Opening Bank Account After Arrival

[MacGyver]

1) How much time is takes to open a Bank Account and What needs to be done to get the Credit/Debit Cards?

2) Which Bank do you think is most favorable for newcomers (by monthly charge and other charges - lowest of course)?

3) How much money (minimum) needs to be shown to them as proof of funding as landing condition? And should I take them as USD? CAD? Bank Draft etc. from home country to deposit in the bank?

4)Without having the PR card can I open a Bank Account?

* Btw, I'm planning to settle in Alberta/BC...so please suggest for these locations.

 

[MacGyver]

Hi .. is this the right forum to ask this question? or I should move it to another site?

 

[CDNPR2014]

1. it depends on how long of a wait there is at the bank and how long their specific process is. it took me about 20-30 minutes. the bank will ask you personal questions, check your id's and open an account. depending on the bank you will either get your bank card right away or in the mail. this question is very bank specific.
2. it depends on where you are. most bank have newcomer packages. the big banks are usually scotia bank, TD bank, RBC... there may be area specific banks in Alberta. I am in ontario so i wouldn't know.
3. do you mean when actually landing? this will depend on which stream you immigrated on. for example, spousal sponsorship doesn't require proof of funds when landing. other streams may. you will need to check your immigration paperwork for that information
4. usually banks will be able to use your COPR and picture id. in ontario, the COPR works for everything a PR card would be used for. not all provinces allow it. so you will need to ask the bank you plan to go to. i will say my bank required me to have 2 forms of id (one with a picture/one was a credit card) + my COPR.

 

[Leon]

The lowest fee bank or actually practically no-fee is PC Financial. They mostly operate through online banking but they do have service centers at Superstore where you can drop by to open an account. Other than that, most people I've met have been happy with TD but there are others too as mentioned like BMO, RBC, CIBC, Scotiabank etc.

When you are new in Canada without a credit history, it can be hard getting a credit card. You can ask about a secured credit card to start off if you really want one.

You can open a bank account without a PR card but it would be helpful to get your SIN before going to the bank because they'd like that. You may open a non-interest bearing account without a SIN though.

 

[xceptional88]

RBC Offers best bank accounts for new comers and is the only bank that will approve $2000 unsecured credit card without credit history. That is an excellent way to start building you credit history. buy everything on card and pay off timely

 

[One_Topsy]

RBC Offers best bank accounts for new comers and is the only bank that will approve $2000 unsecured credit card without credit history. That is an excellent way to start building you credit history. buy everything on card and pay off timely

Not entirely true. Scotia Also give $2000 credit card.

You can try Scotia, RBC and CIBC. CIBC is probably the cheapest for newcomers. They give free banking for 1 year.
I have opened with both Scotia and CIBC

 

[Tri-Cities]

RBC does NOT always give a $2000 credit card!

And to build up a good credit history you don't need a $2000 cc. Even if you only got a $1000 or $500 cc you'll get a good credit history IF you pay back on time! That's the point, paying your debt on time!

My advise is go to any bank and talk to the guys, they'll let you know how things work. Maybe you check in with a second one since a few things might be handled different!

SIN card and CoPR should work just fine. Sometimes you'll have to get an appointment, TD is as far as I know the most flexible bank (hear say). Meaning you just go to a branch and you get out 30 minutes later with everything in the pocket.

Good luck!

 

[Snowisland]

I got a debit card at RBC before I got my copr. Every time I visited I brought USA cash and deposited it to benefit from the currency exchange rate. I did not have a SIN yet.
When I landed, I got my SIN and temporary drivers license and went to RBC and said I wanted to begin to establish credit. They gave me a 2000.00 limit credit card stating it was a current promotion for new PR's. They asked for nothing but passport and I had the pr paper that I received when I landed. I don't work, and they don't care.
I do not know what other banks do.
I set my card up to draft the balance on due date from my debit account. That way I will never pay interest or be late.

 

[abstalks]

Some discussion here:
http://www.canadavisa.com/canada-immigration-discussion-board/the-best-canadian-bank-for-new-comers-t431130.0.html

 

[frotenacs]

While on the topic of credit building as a new comer, my 2 cents - Keep your credit utilization under 1/3rd of your limit and pay them off regularly.