neilo71

Hey there folks, wanted to know if anyone know off a banks that are good to new immigrants...I just landed as a new PR on the 3rd december 2010..
Wanted to know if anyone knew off any banks that would give you a bank account and credit card

JamesM

I got an account with Scotiabank and $1000 unsecured credit card when I landed. No real issues.

I think going by previous threads other banks are similar. You get charged in Canada when you draw money at atm's that aren't your own bank so might be worth picking one near where you live.

It took 9 months before a credit rating/history kicked in the bank extended my credit after consistently paying of my credit card each month.

4d32ftw

we have had a great experience with scotiabank since we arrived.

they have a welcome to canada program thats aimed to help new arrivals. (even though most didnt apply to us as we had WP)

i've also dealt with TD regarding our mortgage..... lets just say I now have a complaint thats gone as far as the ombudsman

neilo71

Nice thanks people i have heard that scotiabank where good to newcomers

i have had a bank account with RBC but there not very good to newcomers.

Did either off you have a job at the time you got your account/s

northerndave

What about TD? I had good service with them to open a deposit account, but havn`t gone any further with them.

Pretty Flowers

When I came to Canada, I just had my mortgage with TD. My chequing account and savings were with HSBC, who were, well crap.

I moved all of my banking to TD, and the only complaint I have is that my account manager is pretty clueless when I make requests that are more complex than mortgages or basic banking issues.

Having said that, this time last year, when we were monumentally broke and six weeks away from defaulting on our mortgage payments - I couldn't get a job and my freelance work had dried up - TD were absolutely awesome and bent over backwards to help. While we're now paying back an eye wateringly large amount of debt, I couldn't thank them enough for helping us out when we were in very serious financial circumstances.

Probably like everything, TD quality depends on the branch that you interact with. I've never had a problem, they often advise me on ways to save money and I generally have no complaints. Suspect that this doesn't help the OP much tho.

JonboyE

Bank managers often have authority to go beyond the standard offerings of a bank. Go and talk to two or three ones that have convenient ATMs. Don't forget credit unions. As in many aspects of Canadian life, relationships count.

iaink

Most of the big banks will cut you a deal at first, provide a secured credit card (backed by funds left in a GIC or similar fund)

Eventually as you get established the fees and restriction start to wear on you, so dont forget to switch to a free bank account at least for day to day transactions and bankings at an early opportunity, even is the credit has to come from elsewhere at first.

JamesM

No I didn't have a job.

Edo

President's Choice bank - really good for newcomers. I popped into one of their branches where a staff member opened a new account for me within minutes without a problem. This was when I landed back in June 2010. They offer totally free banking (as you might know its not a norm in Canada) and have branches in the supermarkets so thats an extra convenience. Oh and they use the ATM network of some major bank (cant remember its name off the top of my head) so no issues with (free) cash withdrawls if you use their ATMs.

Simon Legree

President's Choice bank is actually CIBC.

neilo71

Now with these bank accounts & credit cards people are getting are they secured or unsecured credit cards...
So far it looks like scotia bank and bank of montreal could be the best for newcomers, they seem to offer the most for newcomers.

it's difficult cause myself & my wife are in a really small town in ontario..

iaink

For a secured credit card to get your canadian credit rating going, or negotiating a preferred mortgage rate etc PC may not be the best bet. Sometimes having a branch manager to talk to or blackmail with threats of taking your money elsewhere is handy. For day to day banking PC is hard to beat (Im a long time user), but it may not fill all the needs of a new PR.

mattieuk

I went straight to TD, and got an unsecured Credit Card and Chequing account. Their service was ok, but I'm now with Greater Vancouver Community Credit Union - who gave me $100 Safeway gift card for signing up, and gives me a free chequing account, so it works out better for me, and I can use any credit union ATM free of charge (although I'm more of an Interac person anyway).

minimeeze

We went to Scotiabank. I was employed (although self employed with no proof of income) and my OH was unemployed. We got bank accounts, credit cards (unsecured) and a mortgage within weeks of being here.

As others have said, most banks seem to offer something to new immigrants. Scotiabank do a 'Welcome to Canada' package... look for it on their website. Make sure you bank with a bank that you can easily access othwerwise it can be a major PITA!