Phoresis

I'm going to Toronto in June on a BUNAC visa and I was wondering if any of the Canadian banks allow you to set up a bank account with them before arriving in Canada, and whether there are any that don't change a monthly fee for the account?

Is it best to just wait? Also, do you need a Social Security Number to open an account when landed in Canada? I ask this as I planned to enter Canada as a visitor and activate my BUNAC visa at a later date, but it might just complicate things too much.

iaink

HSBC let you (if you have enough funds) I think I read that Scotiabank will open accounts (through its london branch), there are others too I guess. They will have fees though, or require large balances to waive fees


President Choice offers free day to day banking (its done through CIBC, but operated by a supermarket chain), but there are mixed reports about non Permanent Residents being able to open accounts, you might be out of luck on BUNAC. I know I wasnt able to

Fortunately its not too hard to open an account with a high street bank on the spot, but bring enough cash to tide you over for a while... Avoiding fees, not so easy.

This wiki will probably help..

http://britishexpats.com/wiki/Banking-Canada

lucieg

Last time I checked the SWAP office will give you a letter for TD bank so you don't pay any fees for 3-6 months. I think it's the one on Queen and Spadina, you probably don't even need the letter as they'll get a ton of swappers.

Also you only pay fees if you don't make the minimum balance required in the account.

I would just wait if I were you, it's very simple to set up an account and they give you your debit card straight away so it's not like you'll need to wait for it to be sent to you like in the UK.

Phoresis

Ok, this sounds good. Thanks.

boredmonkeyman

Hi Phoresis,

I'm also moving to Toronto through BUNAC this June like you. My aim is to get a job in my current trade (IT) and with any luck stay on longer than just the year if my love for Canada doesn't falter.

I can't PM you as I've just joined and this is my first post, but if you fancy getting in touch with someone in a similar position give me a shout. Always nice to have others to share tips and experiences with!

Dan

david_oz

i wouldnt worry about a bank account

it took me approx 20 mins to open an account when i got here, and at that time i didn't have an address or a social insurance number. cibc waive my fee as long as im over $1500

once you have your account, there are a bunch of money transfer companies that can get money over here within a week or so (i use ozforex, they trade in canada as canadianforex. their rate was good... took about a week)

Rob_999

I agree - no address, no SIN number, no jobs, TD couldn't care less. Our account manager was more interested in finding out why the heck we wanted to move from the cultural mecca of London to Vancouver.......