Flamehorse

I do not know if this is of any use to anyone one but while I have been looking into credit score transfers and setting up bank accounts, etc

i have found that HSBC have an account you can set up in the UK for the bank in Canada and they can even arrange to provide you with a Canadian credit card to the value of $5000 to help you start your credit file in Canada.

Stewie73

Interesting find Flamehorse, do you have any links especially for the starting of the credit file using an HSBC CC?

Siouxie

Our wiki may be of use - you can set up a newcomer account prior to coming to Canada with many banks https://britishexpats.com/wiki/Banking-Canada

Check the minimum balance for HSBC - and keep in mind there are very few branches in Canada.... and the 'credit history' appears to be only valid for HSBC.- it's not the same as a Credit Ratiing/Credit Score, which isn't transferrable... although you could obtain a copy of your UK credit score from Experian/Equifax/TransUnion prior to coming to Canada
https://www.hsbc.ca/international-se...count-opening/
HSBC Newcomer account : https://www.hsbc.ca/chequing-account...unt-offer-ntc/

Gozit

Presumably the first Canadian HSBC card would be used to start your Canadian file though correct? Even though they (HSBC) are issuing it based on your UK history, the Canadian card should still show up on your Canadian history when/if you go to another bank to apply for credit.

Siouxie

Almost all of the banks offer a 'Newcomer' Account with a credit card and various other 'deals'.. the HSBC one could give a slight advantage if you already held an account with them in the UK, thus building a credit history with them (note 'history' - not Credit Rating). The HSBC Canada Newcomers bank account offers a credit card limit of up to $5,000, depending on various factors.
Scotiabank also offer the same $5,000 0 - with no credit history needed.. https://startright.scotiabank.com/newcomers.html
as does TD - https://www.td.com/ca/en/personal-ba...nking-options/

HSBC are just jumping on the bandwagon.. there's no real advantage to their 'deal' apart from being able to open it from the UK..

Gozit

Ah yes I understand...definitely make sense to try with one of the larger Canadian banks before trying HSBC - I guess HSBC is good as a last resort if for some reason you don't get approved for one of the other offerings.

every time i've tried to deal with HSBC both in Canada and abroad i've hit brick walls whereas i've never had a problem with any other bank.

Flamehorse

Which bank would you recommend us looking at as a starting point?

Stewie73

Thats depends on where you are going to be honest, from my pov, if you were going to NS, then ScotiaBank (https://www.scotiabank.com/ca/en/personal.html , we have had an account with them for over 18 years and re-activating it at the moment as it went dormant (I was interested in the HSBC account thread as a backup).

Farmer on a bike

A Credit Union over a bank. Have been with most of the big banks one way and another, RBC for 30 years, went to a credit union 10 years ago, way better service.

Would leave RBC if I did not have so many credit card points! Use them for BA flights, best bang for the buck, just need to wait a bit to go somewhere!

Mordko

An account with HSBC can have certain advantages over the Big Five Canadian banks. For example, Canadian banks often ask newcomers to keep at least $5k in the chequing account for them to give you a credit card with $5k limit. HSBC may wave the requirement for you - if they have your credit history in the UK.

HSBC Premier is a very good free account with lots of perks, but you have to meet certain requirements to qualify. One of the perks is that HSBC can provide you with accounts around the world so you can move money instantaneously between countries.

There are fewer branches but that’s not necessarily an issue, depending on how you use the bank. No branches in Eastern Canada but should be fine if you are in GTA/Van/Edmonton/Calgary.

Big five dominate the market and have little competition in Canada due to entry barriers. They tend to get clients with promotions as students or immigrants on arrival and then people are stuck because changing banks is just too much hustle. I agree with this guy: EQ bank provides a very good deal and HSBC is the best if you need global banking.

https://youngandthrifty.ca/complete-...-online-banks/