Well I'm not arguing with anyone but maybe she could have used a Nationwide account. Consider this.

In the last couple of weeks I've put 50% deposits on some furniture and appliances. The purchases were made in 3 locations and required deposits of $3300, $5250 and $4400. All done with a Nationwide debit card. All exchanged at the FULL Interbank Rate. If you add the other 50% which will come along later, the total is over $26,000.

So I see 3 advantages here. 1. I didn't need to transfer the money to a Canadian account, I just used an existing UK debit card, no muss, no fuss. 2. If I saved even 1% on exchanging this way that amounts to $260. A very nice dinner out with the wife. 3. Until I used my Debit card the money was sitting in a UK account earning 4.65% for me which it wouldn't have been if it were sitting in a Canadian account.

If I could, I'd buy my home using my Nationwide debit card and credit card. Unfortunately Real Estate Agents and Lawyers aren't set up to take debit cards. So your stuck with an electronic transfer to either a bank in Canada or directly to the lawyer's trust account. Look at what 1% of your house price is and that is what could have been saved at least if you got the full Interbank Rate on the exchange.

Making as many major purchases using your Nationwide Credit card and Debit Card as you can, just makes sense. I don't own any shares in Nationwide (only because they don't sell any) and have no vested interest in promoting them other than because I think they offer the best deal to UK residents, travellers and expats, by far.

Also consider this. People get all worked up over how to open a Canadian acount ahead of time etc. Why do they even need one? What you need is access to funds. Only in a case where a debit or credit card cannot be accepted do you need either cash (get it from an ATM) or an electronic transfer if it's above the daily max an ATM will let you draw. (I double that daily max by the way by having two accounts and two debit cards.)

I must confess I opened a Canadian account in the first week after we arrived but only through necessity. Having bought 'future' dollars from a Forex company some time ago to lock in the exchange rate, I needed somewhere to have them transferred to as they would pay no interest to us sitting in the Forex company's account. So I opened a Canadian account, transferred the money in and promptly moved it into a GIC. 3% is better than nothing. But other than that, we haven't used that Canadian bank at all. Not to get cash or make a purchase.

You haven't understood my foreign money needs, see previous post - I have UK funds in UK accounts that I spend on trips to the UK, I have Canadian funds in a Canadian account that I spend in Canada. The US "cash stash" will run out one of these days but for now travel to the US is amply covered

You are accessing small sums of UK funds to spend in your day-to-day life in Canada, I can't think of a single occasion where I've done that. For your needs, and for stashing hidden accounts from Revenue Canada (that is what you're doing, isn't it?!) a Nationwide flex account sounds like just the ticket. You've failed to convince me it would save a red cent for my needs though, no matter how much you bang on.

Edit: in response to your large edit, people need Canadian accounts to service their property, have child tax credits paid to them, etc etc. An example off the top of my head - I think the TIPP people would have laughed until it hurt if I'd asked them to deduct from my (non-existant) Nationwide account

Groan, let's not compare apples and oranges. Yes peope need a Canadian account ONCE they start living and earning in Canada. My comments apply solely to the initial movement of money from the UK to Canada and how to do that most effectively.

Apples and oranges yourself. You brought Nationwide into it... and they can have little to do with "the initial movement of money from the UK to Canada and how to do that most effectively" by your own admission

I maintain that plenty of people have a need for a Canadian account before being resident here, those of us who bought properties from overseas was an example I already mentioned.

I have never seen a site like this for the bickering that goes on!! The threads starts off as good and informative, or a piece of fun, and then there seems to be one common denominator puts in her tuppence worth and the arguing starts. Can you tell me exactly what your role on this site is "Moderator"

Spy!

Unfortunately I don't have the luxury of putting posters on "ignore"

I think Athome is pulling the wool over everyone's eyes. Why doesn't he come clean and admit who he really is?

Are you suggesting I am the Chairman of Nationwide or something Biiiinks?


Why would you need a Canadian account to buy a property in Canada?
"those of us who bought properties from overseas was an example I already mentioned."

We bought our property from the UK. A simple tranfer of funds to our Real Estate Agents trust account via electronic transfer did the trick. No need for a bank account in Canada at all.

I offer my opinion. You're free to agree or disagree with it obviously but I think it's time to put this one to bed. So bite your tongue and just don't reply. The End.

Yawn. I suggest you're a previously banned user trying to be clever. Again.

How did you pay your condo fees, your TIPP installments, your utilities etc from outside Canada... ? I ain't interested, save your keystrokes, it's a purely rhetorical question

LOL Gezza ~ she is not that interesting

I suggest you are incorrect in that suggestion.

Now let's see if you can bite your tongue and not reply this time or if you just have to get the last word in. Again.

Unfortunately that was your last word. You've now given away sufficient details about yourself to identify you as a previously banned poster.

This thread is now closed.