CIBC bankg - is it good?

[actonis]

Dear forum member,

I will come to canada soon so I am looking online to see the offers of different banks.

I am particular interested in CIBC bank because they have corresponding bank in my country and I plan to send wire money once in a month.
I know that I can make wire transfers from any bank, but I believe that CIBS will be cheaper (it has direct corresponding bank to home) and the money will arrive sooner.

I want to hear your opinion and experiences with this bank?

I was looking through their web site and found this two types of accounts that might suit me, but I have some questions and I will be delighted if anyone can be of assistance in clarification:

This is the cheapest one and if I have 1000 min in the bank I don't pay anything, but I am limited to 10 transaction monthly.
My question is what clarifies as transaction?
If I play at Walmart with debit card from this account does they count it as transaction or they count only withdraws from ABM and branch?
Does I get debit card that I can use for paying in shops with this account?
https://www.cibc.com/ca/chequing-savings/everyday-acct.html?int_id=ASTool_ECA_007_D_E

Or I can use this account with unlimited transactions but I need to pay 14$ monthly
https://www.cibc.com/ca/chequing-savings/unlimited-acct.html?int_id=IntBANKACCOUNTS-UCA-E

Last question about e-banking.
https://www.cibc.com/ca/how-to-bank/online-banking/send-receive-emts.html
The price is 1.5$ for INTERAC e-Transfer, is this paying like when you go to amazon.com and pay with your visa, or this is transfer of money to someone else bank account.

 

[browntrout]

My wife, and some of her family members use CIBC, just because they used it wehn they first arrived in Canada, got contacts and good deals. For new accounts, most people would say TD & RBC are the very best, with TD getting significantly more good feedback.

My own findings using internet and looking at all, including CIBC, were do go with TD bank. What did you research show?

 

[actonis]

to be honest I have done some great research.
When I start reading about banks I got good impression about President Choose as a good bank for new immigrants.
I looked at CIBS mainly because as I stated in my previous post, I will need to send some money (around 500 CAD) in Europe every month.
I know that when sending money it is always cheaper and faster if you send it to a corresponding bank.
CIBS has my bank back home as a corresponding bank.
I can also used Bank of Montreal, but I haven't checked their offer yet.

I am not sure what would be the difference in the fee for wire transfer if I use CIBS and some other bank, I can't find online price-list.

One option for me is to used PC, RBC or TD for everyday use, and to open account in CIBS just to sent money home (if you have 1000 CAD you don't pay monthly fee).
Banking system in Canada look strange because in my home country you can have as many accounts in different banks as you want. You only pay really small amount if you use the account. I for example have 6 different accounts in different banks, I only use 2 of them regularly, the other 4 I just have in case and I don't use them and don't pay a penny for them.
Getting visa card for e-banking is free, you pay around 4$ annually for the card and that's it.
There is no limitation in number of transactions or withdraws in the ATM.
Pretty much its the same which bank you use, the difference is the banks that have branches and ATM at every corner are cheaper but you have long waiting lines, there are banks with no waiting time, but you have only several branches in the city.
So, Canadian banking system is really confusing for me.

 

[browntrout]

Every country is different, a normal checking account in my home country Sweden will cost you about 40 usd a year, to keep it going with a VISA debit attached. My equivalent account in USA, doesn't charge me anything, but doesn't give me anything either. My account in Hong Kong, pays me about 100 usd a year, given i use the card some, more if i use it alot.

i guess if you already have connections to the bank as you said, that flips the equation a bit... you can also wait until you get there, to talk to them and see who you like more.

 

[actonis]

After further research I came to this conclusion:

The best offer as to my knowledge is this:

1. President Choice - No fee acount[/b] (THIS IS TOO GOOD TO BE TURE - CONFIRMATION??)
http://www.banking.pcfinancial.ca/mkt/bankaccounts/nofeebankaccount-en.html

If there are no hidden costs I guess you get unlimited transactions for free (please check the link, and confirm, coz I am not sure)
I assume you get debit card that is linked to your account and you can use CIBS ATM.

This part: "Free access at any PC Financial or CIBC bank machine." - Does this means you can withdraw money from ATM at no cost?

Also "Free mobile banking"., I assume it apply also to e-banking.

2. RBC - This is the most realistic offer:

RBC No Limit Banking $10.95 A chequing account that offers unlimited debits for a low flat monthly fee.
Interac e-Transfer Up to 10 free per Monthly Cycle; $1.00 each thereafter
A small safe deposit box (lock box) with fees waived for one year

https://online.royalbank.com/cgi-bin/apply/mpa/apply.cgi/getting_started

Here are the full features:
http://www.rbcroyalbank.com/products/deposits/onlineservices/no-limit-banking.html?_ga=1.209892819.719315165.1387203764

3. TD
http://www.tdcanadatrust.com/products-services/banking/accounts/chequing-accounts/unlimited.jsp

Unlimited Chequing Account
$14.95/month - waived with a $3,500 minimum monthly balance - If this means that if you have more than 3500 on your account you get to pay nothing then this choice is going to be No.1 . (ANYONE TO CHECK IT AND TO CONFIRM)

4. CIBS - This is not bad

CIBC Unlimited® Chequing Account $13.95

CIBC Everyday® Chequing Account Monthly fee: $3.90
No monthly fee when you maintain a monthly balance of $1,000 or more but you are limited to 10 transactions (I THINK I WILL OPEN THIS ACCOUNT JUST IN CASE AS SECOND ACCOUNT)

5. Bank of Montreal - average

http://www.bmo.com/home/personal/banking/bank-accounts/primary-chequing

Performance Plan (unlimited transactions) - 13.95$

Bottom line, it depends what you will use it for.

