chiefmissile

Hi,

Been looking at all the different bank accounts here in Canada, but all seem to charge incoming fund transaction fees?

I have been looking at Scotia bank, they do charge for incoming transaction fees, but they also give 1% cash back on all account debit's, which might cancel out incoming transaction fees from my UK bank.

Has anyone got any top tips on the best account for newcomers?

Thanks in advance

Andrew

Almost Canadian

International funds or transactions between banks in Canada?

I have clients email me funds from all over the place all the time via email Interac. In fact, I received one from someone in Nfld this morning.

I have never been charged to receive any of them. I believe the sender is charged $1.50 each time.

chiefmissile

All the Canadian banks I have spoken to, say they will charge $15 to receive an international transfer from my UK bank/foreign exchange company even though this transaction will be incoming in CAD $.

Regards

Andrew

Almost Canadian

OK

I have not been able to find a way around this. I avoid making small transfers.

Dashie

I wonder if using a broker would help?We've never been charged fees, but the last one was a couple of years ago, so that might have changed by now.

chiefmissile

A broker would be no use, its the Canadian bank that is charging a fee for any incoming transaction from outside Canada, regardless if its from a foreign exchange company or a UK bank. I think the Scotia bank is the way ahead, the cash back on the debits from the account will wipe out any transaction fees.

Thanks

Andrew

CanadaJimmy

Yeah even when I was with Coast Capital Savings (credit union) they used TD as a middle-man for international transfers and I got dinged $17 or something like that.

If you use an international foreign exchange company like Canadian Forex, you will avoid the fees. It's a bit of a hassle setting up the account (they require you to send in photocopies of ID), but it's worth it for the money saved.

chanceUK

the international transfer fees dont usually appear on the statement. it comes off the total that is transferred. TD Canada Trust charges fees on incoming transfers from the UK and said there is no way around it

Simon Legree

The only incoming payments that are not charged that I know of are UK State Pension payments. They are apparently processed as payroll and not subject to charges !

Aviator

Never paid any with the RBC VIP account (had this since I arrived in Canada). You can also deposit a UK cheque directly into your CDN account. On smaller amounts (>$5000) this is what we do. The VIP account gives a better FX and with a little negotiation it is very close to our FX broker for small amounts.

Kaye5

My experience... on "ordinary accounts"

Transferring via UK money exchange people - £0 charge over £5k. If you do a lot of transactions they will probably waive the fee for under that too (but might not be worth for small transfers because.....)

Transfer IN charge from Canadian banks - RBS $10 or $15 (can't remember which ). President's Choice $25 - think this is because it passes through several banks, PC being the direct banking arm of CIBC (RBC [clearing bank]-CIBC-PC).

Yes, you can deposit Sterling cheque in Scotia Bank (or any other I presume) with no problem. Whether it works out better to do that or to take the better rate with the FX people and pay the charge - I wouldn't know.

I've got used to paying charges.... It shouldn't be more than $25 with any bank - I have been told.

Scotia Bank should give you free banking with the newcomer Scotia One account for a year. I think RBC do something similar for 6 months. After the year is up you can look at other providers who will do free banking. PC do free banking but as far as I know, you can only use the machines to deposit/withdraw. There will be others who do free banking - haven't got to a year yet so haven't really looked at it very much.

Phone Phixer

When I first arrived here I used HiFX to transfer money. They used the wire transfer system and I got hit with a $19 fee by TD Canada Trust for each transfer.
I now use Canadian forex who use the BACS system and TD does'nt charge at all to receive these transfers.

Dont know if its the same for all banks, not to charge for use of the BACS system.

Souvy

I had a discussion about this with my banking officer at Scotia just yesterday. I recently made two transfers (by telephone) from Barclays to my Scotia account. I'd instructed Barclays to pay all the charges at their end. I still got stung for two $15 charges at this end. According to the banker, all Canadian banks do this.

Curiously, I get paid by electronic transfer from the UK. Scotia never charges me for that. My employer instructs Barclays to pay all the charges at their end. Whether Scotia is simply not imposing a charge or the charge is being picked up by my employer, I do not know.

jimmydean

Same here.... find this account very good... I just pay a UK cheque into the RBC cheque account....... and we seem to get the same rate at FX Brokers and because the bank is now confident with us the cheque clears the same day into our account with no holding delay.

Simon Legree

Maybe it's because it's processed as "Payroll", just like UK state pension payments.