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I need a simple, free bank account

I need a simple, free bank account

Old May 26th 2010, 10:59 am
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Default I need a simple, free bank account

Hi all, I'm landing in Calgary next week. While I'll be there for a few days, besides sorting out some other things, opening a bank account is also on my list. Somebody mentioned here once that bank accounts are not easy to have in Canada especially when you are new in the country, and most banks even charge you to look after your money? What??

I am an HSBC UK customer and would like to stay with them in Canada but thats not too important if theres better options available. Dont ask me to take my credit report from the UK cuz its crap and I'll be kicked straight out of the doors if its seen by a banker. I just need a basic bank account, and it would be nice to have an account with bank cards but I'm not too fussed on that either cuz I'm not moving permanently yet.
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Old May 26th 2010, 12:17 pm
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Default Re: I need a simple, free bank account

Originally Posted by Edo
Hi all, I'm landing in Calgary next week. While I'll be there for a few days, besides sorting out some other things, opening a bank account is also on my list. Somebody mentioned here once that bank accounts are not easy to have in Canada especially when you are new in the country, and most banks even charge you to look after your money? What??

I am an HSBC UK customer and would like to stay with them in Canada but thats not too important if theres better options available. Dont ask me to take my credit report from the UK cuz its crap and I'll be kicked straight out of the doors if its seen by a banker. I just need a basic bank account, and it would be nice to have an account with bank cards but I'm not too fussed on that either cuz I'm not moving permanently yet.
www.pcfinancial.ca
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Old May 26th 2010, 12:18 pm
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Default Re: I need a simple, free bank account

Originally Posted by Edo
Hi all, I'm landing in Calgary next week. While I'll be there for a few days, besides sorting out some other things, opening a bank account is also on my list. Somebody mentioned here once that bank accounts are not easy to have in Canada especially when you are new in the country, and most banks even charge you to look after your money? What??

I am an HSBC UK customer and would like to stay with them in Canada but thats not too important if theres better options available. Dont ask me to take my credit report from the UK cuz its crap and I'll be kicked straight out of the doors if its seen by a banker. I just need a basic bank account, and it would be nice to have an account with bank cards but I'm not too fussed on that either cuz I'm not moving permanently yet.
PC Financial are one of the banks that offer free banking. You'd probably have to go in to the Canadian Superstore to sort it all out though.
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Old May 26th 2010, 12:42 pm
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Default Re: I need a simple, free bank account

Originally Posted by jericho
PC Financial are one of the banks that offer free banking. You'd probably have to go in to the Canadian Superstore to sort it all out though.
Thanks Jericho. So is it really normal in Canada that most banks charge you for keeping your money?
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Old May 26th 2010, 1:05 pm
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Default Re: I need a simple, free bank account

Originally Posted by Edo
Thanks Jericho. So is it really normal in Canada that most banks charge you for keeping your money?
Unfortunately. You get charged for everything- you want a mobile phone? Sure, but there's an "activation fee". I dont check my bill too often but you get charged to RECEIVE calls/texts too.

Just one of those things you begrudgingly have to put up with...
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Old May 26th 2010, 1:06 pm
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Default Re: I need a simple, free bank account

Originally Posted by Edo
Thanks Jericho. So is it really normal in Canada that most banks charge you for keeping your money?
Yes. The alternative is to maintain a minimum balance of (usually about $1k), which of course is money you wont earn interest on, so thats costing you the same as fees anyway.


I am also a happy PC customer. With the exception of one or two local credit unions I hear, I dont know of any other free day to day banking accounts here.
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Old May 26th 2010, 3:01 pm
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Default Re: I need a simple, free bank account

Hi
Without raining on your parade. The banks are able to see your UK credit reports, they don't always bother. But, as for a free bank account, some banks will only give you free account usage if you keep a minimum balance in there. I currently bank with TD Canada Trust and in order to have a Basic free account I have to keep a minimum of $1000 in it and it has to be paperless...ie online statement...but they do not send you any through the post.
I have heard that Presidents Choice offer a free account, so you may want to have a look at that. The easiest for you is to get another Canada HSBC, unless you don't want to use the same bank for whatever reason.
Hope this helps
Stef


Originally Posted by Edo
Hi all, I'm landing in Calgary next week. While I'll be there for a few days, besides sorting out some other things, opening a bank account is also on my list. Somebody mentioned here once that bank accounts are not easy to have in Canada especially when you are new in the country, and most banks even charge you to look after your money? What??