Please review the offers and give your opinion.
I think it is of everyone interest to know which bank has the best offer.

some useful general things to read.
http://www.bmo.com/newstart/pdfs/Everyday_Banking_Essentials_ENG.pdf
http://www.bmo.com/newstart/pdfs/Sending_and_Receiving_Money_ENG.pdf
http://www.bmo.com/newstart/pdfs/Credit_Card_Basics_ENG.pdf

 

[browntrout]

Another factor that was important for me was how the internet banking worked, since i would use that a a lot via PC and smartphone. In my case, i narrowed it down to RBC and TD, initially i was leaning towards RBC. But my friends in Canada all told me that TD have way more branches, and way longer opening hours, so i'm likely to go with TD.

yours findings for TD is correct, but in addition they have a basic account where the fee is $10.95 - waived with $2,500 minimum monthly balance

ALSO, in both US and Hong Kong (where i live now) they often waive first year, so meaning i think you can get the unlimited account for free 1 year, then after year 1 just make sure you have +$3,500 in the account.

Worth visiting a few branches of the same bank as you arrive to get them to agree to this first year free. (i know i will) All banks can work around the deals they have listed "officially" to attract new customers, tell them you are shopping around for a checking account.

 

[Leon]

Presidents Choice is for real. No account fees, however, it's an online bank so there are no branches, just service desks at Superstore where you can open an account and other things. Wiring money to/from another account in another country might be a problem but getting your paycheck, writing checks, online banking is no problem. They are not a real bank per se, they are run by Superstore. You can use the ATM's at Superstore or at all CIBC branches without a fee. You can try it. If you find that there is something more you need that can only be done at a real bank, you can open one of those as well.

 

[mrFoce]

I've been with CIBC, TD and Scotiabank (so guess I got some experience ).

I am still with TD, CIBC sucked and I will never use them again. TD is pretty good

 

[Dejaavu]

I used to work for TD as an account manager.

Big five banks in Canada (BMO, TD, RBC, Scotia and CIBC) offer/sell similar banking products in terms of fees, services etc.

For individuals who like to have a physical branch where they can go and deposit cheques, apply for credit cards, mortgages, or buying mutual funds, GICs etc, these five big banks are the way to go. However, if you do not have large balances such as $3500 to waive the fee for an unlimited chequing, it is almost $15 at TD to have the account. So we are talking about $180 just in annual chequing account fees.

In terms of hours and branch network TD has the most in Canada. However all other big banks have comparable branch network and hours. The choice comes down to proximity of the branch where one lives or works etc.

As for the fees to be waived for new clients, usually we used to offer 3 month free banking for the value plus account with 25 transactions.

If you are tech savvy and do not need to go to a physical branch, I would go with PC Financial since you can not only get free banking including free cheques, a great credit card (mastercard with no annual fee plus getting groceries free once a month or so depending on your use of the card) plus the interest rate on savings PC offers highest among almost all banks in Canada.

How many times would a person need a money order to go to a bank?

 

[steaky]

How many times would a person need a money order to go to a bank?

It all depends on the individual. Some people might have to send money from Canada to their home country to support family once or more in a monthly basis.

 

[Dejaavu]

Indeed. It all depends.

 

[AlreadyOne]

My experience with CIBC: it sucked.

When I first applied for a credit card three years ago, for some reason, they sent the credit card to a branches 50 km away from where I applied for it. To avoid further delay, I have to go and collect it in person. To make thing worse, after activation, I could not used it and was asked to return to the branch to seek help. And not a word of apology.

TD is good.

 

[Dejaavu]

Sorry to hear about your CIBC experience.

TD indeed is famous for its customer service.

 

[actonis]

About Presidents Choice , when you open an account do you get debit card which you can use to pay in shops?
DO you get visa or any other card that you can use for online buying?
You sign for an account at Superstore right? They don't have like normal branches?

 

[Leon]

About Presidents Choice , when you open an account do you get debit card which you can use to pay in shops?
DO you get visa or any other card that you can use for online buying?
You sign for an account at Superstore right? They don't have like normal branches?

You sign up for an account at Superstore. You can a debit card you can use to pay in stores and can use to withdraw cash for free at any Superstore or at any CIBC branch. Presidents choice has no branches except the service counter at Superstore. Other than that, you have to do your banking online or through the phone/ mail. This is also why they can offer you a free account.

As a newcomer to Canada, you can not expect that you will get a credit card right away so easily. First settle, work at the same job for some months, show that your account is in good standing and you have regular income. Then apply for a credit card.