Need help for the bank credit history

[annieann13]

Hello,

I will be immigrating in St.John's, Newfoundland in the next few days. My husband has been living abroad, but he still owns RBC bank account. We are still thinking of which bank is best for me as an immigrant.

My husband will have 2 weeks with me before he leaves for his overseas job, but I would like to know if I am able to open the bank account. If we rent apartment/hotel somewhere while looking for permanent accommodation, can I open the bank account myself or is it my husband who should open the bank account for me only? (For opening the bank account, we will probably use his company address in St. John's firstly. Not too sure if that may help?)

If not helping, could you please advise how to open the bank account and finish in the first 2 weeks while my husband is there with me? How much fund do I need to deposit? Or any documents related to show proof of residency and for opening the bank account?

To set up the bank credit history, especially for me as an immigrant, would you please advise how it could set up the bank credit history easily and quickly? I plan to buy a house in Canada when I could get job and work for 3-5 years. Could you please advise?

I appreciate all your inputs here.

 

[links18]

Most Canadian banks provide services for new immigrants. To establish a credit history, you can ask them for a secured credit card, where you put some money in a GIC and that is your credit limit.

There should be no reason why you can't open a bank account on your own as long as you have the appropriate documents (proof of identity and legal status in Canada) and the funds.

 

[annieann13]

Thanks for your reply,links 18.

Can you please explain what differences are between "a secured credit card" & " an unsecured credit card"?, What is GIC?

I heard that some provinces will not allow you to open the bank account if you do not have permanent residential there yet. Due to our busy schedules and his time limit, I am not sure if we can find the apartment and get it done by 2 weeks then there would not be a problem to show my residency there. Any advice?

Thank you

 

[links18]

A secured credit card means you put money into an account to act as collateral for your debt on the card.

I don't know of any provincial legislation that requires proof of residency in a particular province before opening a bank account, but couldn't you just show your confirmation of permanent residency document--which should include your intended destination in Canada if it is an issue?

The best course of action is to call the bank directly and ask.

 

[annieann13]

A secured credit card means you put money into an account to act as collateral for your debt on the card.

I don't know of any provincial legislation that requires proof of residency in a particular province before opening a bank account, but couldn't you just show your confirmation of permanent residency document--which should include your intended destination in Canada if it is an issue?

The best course of action is to call the bank directly and ask.

Thank you, the case will happen soon. I will probably get back to you if having any problem.

Thank you for your help

 

[ahorse]

most banks require an residential address to open a bank account. if you have friends there, it's better you use their address. otherwise, you may have problem to open an account.
for general purpose account, it's better you put both you and your husband name on it (joint account). The reason, though not good, but is for security: just in case one dead, the money won't be treated as heritage (taxable).

 

[annieann13]

most banks require an residential address to open a bank account. if you have friends there, it's better you use their address. otherwise, you may have problem to open an account.
for general purpose account, it's better you put both you and your husband name on it (joint account). The reason, though not good, but is for security: just in case one dead, the money won't be treated as heritage (taxable).

Thank you for your reply. What reason is not good?

Sorry if these are not relevant to my topic. In case of opening a joint bank account or applying for any documents under "joint names" together with my husband, Am I still able to show a residential address to register for SIN, Health care,etc that shows my residency?