Best banking option for new immigrants

[troyporter]

Hey can anyone (in their opinion or experience) shed some light on which bank has the better immigrant package: Scotiabank or RBC?

 

[boltz]

Hey can anyone (in their opinion or experience) shed some light on which bank has the better immigrant package: Scotiabank or RBC?

Both are good. Select the one that provides you with a non-secure credit card. Or the one that rules out the need for maintaining min balance. With RBC, you can get the min balance as well as the monthly charge waiver for upto 1 year.

If you have to go with secure credit card, then with security amount, credit card together, you can get a waiver on monthly checking account charges with RBC. I am not sure about scotiabank.

Also, scotia bank gives only VISA cards (I suppose) - while RBC has selection of visa & master credit cards. B/w Scotia & RBC, I guess RBC is a wider network.

I however suggest NOT to go with TD - they just FLEECE customers; and do nothing more...

I was once told by TD official - "I am not charging you for the request letter that certifies that I possess an account with them". She was taking pride in saying that they have provided customer service. I felt that they would have otherwise charged for such a basic request too? Well, yeah, I said to myself - "Welcome to Canada!" Every thing here is paid service. However, with TD, they have potential to ask you to pay fees to enter the branch; and then say that we have waived it for you! wah! thats great service...

 

[troyporter]

Thanks for the insight. Appreciate it!

 

[low]

Hi...just to share my experience when dealing with HSBC vs Scotiabank.

My family and I maintained active and good credit standing with HSBC in our home country for almost 20 years. Once in Canada, they were our obvious 1st choice. We r now back into Canada for good and given our existing banking relationship both abroad and in Canada, we thought that it should not be difficult to get an unsecured credit card of $1000. Not a lot but something to start up with in order to build our credit here. To our amazement, we were told that our application was rejected...5 business days after an application was submitted. I even proposed to place some funds under lien in return for the credit card but was informed that hsbc do not engage in such credit arrangement.

My friend immediately introduced me to Scotiabank and I was informed about their StartRight program which pre approves unsecured credit cards of up to $1000 for newcomers among other host of banking products. On the spot, I was given a few temporary cheques and an ABM card. All these without a single cent being deposited as my funds were all n hsbc.

I have since terminated my banking relationship with hsbc and switched to Scotiabank cos it was there when I most needed them. They made it convenient for newcomers like me to have immediate access to banking so that we can get on with other more important stuffs such as getting kids registered at school etc etc.

 

[troyporter]

Thanks for sharing man! That helps!

 

[Chudhary]

Great Info

 

[regnard]

Hey can anyone (in their opinion or experience) shed some light on which bank has the better immigrant package: Scotiabank or RBC?

We used RBC's program for newly-landed immigrants. The rates are at par with other banks but customer service has been great.

 

[troyporter]

Thanks! I will def be checking out both in detail.

 

[IrfanP]

I recently landed in Canada and have opened account with CIBC. They are offering one-year service free cheque-in account, unsecured credit card with limit of C$ 500 and small deposit box with first year free waiver. CIBC's service & network is also good.

 

[troyporter]

Sounds good...I didnt even consider CIBC.

 

[Keithcjk]

I don't have a HSBC bank account in my hometown.
I use another bank which Canada does not have.
So,what do I do in order to bring cash over?
Get a demand draft and then choose a bank to bank it in or use telegraphic transfer?

 

[vancouver_guy]

You may also want to consider Credit Unions. They offer comparable banking services typically at more competetive rates (especially if one is looking at basics such as bank accounts, credit cards etc).

 

[steaky]

I don't have a HSBC bank account in my hometown.
I use another bank which Canada does not have.
So,what do I do in order to bring cash over?
Get a demand draft and then choose a bank to bank it in or use telegraphic transfer?

I thought Singapore is your hometown? HSBC has lots of branches there.

 

[Keithcjk]

steaky

yes, we do have HSBCs in singapore. However I do not have acct with them.
to open an HSBC canadian account in singapore, they will charge me $300
I can open an account when i am in vancouver and avoid the $300
But instead of opening a HSBC account in singapore, can I actually do funds transfer from my local bank account in singapore (vancouver does not have this bank) to the HSBC bank account in vancouver thru internet banking?
I heard that HSBC is not that good and scotia bank is good
so what i am also considering is to bring the money over using dd and then deposit the money into a scotia bank
your advice pls.

 

[steaky]

Sure, it is not necessary to open a Canadian HSBC account in Singapore. If you are bringing CAD10,000 or more over using dd, be sure to declare it to the Canadian border Services Officer when you arrive in the airport.