Rainmaker

Hi All,

RBC are offering an account aimed at those relocating to Canada - compared to others and from your experiences, what are your thoughts on it?

Moving to Canada - Open a Bank Account - RBC

Thank you as always.

glendem4

RBC allow you to open an account from abroad BEFORE you arrive in Canada. Very useful if you want to start transferring money BEFORE arriving, but you still need to make strip to the bank to sign documentation when you "land". I opened a TD account on the day I arrived. It was very straight forward, especially now that you get you social security number issued at the airport when you officially "land".

Rainmaker

Thanks Glendem4 - what made you choose TD Bank over the other big names?

Vulcanoid

Note that only people arriving at Toronto Pearson airport have this option, as no other Port of Entry has a Service Canada office attached - everyone else has to (and Toronto arrivals can) find a SC office sometime after they arrive

scilly

We have never banked with RBC but I will say that I have had dealings with them such as transferring money to someone else's account, and have not been happy with them ................

in one instance, the teller and her supervisor had no idea that a bank draft (even on an account in another bank) counted as actual cash ........ they thought it was another form of cheque

glendem4

TD Bank are on every corner in Toronto and London Ontario and my wife worked at TD Bank and has an account with them

Engineer_abroad

I used this account when I first arrived and have since had it upgraded (transition from TFW-PR). Process has been very easy and I have had no issues with them.

Was given a credit card on arrival in Canada and have since opened RRSP and a credit line with them, despite minimal credit history.

Always found my branch to very good and have received good service.

AshMyl

We opened an RBC account 3yrs ago on holiday and it has served us fine for what we have done... just don't expect the banking system in Canada to give you something for nothing. Savings, you get 1 free transaction per month, after that it is chargable, unless you are on a 'plan' When family moved at the end of August we got sorted and got a Chequing account sorted AND a 'monthly plan' on it too. The UK has us spoiled for 'free' banking, but like the rep in our bank said when we were in... look at the financial state of European banks.... To date we haven't had any issues or problems with them, but again, wire transfers or payments to other banks involve charges. I suppose the other point is that we are a small branch in a small village.

Aviator

We have banked with RBC for 25 years or so and it has been fine. It's a bank, they are out to make money. Pretty much all the same, for each person who has a bad experience, there is one who is quite happy.
We do most of our banking with a credit union now, Supports the local community and the deposit insurance is way better. CDIC for banks is up to $100k, credit unions are guaranteed by the province, up to the value of your account.

Ingeb

Hi I have just opened RBC bank newcomer account before we are moving and find it easy to transfer funds into it before we move. I am using TransferWise for this. The account was a bit of a pain to open, having to see a solicitor here in UK to verify a copy of my passport, COPR etc. You cannot access any of the funds untill you land and go and visit RBC branch in Canada, when it gets changed into an active account. Also you cannot access the account online untill then, so if you want to know monies have arrived in the account you have to email them, which they do reply to quickly. I think it is worth it if you want to move money before your arrival but if not might as well open one after you arrive

glendem4

Having to get a copy of your passport witnessed in the UK and not been able to view deposits online was more hassle than I wanted. That's why I waited to open an account when I arrived in Canada and the process was so quick. Took 20 minutes in branch at TD Bank. I have a 6 month FREE checking account with online access. I use Transferwise to send money from the UK and I can verify online the funds are there within 24 hours. I will need to deposit $5,000 within the next 6 months to keep the FREE Checking account, otherwise they will charge $29 per month

suzeandmatt

My husband and I set up a bank account in the UK last December before we left. We did it with Scotiabank. We’re on TWP’s.
Filled in the info online (no verifying of anything) it was super easy and all free. Transferred money to it.
Called 2 days before we flew to make an appointment at our local branch.
Arrived in Canada, went to the bank the next day. Signed the contract- our bank account was open and we were given debit cards for full access straight away.
My husband showed a letter from his new employer stating his salary & they issued us a credit card. We went for one with decent cashback.
Our bank acc is free, can use it as much as we like, transfer as much $ as we like backwards & forwards for free.
Our credit card is $49 a year. (Cashback has far exceeded that though).
This was all sorted before we had a SIN etc.

We can’t complain- we use everything online. I’m not a “going into the branch” kind of person- and we haven’t been back since we set it up. Haha

We picked Scotiabank because we wanted the convenience of a highstreet bank in case we needed to go in for whatever & it looked easy to set up- and was. We did compare to a few other banks.

benbb

This page says: "No annual fee on select RBC Royal Bank credit cards - with no credit history required"

Is this true - has anyone got this? I was under the impression it was nigh impossible to get credit after arriving in Canada. They say similar things about mortages and car loans. Do they just screw you with the interest rate?

FromUKtoBC

i have just come back from my Recce in Canada

I waited until i got there to open a TD bank chequeing account and was a temporary one whilst i was there and was closed. I was charged interest whilst acc was opened

Closed chequing account on leaving Canada to return to UK but transferred balance to savings account to avoid charges with bank's advice. Can open new chequing acc when return (if i choose)
This was in Port Moody/Coquitlam

Just before i left Canada, opened RBC acc also as was keen to get access to their 'newcomers' deal. This was in Penticton

RBC has put my 'newcomers' benefits on hold until i return, though i understand it will include discussiing waiver of charges in initial months. Acc is functional however and i have transferred money to it from UK using Transferwise

Have been happy with both banks so far. Service was good
Have online access also whilst i am in the Uk

Charges are not brilliant!!

ShirleyEB

We arrived in C
anada November 2016, and opened the newcomers account with RBC (fee free banking for 6 months). We also got credit cards. We've had no problems & in fact the manager did something so our free banking was extended by a further 4 months- so first 10 months free banking!