Banks in Canada

[Robins]

Is it a good idea to owe money on your credit cards just to establish a (negative) credit?
Anyway to get back to the OP's question, the top 5 banks are:
- Bank of Nova Scotia
- Bank of Montreal (BMO, pronounced as "bimo" ;D)
- Toronto Dominion Bank (TD)
- Royal Bank of Canada (RBC)
- Commercial & Industrial Bank of Canada (CIBC)
plus other smaller banks

You can find all the names of the banks in this list of CDIC members
http://www.cdic.ca/e/insuredWhere/members.html
"Banks and other financial institutions in Canada can fail. It does not happen often, but it has happened and it could happen again. If your financial institution is a CDIC member and it fails and your savings are eligible for CDIC coverage, you will get up to $100,000 of your savings back. If your savings are NOT covered, you might lose them."

~0~0~0~

"A credit card will help you establish your own credit history and help put you in a good position for the future. In addition, always make sure you pay your bills – on time and in full – as this also affects your credit rating."

 

[canindian]

I have an account with HSBC. It may be difficult for some posters to open a Canadian account in their home country. However, once you got your home country Premier account, you can have free of charges and commission-free global transfering money between old country and Canada. That's one of the good thing about HSBC.

Just a note that you have to qualify for the HSBC Premier service through your loans and deposits unless you have qualified for the service in your home country.

 

[angelbrat]

When I first arrived in Canada, I was a visitor and managed to open a joint account with my Canadian partner at his bank, Bank of Montreal. Fast forward 3 years in Canada, I am now a PR and have worked continually for those 3 years and yet was unable to get any kind of credit card, even WalMart turned me down.

So, I went to BMO direct, told them about my problem. They bought my credit history up on the screen....blank...they then proceeded to apply for a BMO credit card, the adviser assuring me that they would follow the application through. 5 days later I got a call from the bank, CC approved, 10,000 dollar credit line!!!!!!!!!!!!!!!

Talk to your bank direct, tell them your problems, be honest with them. BMO were brilliant, I now have a shiny new CC and can start building up my credit history in Canada.

 

[CharlotteJ]

I got a Scotia Bank account, savings account and a Visa credit card in an hour! Using " StartRight" package.

 

[Suin]

I got a Scotia Bank account, savings account and a Visa credit card in an hour! Using " StartRight" package.

they do advertise this program a lot. but unfortunately it doesn't suit newcomers who do not work yet.

 

[AllisonVSC]

I was able to qualify for an unsecured credit card with RBC even though I'm not working through their new immigrant program. I think you have to apply within 1 year of landing though.

 

[Suin]

I was able to qualify for an unsecured credit card with RBC even though I'm not working through their new immigrant program. I think you have to apply within 1 year of landing though.

can you please give me more info? I tried to contact RBC on this matter, but they say they do not open unsecured credit cards for unemployed newcomers.

 

[AllisonVSC]

I specifically asked when I applied whether it would be secured or unsecured and was told that they used to do only secured cards, but that policy recently changed. Unfortunately, I don't have any more information than that. I applied at an RBC branch in Mississauga, ON so if you are in the neighborhood I'll be glad to give you the address and the bankers name.

 

[steaky]

You can always get a HSBC advance account which comes along with a HSBC credit card if you are a recent newcomer (within 3 years since landing) and have up to 1 year to consolidate a $25,000 balance with HSBC in Canada in order to qualify.

 

[Suin]

I specifically asked when I applied whether it would be secured or unsecured and was told that they used to do only secured cards, but that policy recently changed. Unfortunately, I don't have any more information than that. I applied at an RBC branch in Mississauga, ON so if you are in the neighborhood I'll be glad to give you the address and the bankers name.

thank you for your reply and willing to help. we are close to Oshawa area, that's long way from Mississauga.

can you please give us more info about the conditions they issued unsecured credit card to you?

 

[AllisonVSC]

I'm not sure what you mean, Suin, by conditions. I went to the bank with my partner. He was looking to consolidate his finances by getting a credit card and a line of credit in Ontario (and then close the ones he has in Quebec). She dealt with my request first because she said it was easier. She took my SIN and driver's license info. She entered unemployed for my work info and claimed $200 in monthly expenses (a figure she made up because she had to enter something in the field). That was it. The rate is a staggering ( for me!!) 19.99% with a $1000 limit. She said nearly all credit cards with RBC have that rate; it's not just high for newcomers.

 

[CharlotteJ]

I am currently unemployed too, yet Scotia Bank did provide me with the proper service and opened me both a chequing account and a savings account plus a saftely deposit box and a secured Visa credit card with a max of 1000$ limit against a lower interest rate plus the insurance that is just in case something happens and one can not pay the total due amount and so the VISA can pay off the credit.

They also provided me with a good plan in order to purchase a car and when I 've a job, I 'd be immediately upgraded to a higher level when I can get a mortgage and buy my own condo.

 

[karl]

Suin,
I opened my bank acc couple of days back and this was my exp:

We (me n my wife) went to 'Scotia bank' after learning about the bank's 'StartRight program'. Here is the link:
http://www.scotiabank.com/mcben/cda/content/0,1679,CCDmcben_CID2833_LIDen_SID124_YID29,00.html

All the features offered to fresh immigrants are mentioned in this link. Read everything carefully and you will find that Scotia also offers 'No-fee Moneyback® VISA Card'. This is basically a 'unsecured' credit card. However, there is a small little stipulation that the bank manager told me about. You have to be a 'Skilled immigrant' to be approved for this. Meaning that the bank realizes that Canada has chosen you being a Skilled immigrant and therefore the chances of you finding a job are very much higher than someone who was sponsored by a family.

Me n my wife both are not employed at the moment and its only been 10 days since our landing. Inspite of that, Scotia approved me and wife for $1000 unsecured credit card each. This is in addition to all the other features under their 'StartRight' program. I must say I was a little apprehensive before the bank manager was filling out online application for credit card as he mentioned 'unemployed' under occupation. However, he assured us that the card will be approved and he does this all the time. And yes me n my wife both were approved. Also we did not deposit a huge amt in our bank account. The amount was a modest figure under $2K including me n wife.

I would best recmmend going to Scotia and checking with them. From what the bank manager mentioned as a side note is "We approve everyone for credit and offer a lot of perks so that you will not go to any other bank when you start making money". So I dont think his 'Skilled Immigrant' comment is 100% true as he said they approve everyone for $1000 credit.

Just my exp....

Karl

can you please give me more info? I tried to contact RBC on this matter, but they say they do not open unsecured credit cards for unemployed newcomers.

 

[alice_chained]

Hey guys.

I work for a bank here in Canada.

Easy way to get a credit card is a secured one. Ask your bank whoever your with that you want to apply for a credit card and want to secure it with a lien of CDN 500.

I did it for a few students and new immigrants. It works, yeah you freeze the 500, but you build credit history this way though your secured card. Once you get a jo, and have established a history and are on the credit report. You can cancel your existing card get your money back and apply for whatever credit card you want.

 

[thezieglers]

alice_chained advice is the way to go guys.