Canada Banking

[browntrout]

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.

keep hearing this, i will soon land and visit TD, and i suggest you also visit them.

 

[frotenacs]

If you go down one time below $2500 or whatever the minimum is you will get charged the monthly fee.

If you go under the minimum balance once, just once and go back above the balance after a few days, will you be charged for the monthly fee for that month only?

 

[Dejaavu]

Yes for that month only.

 

[BigBri]

I always liked TD. A friend uses HSBC and complains that it has too few branches so getting some cash is a hassle.

 

[browntrout]

Just landed, and visited TD as one of the first things i did.

I deposited $5000 and got one of their premium accounts (keep $5000 in there no charge) and a Credit Card, with the limit of my deposit ($5000) also included a safety box, very happy about TD and can recommend it.

 

[mrbeachman]

Just landed, and visited TD as one of the first things i did.

I deposited $5000 and got one of their premium accounts (keep $5000 in there no charge) and a Credit Card, with the limit of my deposit ($5000) also included a safety box, very happy about TD and can recommend it.

It is one of the best accounts, but be careful not to fall 1 cent below $5000 even for a minute or you will get charged monthly fees.

The best thing about this account is free US borderless account with a premium exchange rate and free US Dollar credit card.

 

[clubcanada]

There's almost no difference between the big 5 banks unless you have very specific needs. I went for Scotiabank's Newcomer Program for landed immigrants as they have a cooperation with my European bank which allows me to withdraw money for free. However, in terms of standard banking and newcomers to Canada, I guess they all have some sort of program. Again, no big difference...

 

[NetMecca]

There's almost no difference between the big 5 banks unless you have very specific needs. I went for Scotiabank's Newcomer Program for landed immigrants as they have a cooperation with my European bank which allows me to withdraw money for free. However, in terms of standard banking and newcomers to Canada, I guess they all have some sort of program. Again, no big difference...

Things must have changed a bit in the last couple of years then, as when I arrived in 2009 the options were clearly not as many. I also bank with TD, have been happy

Cheers

 

[Dejaavu]

Amazon.ca chase visa is the best visa in terms of no foreign transaction fees. Most banks in Canada charge 2.5% on foreign currency transaction. For example, if you use your Canadian credit card in US you will be charged 2.5% of the transaction amount.

Amazon.ca visa doesn't have that and it has no annual fee.

It is good to have a USD account in a Canadian bank however, banks do not always give good exchange rate. I have worked at a big five bank in Canada so I know from experience. Best is to use a credit card such as amazon visa and Visa has one of the most competitive exchange rates. Better than Canadian banks for sure!

Also, USD and other non CAD funds are no CDIC insured. (Canada Deposit Insurance Corporation guarantees up to 100 k in CAD funds in checking, savings accounts)

 

[Dejaavu]

https://www.chase.com/online/canada/amazon-ca-home.htm

Here is the card details.

I have used the card internationally and I have been happy with it. It charges in CAD but no foreign transaction fee and the rate is pretty good much better than Canadian bank rates.