Opening a bank account from the UK
May 23rd 2007, 10:39 pm
#1
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Opening a bank account from the UK
Which Canadian banks allow people to open accounts from the UK, before landing? I will be in BC.
May 23rd 2007, 11:53 pm
#3
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May 24th 2007, 12:15 am
#4
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Re: Opening a bank account from the UK
Any recommendations? Bearing in mind it only has to be in the short term - I can change banks after I land.
May 24th 2007, 12:29 am
#5
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Re: Opening a bank account from the UK
There's not really a lot to be gained from opening an account before you land - just hang on and do it as soon as you get here. It's actually pretty easy to do.
May 24th 2007, 12:58 am
#6
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Re: Opening a bank account from the UK
You will find that most banks will allow you to open an account online, however, you will find that most will only let you open a deposit account as you need to go in person to the a branch to verify identity and provide canadian address before cheque accounts can be opened. Also chequeing accounts have a monthly fee which you obviously don't want to be paying if you open an account a few months before you actually arrive.
May 24th 2007, 7:44 am
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Re: Opening a bank account from the UK
Can I ask how much does it cost to transfer money from my Uk bank to My canada bank once I am out there and open it.
I plan to just phone my uk local barclays branch and get them to transfer it over.
I have heard about HiFx but dont know much about it and the easy way is direct bank to bank. I guess must be quicker as well as I will need to do the tranfer soon as I open my bank account out there
I plan to just phone my uk local barclays branch and get them to transfer it over.
I have heard about HiFx but dont know much about it and the easy way is direct bank to bank. I guess must be quicker as well as I will need to do the tranfer soon as I open my bank account out there
May 24th 2007, 9:32 am
#8
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Re: Opening a bank account from the UK
Fees for transferring your money will vary depending upon who your UK Bank is, who the Canadian Bank is and whether you transfer Bank to Bank or via a currency broker.
RBC charge $15.00 for processing incoming electronic transfers.
Most currency brokers do not charge for transactions over £5000.
I wouldn't bother asking Barclays to do the transfer, if you have access to internet banking with them you could do the tranfer yourself for free.
Remeber that if you just transfer from bank to bank then the exchange rate will be far less than if you use a currency broker which could mean a difference of several thousands of dollars depending upon how much you are transferring.
RBC charge $15.00 for processing incoming electronic transfers.
Most currency brokers do not charge for transactions over £5000.
I wouldn't bother asking Barclays to do the transfer, if you have access to internet banking with them you could do the tranfer yourself for free.
Remeber that if you just transfer from bank to bank then the exchange rate will be far less than if you use a currency broker which could mean a difference of several thousands of dollars depending upon how much you are transferring.
Last edited by RodseyUK; May 24th 2007 at 9:35 am.
May 24th 2007, 10:23 am
#9
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Re: Opening a bank account from the UK
Please explain how. I bank with Barclays and Scotiabank. I was not aware that I could make transfers by myself.
Last edited by Souvenir; May 24th 2007 at 10:44 am. Reason: Makes more sense with the word "not" in it.
May 24th 2007, 10:42 am
#10
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Re: Opening a bank account from the UK
Yes please explain how I can do it myself. I have barclays bank account and have online account. I am planning to open a Royal Bank Canada account when out there.
May 24th 2007, 10:45 am
#11
Joined: Apr 2005
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Re: Opening a bank account from the UK
If you're with Barclays, Scotiabank might be a better choice for you. They are part of a global alliance.
May 24th 2007, 1:14 pm
#12
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Re: Opening a bank account from the UK
Ok lets say I go for Scotiabank then. How will this be better then RBC in terms of transfering my money from Barclays to Bank over there. How do I do this online like you mentioned?
May 24th 2007, 1:23 pm
#13
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Re: Opening a bank account from the UK
Dear VerticalHound,
We've been with TD Canada Trust since Aug '05 and every time we've needed help they've been very good.
We have a "Companion" savings account and a Guaranteed Interest Accout with them.
Simon
We've been with TD Canada Trust since Aug '05 and every time we've needed help they've been very good.
We have a "Companion" savings account and a Guaranteed Interest Accout with them.
Simon
May 24th 2007, 1:28 pm
#14
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Re: Opening a bank account from the UK
So far, transferring money hasn't cost us a bean.
Simon
May 24th 2007, 1:38 pm
#15
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Re: Opening a bank account from the UK
I'm not sure how to do it online; that's why I asked the question. The Scotia-Barclays link means that I can use both sets of ATMs without paying a fee. Not all Canadian ATMs will accept my Barclays Connect card.