living expenses in vancouver per month

[Keithcjk]

anyone can help in that so that I can plan how much money should I bring over

Thanks

 

[steaky]

It's difficult to say.

But if you possess a singaporean credit card, you can always use the card to pay for most of your living expenses in Vancouver. In some local bank machines, you can also get cash from your Singaporean account.

I suggest you set up an internet banking account with HSBC in Singapore and Vancouver, so that you can figure out how much SGD you want to wire from Singapore to your new Canadian HSBC account.

 

[Keithcjk]

what about a canadian credit card?
do I apply for one?

 

[steaky]

Sure, but you need a Canadian address in order to apply for one.

Depending on your situation, you might get a card with credit limit of $500, which for me is not useful at all.

 

[Keithcjk]

How come only $500?

Do I need a job in order to apply for a credit card?
Do I need the SIN card to apply for credit card?
Are there many HSBC bank branches there? Intend to open an account with them
If I use a Singapore HSBC credit card, I will likely not be able to take advantage of the promotions and rebates when I buy things as it may only apply to canadian HSBC credit cards.
Do retailers or restaurants have such promotions?

Thanks.

 

[scylla]

How come only $500?

Do I need a job in order to apply for a credit card?
Do I need the SIN card to apply for credit card?
Are there many HSBC bank branches there? Intend to open an account with them
If I use a Singapore HSBC credit card, I will likely not be able to take advantage of the promotions and rebates when I buy things as it may only apply to canadian HSBC credit cards.
Do retailers or restaurants have such promotions?

Thanks.

Only $500 because you don't have a Canadian credit rating yet.

Yes - having a job helps a great deal when it comes to applying for a credit card.

Check with the HSBC web site to locate branches in Canada in the area you plan to move to. You'll have to ask HSBC or look on their web site to see what promotions they may have.

 

[Keithcjk]

so i need to have a job before i can apply for credit card?

thanks

 

[scylla]

so i need to have a job before i can apply for credit card?

thanks

No - not necessarily. But the type of credit card you can get will be very limited without a job (or a co-signer with a Canadian credit rating).

 

[Aquib]

No - not necessarily. But the type of credit card you can get will be very limited without a job (or a co-signer with a Canadian credit rating).

Check with scotia bank,
Get something like 7000$ secured credit card (depositing 10000$ ).
And he pay most of expenses using that card,
Pay off in time and hopefully in 9-12 month bank will give you unsecured card of that amount .

Like if you buying Car , paying for rent , bills, fuel etc using CC instead of cash then things can work out.
But speak to bank first , they do barging .

 

[Keithcjk]

Aquib

I dont get how the whole bank thing works
what is the diff between a secured and non-secured credit card
Are you saying that $10000 was deposited in the bank as a savings account and the bank gave a credit card with a maximum limit of $7000 per month?
and what do you mean by pay off in time.
Sorry, need you to explain to me.
Do they have such things such as giro in vancouver meaning that your monthly bills are deducted from giro.
In your opinion, should I go for scotia bank or hsbc?

Thanks

 

[steaky]

The definition of giro can be found in this website:

http://www.abs.org.sg/cms/index.php?option=com_content&task=view&id=46&Itemid=102

We have something similar in Vancouver. But not all organizations allows the consumer to pay via auto debit. In those case, you might have to send cheques or making a bank transfer to pay them.

"Pay off in time" means paying the amount owing before the due date, otherwise it will hurt your credit rating.

Also, secured means you have to deposit the money in a time deposit account known as "GIC" and locked for a number of months until you can have a non-secured credit card.

 

[Keithcjk]

so can i say that for new immigrants, we will always need to start off with putting in money in a time deposit account and getting a secured credit card. Only after a few months, we will then be allowed a non-secured credit card?

do we need to reapply after a few months or it will be automatically converted to a non-secured credit card?

non-secured credit card is always better than a secured credit card in what way?

Thanks

 

[Sinbad]

http://www.canadavisa.com/canada-immigration-discussion-board/-t33433.0.html

check this post.
See whether American express in canada will accept singapore card conversion. If so get amex card directly from amex in your country.

 

[toby]

so can i say that for new immigrants, we will always need to start off with putting in money in a time deposit account and getting a secured credit card. Only after a few months, we will then be allowed a non-secured credit card?

do we need to reapply after a few months or it will be automatically converted to a non-secured credit card?

non-secured credit card is always better than a secured credit card in what way?

Thanks

Here's your situation as I understand it. You have cash, but it's outside Canada. So get a Canadian bank account, plus a Canadian credit card (useful even with a $500 credit limit) and a debit card. Transfer the cash from abroad into your Canadian account.

If you plan a purchase of more than $500, you can pay with the debit card (provided that you have sufficient cash in your account). Or, if you prefer to use the credit card, BEFORE making the purchase transfer enough money into your credit card to create a positive balance. . It's the same procedure as paying off the negative balance from a purchase; instead, however, you transfer more money into the card.

Example: I was paying off a small $48 balance on my credit card, but instead of transferring $48.00 into the credit card I carelessly transferred $4800. So, I decided to leave the entire amount on my credit card, because I could then make a credit-card purchase of $7800 (my normal $3000 credit limit plus the overpayment of $4800).

The bank advises against this; there is a risk, so ask the bank to explain it to you. But it is a way around the $500 credit limit.

No need to lock your money away in a GIC (unless the interest rates interest you) to warrant a higher credit-card credit limit.

Then, once you have a decent history of paying off your credit card balances for a while, each month, the bank will raise the credit limit for you.