I am an HSBC UK customer and would like to stay with them in Canada but thats not too important if theres better options available. Dont ask me to take my credit report from the UK cuz its crap and I'll be kicked straight out of the doors if its seen by a banker. I just need a basic bank account, and it would be nice to have an account with bank cards but I'm not too fussed on that either cuz I'm not moving permanently yet.
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Old May 26th 2010, 3:02 pm
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Default Re: I need a simple, free bank account

Originally Posted by lins and Stef McLachlan
Hi
Without raining on your parade. The banks are able to see your UK credit reports, they don't always bother
I dont know who told you this, but it is completely untrue. Would make things a lot easier if they could, but they cant...
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Old May 26th 2010, 3:06 pm
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Default Re: I need a simple, free bank account

Hi
My friends husband works for RBC as a Mortgage Broker and I asked him if he needed an up to date credit report, as I had given him a copy about 2 years ago. He replied that he could get his own....so NOT completely untrue ....in fact...
So there must be a way.
Stef

Originally Posted by jericho
I dont know who told you this, but it is completely untrue. Would make things a lot easier if they could, but they cant...
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Old May 26th 2010, 3:07 pm
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Default Re: I need a simple, free bank account

Presidents Choice is an online bank and has no branches, so transactions have to be done through an ATM or online. Is not a full service bank. Some credit unions offer free chequeing accounts.

We bank with RBS, pay $30 a month and it covers everything including the Visa cards which would be $170 a year on their own and safety deposit box.
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Old May 26th 2010, 3:13 pm
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Default Re: I need a simple, free bank account

Originally Posted by The Aviator
Presidents Choice is an online bank and has no branches, so transactions have to be done through an ATM or online. Is not a full service bank. Some credit unions offer free chequeing accounts.

We bank with RBS, pay $30 a month and it covers everything including the Visa cards which would be $170 a year on their own and safety deposit box.
Also not entirely true, anything that need human contact, such as picking up a bank draft or foreign currency is taken care of at the CIBC branch of your choosing if you dont want it mailed to you. Its true in that you need to pick up a phone to arrange it, but there is a branch presence of sorts between that and the loblaws kiosks.

Who pays for credit cards anyway? I get premium services (purchase insurance etc) for no fees on both visa and mastercards
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Old May 26th 2010, 3:20 pm
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Default Re: I need a simple, free bank account

Simple, free, and bank. Three words rarely seen together.- In Canada-
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Old May 26th 2010, 3:24 pm
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Default Re: I need a simple, free bank account

Today I enquired regarding doing an account transfer from Nat West to HSBC. They will transfer all my dealings here and then I can create a Canadian account before we come out - probably next 6-8 weeks with HSBC and therefore have 2 accounts - one in each country

I have a contact in TD Trust who is also looking at it, but I am not too sure if I don't have a fixed address what they can do.

At least with HSBC the account is there, maybe credit cards and also somewhere for my pay to go in, and transfer enough funds back home to cover the mortgage until the house is sold.

I pay currently with Nat West (£12) per month and get car breakdown, travel insurance.etc - most UK banks do this now. I am not too sure if any of these benefits occur in Canada for what they charge you.

So I think if you have a HSBC account it would be easier for a little while at least to stay with them and open up an account through them in Canada.

JET
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Old May 26th 2010, 3:29 pm
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Default Re: I need a simple, free bank account

Originally Posted by JET747
So I think if you have a HSBC account it would be easier for a little while at least to stay with them and open up an account through them in Canada.

JET
There are not many HSBC branches in Calgary so, if the OP likes the personal banking that above posters have made reference to, may not be a viable option for the OP. If personal banking is not an issue, I fail to see why anyone wouldn`t opt for PC Financial.
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Old May 26th 2010, 3:30 pm
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Default Re: I need a simple, free bank account

Originally Posted by lins and Stef McLachlan
Hi
The easiest for you is to get another Canada HSBC, unless you don't want to use the same bank for whatever reason.
I'd love to have an account with HSBC Canada if I could. Not sure what their minimum balance requirements are or how much they charge for keeping my money in a basic bank account. I dont mind if they dont pay me an interest (as I dont have heaps of money to leave in Canada anyway) but I will do if they want money from me in fees etc
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