Ontheroadoflife

When i landed, I walked into a bank, got welcomed with open arms, handed a chequing account, safety deposit box, and three months later a small limit CC with minimal fuss, to start building a credit rating.

i recommended that bank to a recently landed person (granted this is years later) and the same bank didn't even want their business so I checked some websites, and it seems a lot of banks since the tightening of Temporary Worker rules, are offering pretty poor pickings, if anything at all. ScotiaBanks Newcomers account seem one of the best..anyone else got any recommendations for the newly landed?

I used the criteria of Chequing account/safety deposit box/credit card or credit facilities

withabix

They are all pretty poor.

My suggestions:

If you want more than a $500 credit card limit, AVOID Scotiabank. That is all they will give you, unless you have a secured card, for which you have to give them the same amount as the credit limit you want, as a surety

A year and a half later and despite churning about $15000 through my credit card, they STILL won't give me a higher limit as I haven't got PR yet...I still won, because I paid them zero interest and they paid me over $200 in cashback...

Sears (Chase Bank) gave me a $7000 limit when I applied 'just for a laugh'...

RBC give decent credit card limits. At least $1000 anyway!

If you've got a UK Amex card, don't cancel it. Contact Amex Canada AFTER you arrive in Canada and have started working and they will give you a shiny Canadian Amex of the same type as the one you had in the UK.

If you want a free bank account, then try Tangerine. You now use Scotiabank's ATMs to get your cash and your Smartphone to photo-deposit cheques. Who needs a bank branch anyway???

If you need an 'instant' Interac card, Scotia give you one on the spot in the branch, so that's one advantage I suppose.

Scotia now have a Visa Debit card (finally)...

Silverdragon102

We tried twice and even after explaining we was new to Canada but had an existing Amex in the UK they refused us saying we didn't earn enough even though we was paid more here than in the UK.

HSBC came through for us

Ontheroadoflife

Indeed, it seems these days banks really don't want the Temporary Worker market (although you would have thought they would view them the same as Students..look after them now and that mortgage/life insurance/savings business is ours when they get PR..same as graduating), sign of the times i suppose, i dare say some got stung when so many low skilled Temporary Workers couldn't re-new permits and went home (and got their ticket on the credit card as well, and maxed out any facilities before leavingl).

not2old

PC bank

http://www.banking.pcfinancial.ca/mk...counts-en.html

http://www.pcfinancial.ca/english/cr...c-credit-cards

http://www.pcfinancial.ca/whyjoin/

scrubbedexpat091

Lot's of people still do.

I use RBC, they are okay, only small issues for the most part that they always fixed eventually, but not debit Visa card you can use offline, they only do a virtual card to be used online only, but a lot of places won't accept it online, Canada Post being one, gets declined most of the time as invalid card.

MillieF

Canada's banks all seem pretty woeful. I am with TD but they are dreadful, they seem to think they are doing us a favour. I am thinking of opening an account with President's Choice, I have heard they are not bad?

BenBuzz

Don't bother with CIBC if you want an unsecured credit card.

I was initially told that I would only have to wait about a year before I had enough of a credit rating. Went into the branch and was told that there is no chance of getting my deposit back until i'm a PR. Fair enough I guess but something to be aware of if you don't have money just sitting around.

Shard

If you have the spare cash it's probably worthwhile making your deposits and using your cards, at least it generates activity, and you're not forgoing much I interest ! Once your rating is established the credit will flow quickly. Don't necessarily believe the retail bank staff they're not all of the same calibre.

scrubbedexpat091

If you have trouble with the main banks for credit cars, try Capital One, Canadian Tire or Wal-Mart all 3 have less restrictive requirements then the big banks.

If your really in a pinch get a job at Wal-Mart for a couple months, they pretty much approve all their employees for the card no credit, bad credit you name it.

Obviously won't get the best rates with those banks, but if your paying the cards off each month, they are a decent way to build credit. Wal-Mart gives pretty good rewards for store purchases as well, we get a pretty good amount each year, good for getting Christmas presents...lol

Juggernaut1064

I have capitol one now and not sure how many on here know but due to being hospitalised i fell behind financially, BE WARNED if you have a credit card with a bank they will take money from your account with no notification, RBC took money meant for my mortgage ! I had to make choices who got paid and who didn't and learned the hard way they can take what they want from your any of your accounts.
I will NEVER have a credit card with my bank ever again.

Bella Cullen

We got an RBC account with a $1000 credit card straight away. We've had no issues with them so far (we've been here 6 months)

bc2015

We went with BMO. Got 6 months free banking and an Intertac card on the spot. They only do secured cards for TFW but the amount that is secured counts towards the amount you need to clear to get free banking, so it kind of works out.

Juggernaut1064

I think all banks do interac on the spot. The tricky bit is the credit card.

caretaker

Sign up with your local Credit Union, comrade, and never look back. The workers own the means of production!