Opening a bank account in Canada before landing

[DiNaV]

Hi,

I have been looking for options on how to carry my funds into Canada. Since I dont want to carry all cash, I found other options like travel cards, travellers cheques, etc and one another option I came to know from one thread here - opening a bank account in Canada from outside. The link shared was:-

http://www.rbc.com/newcomers/moving-to-canada-resident.html

I read everything and everything looks appealing and easy and straight forward...but I want to know if this is a good/reliable idea. And if you know someone or heard of anyone going for this option and got it done successfully?

Thanks.

 

[DiNaV]

@21Goose : Please check here...

 

[21Goose]

You don't need to carry all your funds in cash. I took $500CAD in cash, and told the CBSA officer that the remainder (well above the minimum) was in my US bank account. I had bank statements ready, but she didn't ask to see them, she just took my word for it and wrote down the total amount on my entry form.

After entering Canada, I opened accounts with TD Bank and Scotia Bank. All you need is your SIN number, your COPR, Passport, and a Canadian address. You don't need proof of that address, you can give them a friend's address, or alternatively a UPS Address (UPS has a service where they will receive mail for you, and even forward it on anywhere in the world).

I used the ATMs at the banks to withdraw money from my US account. And I also got unsecured credit cards from both banks. Credit cards are very important as they start to build your credit score. I didn't take out all my money - I'm going to be in the US through the end of the year. My TD Bank account allows me to easily move money from my US TD Bank account to my Canadian account.

The RBC link you provided looks good, and you could use that if you like. All of the big Canadian banks have similar programs for new Permanent Residents. You can open it before you move, or open an account after you move and do a wire transfer from your current bank.

Which country are you moving from? Will you be moving all your money at once?

 

[BC4life]

I do agree that you do not need to open an account prior to arrival, as your account won't be activated anyway until you show up in person at the branch in Canada. Once you make it into Canada you can easily open an account directly and transfer your funds from abroad using online banking.

Personally I opened a joint account at BMO with my wife and another account myself at TD Bank. For new comers it is free for one year at BMO and six months at TD. RBC, Scotia and CIBC have similar packages for newcomers.

I got an unsecured credit card from TD ($1,000 limit) and a secured one from BMO (also $1,000, against a hold of $1,000 on my chequing account). My understanding is that the hold would be removed after 6 months or so or after I have updated my employment details in Canada.

To discuss further issues about banking and credit cards in Canada please join our whatsapp group for Canada Banking and Finance for newcomers through the link https://chat.whatsapp.com/invite/BXHDBfUwoNk0gyDG6o0sqw

 

[Lift48]

I do agree that you do not need to open an account prior to arrival, as your account won't be activated anyway until you show up in person at the branch in Canada. Once you make it into Canada you can easily open an account directly and transfer your funds from abroad using online banking.

Personally I opened a joint account at BMO with my wife and another account myself at TD Bank. For new comers it is free for one year at BMO and six months at TD. RBC, Scotia and CIBC have similar packages for newcomers.

I got an unsecured credit card from TD ($1,000 limit) and a secured one from BMO (also $1,000, against a hold of $1,000 on my chequing account). My understanding is that the hold would be removed after 6 months or so or after I have updated my employment details in Canada.

To discuss further issues about banking and credit cards in Canada please join our whatsapp group for Canada Banking and Finance for newcomers through the link https://chat.whatsapp.com/invite/BXHDBfUwoNk0gyDG6o0sqw

Hi @BC4life do you still have that group? Could you please share the link to it, because previous one is expired?

 

[BC4life]

Hi @BC4life do you still have that group? Could you please share the link to it, because previous one is expired?

Yes I had to disable it as at some point some spammers found it and signed up to post their ads. You can PM me your number and I will send you the new sign up link from my phone.

 

[aleersurahio]

You don't need to carry all your funds in cash. I took $500CAD in cash, and told the CBSA officer that the remainder (well above the minimum) was in my US bank account. I had bank statements ready, but she didn't ask to see them, she just took my word for it and wrote down the total amount on my entry form.

After entering Canada, I opened accounts with TD Bank and Scotia Bank. All you need is your SIN number, your COPR, Passport, and a Canadian address. You don't need proof of that address, you can give them a friend's address, or alternatively a UPS Address (UPS has a service where they will receive mail for you, and even forward it on anywhere in the world).

I used the ATMs at the banks to withdraw money from my US account. And I also got unsecured credit cards from both banks. Credit cards are very important as they start to build your credit score. I didn't take out all my money - I'm going to be in the US through the end of the year. My TD Bank account allows me to easily move money from my US TD Bank account to my Canadian account.

The RBC link you provided looks good, and you could use that if you like. All of the big Canadian banks have similar programs for new Permanent Residents. You can open it before you move, or open an account after you move and do a wire transfer from your current bank.

Which country are you moving from? Will you be moving all your money at once?

Hi, in my case, my bank does not allow International online transfer. I was thinking about opening an Int. account with Scotia bank prior to landing in Canada and move some funds to that account, and bring some cash along. Do you or anyone has an experience in this regard?