required minimum by the due date every month would show that you are reliable. That really is what the credit rating is all about!
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Old Mar 23rd 2018, 11:29 pm
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Default Re: Banking - Newcomers - Point to note

Originally Posted by Rainmaker
Sounds good.

What made you decide on Bank of Montreal in the end?

Thanks.

FWIW ...... we have banked with the BoM for over 50 years, and have had very few problems with them.

I used to have my own account with CIBC, but walked out on them about 30 years ago when the then-Manager told me I could close my accounts if I didn't like a charge that had been applied to the regular account. I took him at his word, drew out all my money in cash, and walked one block up the street to the BoM and gave them my business ............ our joint accounts were already with another branch of BoM.


My daughter and her OH are with Royal Bank in another province, and I have been disgusted with the service that I get when trying to deal with my local branch of RB ..... to the extent that I now refuse to go in there, and opened a BoM account under 3 names (myself, OH and daughter) that could be accessed by her in a branch in her province ........... she had to go into a branch there to provide her signature.

I can now transfer money (eg birthday/Christmas gift) directly to that account and she can draw it out with no problem. RB would only let me do it by either cheque or bankers draft, and then she had to wait at least 10 days to draw out the money ....... and that was with me telling the teller what I'd been told to do by the BoM teller!

Last edited by scilly; Mar 23rd 2018 at 11:37 pm.
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Old Mar 23rd 2018, 11:31 pm
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Default Re: Banking - Newcomers - Point to note

Originally Posted by Siouxie
I'd suggest making an appointment with a customer service representative and tell them that if RBC aren't willing to extend the Newcomer package, you'll happily take your account to Scotiabank or CIBC. Scotiabank have a similar package but is for 'Newcomers' who have been here for between 1 and 3 years. (see terms and conditions here: Scotiabank StartRight Program for Newcomers | Scotiabank - or alternatively, to CIBC who's 'Newcomer' package is extended to those who have been here up to 5 years https://newcomer.cibc.com/new-to-canada

Your other option is to tell RBC to take a running jump and open an account (after contacting to verify that you qualify) with one of the other banks. Interestingly, RBC will extend the Newcomer package to those who transfer their account from another Canadian bank, 1 to 3 years after PR status is granted (again, see their terms and conditions: Popup

Good advice as always Siouxie..... especially liking the "running jump" approach!

So RBC have now waived my fees for 6 months on one of their bank plans, in the same way they would had I been a "newcomer" as per their terms, but it is their credit card division who are not accepting me as a newcomer...... which means that I will not be afforded an unsecured credit card, but instead securing it with a cash facility of sort, which is fine I guess, as having a secured CC is apparently a better way to build up ones credit......

After the 6 month period I get charged for pretty much absolutely everything.... actually within the 6 month period I am being charged CAD17 per inward wire transfer as I bring funds over from the UK to Canada! :s
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Old Mar 24th 2018, 1:41 am
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Default Re: Banking - Newcomers - Point to note

Originally Posted by scilly
FWIW ...... we have banked with the BoM for over 50 years, and have had very few problems with them.

I used to have my own account with CIBC, but walked out on them about 30 years ago when the then-Manager told me I could close my accounts if I didn't like a charge that had been applied to the regular account. I took him at his word, drew out all my money in cash, and walked one block up the street to the BoM and gave them my business ............ our joint accounts were already with another branch of BoM.


My daughter and her OH are with Royal Bank in another province, and I have been disgusted with the service that I get when trying to deal with my local branch of RB ..... to the extent that I now refuse to go in there, and opened a BoM account under 3 names (myself, OH and daughter) that could be accessed by her in a branch in her province ........... she had to go into a branch there to provide her signature.

I can now transfer money (eg birthday/Christmas gift) directly to that account and she can draw it out with no problem. RB would only let me do it by either cheque or bankers draft, and then she had to wait at least 10 days to draw out the money ....... and that was with me telling the teller what I'd been told to do by the BoM teller!
Gosh. You have certainly given me food for thought and I greatly appreciate your insight on this matter.

I proceeded with RBC given the strength of their presence nationally as well as globally. I find the costs hard to swallow. Back in the UK, I would pay a monthly amount for a Platinum Account with LLoyds, however with that I get mobile phone insurance, travel insurance cover, vehicle breakdown assistance, etc. Drafts, cheques and paying in books are free, as are debits and credit (including wire transfers). Whereas here, everything seems to come with a cost. The assistant at the bank had the cheek to respond to me with, when I questioned the costs, "well how do you expect the bank to make money?"....... yup

Anyway, I accept that this is the way it is. It is not an exercise of comparing UK and Canadian banking, but Canadian vs Canadian banking, and now it looks like I need to seriously consider shutting down my 1 week old RBC account and look towards BMO instead.

Thanks again Scilly.

What are the experiences and advice of others?
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