Canada Banking

[Dejaavu]

Hi All,

I wanted to ask experience of banking of newcomers. What are the cheapest banking options?
Is it ING and President's choice?

 

[Dejaavu]

Big five banks are quite expensive when it comes to service charges, but they offer convenience of a branch and ATM network.

 

[Dejaavu]

Has anyone had experience with President's choice or ING banking?

 

[Msafiri]

PC piggy backs off CIBC so you can use their ATMs for withdrawing cash at no charge...you get points too when shopping at Superstore so the better option IMHO since there are many of the chain and you can make deposits far easier.

 

[browntrout]

Hi All,

I wanted to ask experience of banking of newcomers. What are the cheapest banking options?
Is it ING and President's choice?

Did a bit of research myself a few days ago, and narrowed it down to RBC and TD bank, see my thread below

http://www.canadavisa.com/canada-immigration-discussion-board/credit-cards-building-credit-as-a-newcoming-pr-in-canada-quickly-t174697.0.html

However, TD bank seemed to get the best reviews of people, both from my friends in Canada, and others on this forum. TD offer free banking, if you keep a min balance into your account, think starting at $1000 CAD for the basic account, and apparently they will also offer you a secured credit card if you choose to (against a secured savings) which will let you build credit in Canada.

 

[sharat_joshi77]

Did a bit of research myself a few days ago, and narrowed it down to RBC and TD bank, see my thread below

http://www.canadavisa.com/canada-immigration-discussion-board/credit-cards-building-credit-as-a-newcoming-pr-in-canada-quickly-t174697.0.html

However, TD bank seemed to get the best reviews of people, both from my friends in Canada, and others on this forum. TD offer free banking, if you keep a min balance into your account, think starting at $1000 CAD for the basic account, and apparently they will also offer you a secured credit card if you choose to (against a secured savings) which will let you build credit in Canada.

Yes. You got the right reviews. I got my account opened with TD and am happy with them.
Got a secured card as well from them. They also have a all inclusive account where in if you maintain $5K balance in your account, ou get lots of facilities. One of which is free locker (small) which is worth $60 per year. If you choose to go for bigger locker, you just pay the difference...

 

[NetMecca]

Avoid RBC as a newcomer. I opened an account with them and closed it within a week. They are not a particularly foreigner friendly bank, and their available services reflect that.

I also bank with TD (which is where I landed after RBC) Banking with them for 4 years now. Found them to have foreigner friendly products and services. Including some cost free accounts with the right deposit amounts. So if you are getting a guaranteed credit card, see if you can set it up so that sits as a deposit (locked) to save you on some fees. Bet TD would consider helping you with that. The bank interests are unfortunately dismall, no matter where you bank, so chances are interest earned will be less than bank costs saved.

Good luck

 

[canuck_in_uk]

Have a look at credit unions as well. The fees are quite low; most have basic accounts for free. Also, you can use any other credit union or HSBC ATM anywhere in Canada without being charged.

They have good options for new residents, including credit cards. My partner was able to get an unsecured credit card though our credit union with only his first wage slip.

 

[keesio]

My first bank was RBC when I came to Canada. I picked them because it looked like they had the most branches and ATMs downtown. They are still my main bank so I have been overall pleased with them. I sponsored my wife and she landed 2 months ago. She opened up her own account with RBC under the "Newcomers to Canada" plan.

I also have an ING Direct account since they had the best interest rates. No issues with them either. But they are inconvenient to have as your main bank.

 

[frotenacs]

My first bank was RBC when I came to Canada. I picked them because it looked like they had the most branches and ATMs downtown. They are still my main bank so I have been overall pleased with them. I sponsored my wife and she landed 2 months ago. She opened up her own account with RBC under the "Newcomers to Canada" plan.

I also have an ING Direct account since they had the best interest rates. No issues with them either. But they are inconvenient to have as your main bank.

I opened an account with RBC about two months ago. The service fee is $14.95/month, not happy with that. Now I want to open an account for my wife. We became PR today. I am considering taking my wife to RBC and opening under "Newcomers to Canada" plan. Is this plan with zero service fee?

 

[Dejaavu]

Unfortunately you can't avoid service charges in big five banks sooner or later (no matter what type of promotions they have, they are always temporary) unless you have a large balance that you have to maintain at least $2500 in TD for an account that allows 25 transactions. If you go down one time below $2500 or whatever the minimum is you will get charged the monthly fee.

Some branches may waive your fees for say three months or maybe six months if they are generous, but branches will be absorbing those fees and they will not be able to do that for a long time.

If you want to avoid paying banking service charges, I would recommend opening an account either at a credit union although you will be limited to only one or two ATMs or ING/PC Financial banking. The latter do not have physical branches.

Banking in Canada is expensive if you do not know the nuts and bolts.

 

[frotenacs]

Banking in Canada is expensive if you do not know the nuts and bolts.

Can't agree more! I heard if you cater to more than one product at RBC (e.g. Chequing & Credit card) they are going to waive the monthly service fee. I applied for an RBC visa credit card, but got declined. I must build some credit here.. I am thinking of getting a secured credit card, by putting some money as security deposit.
I like President's Choice financial, they do not have monthly service fee. Also, their interest rate on a savings account is higher compared to other banks. I am thinking of opening an account with PC for my wife.

 

[Dejaavu]

I would check with TD. They have a bell program for newcomers who are pr and have no credit history. They should be able to give you 1000$ credit card unsecured. At least that was the case as of early 2013 when I worked at TD last.

 

[mrbeachman]

As a new immigrant I would go to a real bank where you can get customer service in case you make a mistake or something (very likely). I get everything free for maintaining a 5,000 balance in my account with TD, but like someone else has said, you there are accounts for newcomers too that are almost free.

 

[NetMecca]

As a new immigrant I would go to a real bank where you can get customer service in case you make a mistake or something (very likely). I get everything free for maintaining a 5,000 balance in my account with TD, but like someone else has said, you there are accounts for newcomers too that are almost free.

I agree with this comment, and make use of the same service offer, with TD. I would be very hard pushed to consider changing, simply because they were quick to offer me a morrgage, credit card, and several other services that I needed, and wanted, despite a short credit history in Canada.

Whichever bank you go to though I agree, real people, real service and access to someone that could help you when you are in need, is most useful.

Cheers