The best Canadian bank for new comers??

[jc94]

ScotiaBank took one look at my paperwork on a work permit and said go away. RBC took me in and have, for me, been excellent.

I can email one of my direct contacts and get a reply normally that day, this included things like certifying bank statements for my PR application (for free) and even some clarifications about my missing T5.
Now that said, until I had a credit history I had secure the card (lock money away); but when I walked in as a PR they removed the limitations. I had two years perfect history and about 3 limit raises above the security by this point though.

But for RBC I pay $15 a month and that doesnt cover all my card costs.... TD does free accounts if you can keep $3-$5k there. They might charge for withdrawals, cheques etc... though.
It all depends whom you get, I've heard of TD giving crazy unsecured cards to some people whereas others they reject for no solid reason.

Whomever you choose, make sure they have a branch close to your home/work address.

 

[johnjkjk]

Hi what kind of ID and proof of address do Canadian banks need to open an account? Presumably providing a permanent address may be difficult for a new PR migrant (assuming the PR card was sent to a relative's address). Also do any of these banks allow you to open an account before you move to Canada?

 

[jc94]

Hi what kind of ID and proof of address do Canadian banks need to open an account? Presumably providing a permanent address may be difficult for a new PR migrant (assuming the PR card was sent to a relative's address). Also do any of these banks allow you to open an account before you move to Canada?

You'll want your passport, SIN number, CoPR, and some sort of address. I used a AirBnB booking so anything indicating where you are staying should be fine, assuming you are staying at a place like that, if staying with a friend you may want to get a letter from them and try your luck - others may have tried this? My AirBNB was good for 3 weeks, I just updated it when I moved.

A few do, according to other threads. Personally I had very little luck with HSBC who have branches in the UK and Canada, they didn't want to know. I just did it the first morning after getting a SIN and cell phone.

 

[johnjkjk]

You'll want your passport, SIN number, CoPR, and some sort of address. I used a AirBnB booking so anything indicating where you are staying should be fine, assuming you are staying at a place like that, if staying with a friend you may want to get a letter from them and try your luck - others may have tried this? My AirBNB was good for 3 weeks, I just updated it when I moved.

A few do, according to other threads. Personally I had very little luck with HSBC who have branches in the UK and Canada, they didn't want to know. I just did it the first morning after getting a SIN and cell phone.

Thanks that's very helpful. How long did it take you get a SIN number?

 

[ttrajan]

You will get SIN on the same day of landing.

 

[CDNPR2014]

You will get SIN on the same day of landing.

this isn't always true. most airports don't have SIN# kiosks, only a select few do. Most people have to go to a separate service canada location after arriving in canada. how long it takes depends on the wait at that particular office. the actual appointment is quick.

 

[ttrajan]

This is not a big issue? They can get it on the same day or next day from service Canada office. Main issue is getting a good job in Canada for the new comers without Canadian qualification and experience.

 

[jc94]

I got my both my work permit then PR SIN in about 15-20 minutes total. This is because I turned up on the dot of 8:30am when they opened though so there was like at most 1 person in front of me, you don't want to turn up to these places in the middle of the day if you can help it.

SOME airports have SIN kiosks. Personally, I was shattered by the time I made it and was more interested in trying to crash so did it in the morning.

If you are landing somewhere outside the main centers (like Toronto, Vancouver, Ottawa, Montreal, QC etc..) you will be able to turn up at any time of day and have agents waiting to welcome you

 

[johnjkjk]

I got my both my work permit then PR SIN in about 15-20 minutes total. This is because I turned up on the dot of 8:30am when they opened though so there was like at most 1 person in front of me, you don't want to turn up to these places in the middle of the day if you can help it.

SOME airports have SIN kiosks. Personally, I was shattered by the time I made it and was more interested in trying to crash so did it in the morning.

If you are landing somewhere outside the main centers (like Toronto, Vancouver, Ottawa, Montreal, QC etc..) you will be able to turn up at any time of day and have agents waiting to welcome you

Thanks for the info!

 

[TRUENORTH_4M_C2C]

Looks you were previously a FSW, so you probably had a job when you landed, correct?

I'm just curious as to how Scotia Bank would give an unsecured credit card to a special newcomer that has no income...yet, but not any other immigrants.

Maybe u should walkin a scotia bank tommorrow and find out. I received a scene visa card with credit limit 2000$.

 

[Tri-Cities]

I just have to....

It's too funny how excited and happy some people get when they get a cc. Credits and loans are not for everyone. But as long as you're good with keeping up you'll fine. If not you'll be one of many around you paying groceries with cc 'cause you have to.

Be careful.

You'll get a good credit history if you pay your cc off right after you used it. Do not start with only minimum payments, it will cost you a fortune and you might end up going to money mart and ask for payday loan.

Take care!!

 

[MOOCer]

I just have to....

It's too funny how excited and happy some people get when they get a cc. Credits and loans are not for everyone. But as long as you're good with keeping up you'll fine. If not you'll be one of many around you paying groceries with cc 'cause you have to.

Be careful.

You'll get a good credit history if you pay your cc off right after you used it. Do not start with only minimum payments, it will cost you a fortune and you might end up going to money mart and ask for payday loan.

Take care!!

What are your tips for newcomers in terms of using cc? Vielen Dank!

BTW, why no one is considering Bank of Montreal, they seem to also have good options for newcomers: bmo.com/newstart/en/newstart-banking-plan.html

 

[Tri-Cities]

Gerne!

Using a cc in Canada is needed to build up a good credit history. There is good credit history and bad credit history - both are still better than having no credit history at all! No kidding!

If you apply for a cc don't lie about your income! That would be fraud and you might get in trouble - big time!

So if you for example make 2500 bucks a month instead of 4500 bucks stay honest. You might get only a $1000 limit but that's going to change if you use your card wisely.

Wisely means (and this would be best for you overall), if you pay gas for your car and come home later that day pay the cc off the same day, full amount. Paying off the cc in full every time keeps you away from getting into debt (quickly) and helps building a good credit history.

That's important if you need to finance a car or/and if you need to apply for a mortgage.

Too many people pay just the minimum (which usually is 10 bucks, depending on the cc limit). The interest of a cc is pretty high so do the math and you'll see how fast you'll be in debt.

Get a cc, limit doesn't matter in the beginning, what matters is the credit card and pay it off right away. Always!

Good luck everyone!!

Hoffe, das hilft! ;D

 

[maged_mmh]

I think you need not to pay on the same day, usually all cc have a grace period of 45 days for payback, so maybe one will be good to just wait for the statement and pay thereon?

 

[Tri-Cities]

I didn't say "you need / you have" to pay the same day - what I'm saying is you should do it like that. This is my opinion, speaking from experience (having two cc from two different countries).

You can wait, you can pay just the minimum, you can do whatever you feel like. But I was asked what I think what would be a good way for a newcomer, so my answer is pay it off immediately.

If you do online banking you can check on your balance, you won't have to wait for a statement.

Like I said, this is just my opinion, nothing more nothng less.

Good luck!