My Canadian Banking Experience: BMO, RBC and TD

[tvchik]

Opened an account with RBC and got an unsecured card for 2000. No hassle. They call all the time to see if its going well.

 

[steaky]

Opened an account with RBC and got an unsecured card for 2000. No hassle. They call all the time to see if its going well.

One of the hassle with RBC is that it take so long for cheque clearance.

 

[mgnlky]

This may be a Toronto issue? I have not heard of any such restrictions here in Winnipeg.

No issues here in Vancouver either. I opened an RBC account & got a $2000 unsecured credit card then went to CIBC and got a $5000 unsecured credit card. Both will give me a car loan if I chose to, and CIBC is already trying to talk to me about investments & mortgages.

My bad experiences was with Scotia & TD Bank. Neither would approve me for a car loan unless I put a 50% downpayment towards the car. (It's not like I was trying to buy a BMW or Mercedes, mind you.) TD Bank actually hit my credit 5 times in the course of 2 days for some unknown reason. CIBC and RBC both laughed when I told them of the issues, showed me on the computer that my credit score is good, and told me to let them know when I'm ready to buy a car.

 

[emamabd]

I had a bad experience with RBC after my first landing a couple of years ago, they refused to open an account for me in US$ because my home country was in the US Sanctions list at the time (mind you - the US sanctions list and not the Canadian Sanctions list), they also mis-informed me that no other Canadian bank would be able to offer me a US$ account..which is totally untrue!

However that was my second day in the country, the weather was cold for me to do "Bank shopping" (feb. snow storm)/windchill at -25 c + i only had US$ and needed some Canadian $$ to get by, so i decided to open the account anyway. A few weeks later i sent my first online wire transfer - they blocked it and questioned me on the reason behind the transfer, i replied to support my younger brother (who was a university student at the time)...the bank rep. rudely replied "How come you say you're supporting someone while you - yourself aren't employed! " ..i felt very insulted, ..even the amount i was transferring was less than 5% of my account balance at the time, plus she asked and i answered...so why the rudeness?! I managed to be calm and simply replied "Yes, i'm not yet employed - but even if i had $1 in my account and my younger brother needs it - i will wire it to him, that's how we do things in our family, got issues with that?" She said no, and eventually the wire went through.

The fact is, we FSW's - most of the time - land without jobs in hand, but it doesn't mean that we we haven't worked before, or don't have savings to cater for our/and even extended family needs..or that we don't deserve some respect at least!!

Anyway...a few months after that incident i got employed..ironically with another bank (one of the big five) so i closed my RBC account forever and since then i'm enjoying free banking, preferred usd exchange rate,sending wires without being harassed..etc etc...but i will never forget my experience with RBC...never again would i bank with them.

 

[Managerchap]

I opened an account with RBC the second day I landed and i was given a 2000 dollars credit card.
All I did was to open a checking account and a savings USD account with the 4000 dollars I had on me.
I also got 6 months of free transactions no charges

 

[francaispourquebec]

A few months into the Canadian banking system, here's my little story: so I applied for a credit card at BMO and they didn't bother to get back. After a month when I called them they said all they can do is provide a secured card. When I asked why I wasn't notified earlier, they said they had no idea. Anyways, now I need to look at some other bank for an unsecured card. It would be great if someone can let me know which is the next best bank to approach. I do have a credit card here but its just an add-on, so I cannot build my own credit history with that.

 

[Wonderland_1010]

A few months into the Canadian banking system, here's my little story: so I applied for a credit card at BMO and they didn't bother to get back. After a month when I called them they said all they can do is provide a secured card. When I asked why I wasn't notified earlier, they said they had no idea. Anyways, now I need to look at some other bank for an unsecured card. It would be great if someone can let me know which is the next best bank to approach. I do have a credit card here but its just an add-on, so I cannot build my own credit history with that.

You can try CIBC welcome to Canada package. I know a lot of people uses TD, BMO or RBC but I've been using CIBC ever since I was a international student. They offer credit cards without a credit history. I would know because my brother got his first credit card from CIBC with a credit limit of $2000. So I would suggest you start there to see which you prefer.

 

[silly_chantell]

Everyone has a different experience to tell about each bank so it seems. When I walked into a TD US branch recently, they said its "impossible" to open an account in a foreign country without being physically present in that country. Scotiabank too insisted on being physically present. So I chose RBC and opened an account from abroad. Then I visited their branch a few months later, got the account activated, and they gave me a debit card. They offered a secured credit card that I declined, and instead opted to wait for a few months, build some relationship with the bank, and then apply for a credit card. I must have visited RBC multiple times, and they seemed helpful each time.

i agree with you. i have bot TD and RBC and every time I vist RBC i get good customer service. TD on the other hand, not so much. Especially the branches in Montreal