DarwinCharles

Hi all,

So I looked at the banking section and I'm struggling to find some info.

BMO offer 1 only - pre move transfer UK to Can before you open the account fully in person on arrival.

My sister has RBC and she moved 6 weeks ago but didn't pre transfer.

Can anyone recommend the best bank to use? I'd like fee free for a year but also I'd like to be able to use Transferwise when sending money from UK to CAN and need a bank that will allow me ti send money as and when I can prior to arriving before Xmas.
I understand banking is slower in Canada, I'm a citizen but have not had any banking there previously. My sister has a newcomers account with RBC.

Thank u in advance.

Siouxie

All the major banks offer free banking from 6 months to 1 year for newcomers. I don't believe any of them will give you a fully functioning account PRIOR to arriving in Canada and finalising the account set up - the 1 initial transfer is quite standard - although most of them offer multiple transfers fee free subsequently for up to 6 months. Who you use to transfer the money from the UK is up to you.

Your alternative may be to send the money to your sister in the interim, she could set up a fee free high interest online savings account for this purpose - although the transfer to your account later will be charged for.. https://www.rbcroyalbank.com/accounts/e-savings.html

DarwinCharles

Ooo Thank you Siouxie!

I'm wondering RBC or BMO now... I want to build credit well and it looks as if BMO might win there.. I'm not sure, it's much like the old UK system but I was a kid then.

Darwin

Siouxie

Most welcome! Building credit takes time - curious as to why you would think BMO would build it any quicker than any other bank - it's not a quick fix to build credit in Canada.. this might be of use
https://www.canada.ca/en/financial-c...dit-score.html
https://www.greedyrates.ca/blog/im-n...-history-fast/

DarwinCharles

It was more who would offer credit in order to start building it as such.
I shall take a look at those links, thank you!

I intend to work for myself and I cant find anything on working from home /insurance etc.. Or.. How that affects building credit.

Darwin

Hurlabrick

It isn't so much that you are 'employed' or self-employed.

I was in a similar position to yourself (never lived in Canada as an adult). I am retired and my income comes from UK personal pension sources and other savings - so no 'employer income' at all. My credit history has built quickly in Canada and I have had several credit limit increases on the credit card from a laughably low limit to a workable $10k now on each of them.

Best thing to do is take out two or three credit cards and pay them off promptly each month (you will need one Visa and one MasterCard anyway as unlike the UK, some places only accept one or the other). My original bank in Canada gave me a credit card immediately without a security deposit and with a very modest $1000 limit before I actually moved (got it on a 'soft landing' trip).

DarwinCharles

Thanks so much!
I was wondering if to go with both BMO and RBC but perhaps both then. I'm a citizen but had my citizenship illegally rejected by a law quirk that's illegal. Now I have it, I intend on using it.
I must work PT for myself from home after getting Lyme. I have been worried about getting and building credit as it will take a while to get clients intially so I'll have very little to live on at first.

Thank you

Siouxie

Work from home insurance (use of home office) is an add on to your normal household insurance.. ( I have it - it's a tax deductible expense - https://www.canada.ca/en/revenue-age...-expenses.html ) but if you intend to see clients at home and thus the risk of them injuring themselves walking up the pathway leaving again, do bear in mind that you will need liability insurance.

You can get a secured credit card in the unlikely event that the bank doesn't offer you one for being a newcomer - I had a secured credit card for the first year I opened an account - my son was automatically given a full no security required credit card and a line of credit as I 'introduced him' to the bank - despite only holding an account with them myself for a few months. If your sister 'introduces' you to her local customer service agent you may find you get offered extras.

I'm not sure that having 2 newcomer accounts with separate banks would do you any favours - do read up on 'soft enquiries and hard enquiries' for credit rating -- that will include the other bank checking what state of play you are at - and yes, they will see that you have another account and may not give you a newcomers account unless you are prepared to close the other one. (You might be lucky, but I wouldn't chance it).. however, you could play one off against the other, to negotiate a better deal, perhaps

You could also obtain a mastercard from Canadian Tire / Home Depot or similar - using that to purchase items and then pay them off