Alan2005

I think you are confusing retail and investment banking there. Anyway, my experience of banks in Canada is that the service is more personal, but they don't half try to sting you with a lot more charges and the interest rates paid are pitiful (even after adjusting for the difference in base rates).

I suspect that 2009 will be an interesting year for Canadian banks. They reputedly aren't exposed to US sub-prime, but with the way that house prices are crashing and the general state of the economy, they may have their own version of sub-prime to worry about.

Either way - what 2008 has taught me is that I don't care about service or charges as much as I care that the bank won't go bust taking my cash with it.

JonboyE

You are quite possibly right about retail vs investment banking. As I said, I was just guessing. I do know that being "years behind the times" is a comment that many posters seem to make and it doesn't match my experience.

I pay $3.95 a month for full service personal banking and have a mortgage and line of credit at very competitive rates. I agree that deposit interest rates suck - maybe there is some element of risk and reward?

I am not as worried as you about a housing price crash bringing the banking system down. Of course, it is not impossible. But, given the LTV ratios and earnings multiples allowed in the mainstream mortgage market it would take a depression like collapse of the Canadian economy to put mortgage providers under pressure.

(Even as a believer in liberal economics, it does show that there is a benefit for Government regulation in otherwise free markets.)

There is a small sub-prime market in Canada, lenders who make 2-10 year loans secured on real estate. Many of these have teaser rates in the first year or two. As their borrowers tend to be people who can't get more credit from the main retail banks they, and their lenders could be in trouble soon. However, it is pretty small scale stuff.

stubby42

I'm not sure if you can help me or not but it seems like you'd be the person to ask.

I'm currently studying at university in york but I want to drop out and go to the university of regina sasketchewan, if I did this I'd be studying for two years. I've spoken to the student loans company in the uk and they say they can only give me one more year of funding, would I be able to take out a student loan from a canadian bank?

I'm trying to get into the country on the canadian experience class program and the easiest way for me to get into the country is to study for two years at a canadian school then work for a year in industry.

Can a bank help me?

Alan2005

A depression like collapse of is actually what I'm afraid of . I don't think it's likely, but I would prefer to be hedged against that particular eventuality

I don't think many Canadians (or Brits for that matter) are prepared for the depth of the recession coming. It's unlikely we will see the other side of it before 2012 and lots of people are going to lose their jobs and their homes in the meantime. I certainly wouldn't like to be either a new immigrant or new graduate without a job right now - that's gotta be tough.

shelley748

ok well we will try and stay positive!! The good news is that people are still buying and selling homes!!

No doubt that the economy will take a dive but believe me, I was living in the USA from May 2007 until August 2008 and its REALLY bad down there...and we can hope that Canada won't do as badly.

silvia73

Hi Shelley,
My husband and me are thinking of moving to Ontario asap but we want to find a job before we move. He is an engineer but has no degree and I currently work for American Express (have been for almost 14 years but are being made redundant). Do you have any advise for us on how to go about searching for a job? Are companies open to employ internationally?
We are planning to do a reccy trip in June, would we be able to open a bank account then and start building a credit history even if we don't live there? We currently use HSBC over here! After renting for a 6 months-1 year we would like to sell our house here in Brighton and buy over there so your help with that would be greatly appreciated too! Thanks, Silvia

shelley748

Dear Silvia

Check out the WIKI link top of page, it has some great things about how to job hunt etc.... American Express Canada exists so you may want to look on their website as you have existing Amex experience... there is a shortage of workers in the Financial Services Industry in Canada. Also try the main website for Canada for jobs

www.workopolis.com
www.jobbank.gc.ca


You cannot open an account if you don't live in Canada- if you had papers to show you have been approved for work permit or Permanent Resident, then yes you can open account before you come, but if you have'nt then no you cannot- ever since 9/11 things have tightened up. Thus you cannot build up credit in Canada either without living here.

Once you get your papers then you can go to the HSBC Canada website and open an account online before you come then once you get here, you just go into the bank and show ID and papers etc..

I would be very happy to help you re house purchase once you decide...

Good Luck with your recce.

DaveLovesDee

http://www.hireimmigrants.ca/resourc...rce=story&id=2 says American Express Canada hires immigrants. If you have management experience at AMEX you could qualify for an intra-company transfer to Canada.

shelley748

Good one Cap Hook- had'nt time to research it in depth but thats good news!!!

Alan2005

I don't mean to be "mr negative" on this thread again - but doesn't being made redundant kind of stop an internal transfer?

shelley748

Maybe- but the fact that she has Amex Experience and career history, she can certainly approach the HR dept and see if that are prepared to do the LMO route for her if there is a particular job that they cannot fill.... food for thought?

Alan2005

Well i guess there is no harm in asking - given the worst that can happen is nothing.

R I C H

I agree about your point concerning building up a credit history, but opening a bank account without having a WP or PR is possible. I did it for both personal and business banking purposes and other family members who visit for several months at a time have opened current accounts too without a problem.

DaveLovesDee

I opened one using my passport and a bill with a canadian address.

shelley748

Well up until I worked at Scotiabank in 2007- we were not allowed to open accounts for non residents who did'nt have paperwork, its always best to check with the bank directly...things may have changed since I left and so perhaps you can now, but the banks are so strict on the rules of money laundering etc...

I would be interested to know from someone who has done it in the last 3 months and what banks allow it.. when replying please give details of what paperwork you had to show and your circumstances ( ie non res)