The best Canadian bank for new comers??

[Ponga]

If some one choose not to get a credit card how is that going to affect future loans like mortgage / buying a car, because if I understand correctly you need a good credit score which inherently comes from a good credit history. Now, how to build a good credit history without a credit card ?

Maybe a store charge card, or a secured credit card?

If you're trying to establish your new credit in Canada, a credit card is usually part of the plan.

 

[next2015]

If some one choose not to get a credit card how is that going to affect future loans like mortgage / buying a car, because if I understand correctly you need a good credit score which inherently comes from a good credit history. Now, how to build a good credit history without a credit card ?

Without a credit card, you'll be limiting your history to your utility bill payment info (are u paying on time?). That doesn't help with building a credit history, at least not to a level that gives you a good score. You need to have different kinds of credit - revolving credit, loans etc. all this combined contribute towards a rich history which helps build a good score. A credit card is definitely the best place to start.

Personally, i'd advise you get one, but manage it well - swipe it when u have the funds to pay it on your acct. that's what I do.

all the best.

 

[johnjkjk]

Without a credit card, you'll be limiting your history to your utility bill payment info (are u paying on time?). That doesn't help with building a credit history, at least not to a level that gives you a good score. You need to have different kinds of credit - revolving credit, loans etc. all this combined contribute towards a rich history which helps build a good score. A credit card is definitely the best place to start.

Personally, i'd advise you get one, but manage it well - swipe it when u have the funds to pay it on your acct. that's what I do.

all the best.

"Building a credit history" is a market scam. There is no such thing as a "good score". Have you ever seen your credit report?

I've never used a credit, never been in debit and mortgage offers were always based on salary level and a background check. As long as you've never had trouble with debt collectors you're fine.

Credit and unnecessary loans result in a vicious cycle of repayment and debt which makes one more prone to defaulting, rather than less prone.

It's perfectly acceptable to never use credit in your life and you can still get a mortgage.

 

[abstalks]

You can get free checking with Scotia One account if you maintain a $3500 daily balance and with TD unlimited chequing account if you maintain a $4000 monthly balance. BTW, I am in Singapore too and will move to Toronto next year, just like you

We should catch up then Send me a PM.
Let me have a look at Scotia One and TD chequing account. If it means I have to maintain a hefty minimum balance to get the same service as we get in Singapore....so be it.

 

[abstalks]

Yep, things are different in Canada. I had to get used to that too...

If you have a closer look you'll find that almost every bank offers some sort of fee deal depending on what service you need / want.

As far as I know at Coast Capital Savings you won't have any fees, just pay a one time membership 5 Dollar which you'll get back once you close the account.

If you need a car loan you don't have to talk to your bank. You can get a car loan from TD even though your bank is RBC.

Have fun

So PC financials and Coast Capital seem to be banking for the new era. What is the street sentiment on these banks? Are they popular? Widespread ATM networks, good offers on their credit cards and such...For e.g., Standard Chartered cards here in Singapore offer really good deals when it comes to fine dining; OCBC has got really good cash backs and such

 

[steaky]

@ abstalks

PC financial card points can be redeem for free groceries at any Loblaws banner supermarket.

 

[abstalks]

@ abstalks

PC financial card points can be redeem for free groceries at any Loblaws banner supermarket.

Cool..that will be helpful!

I also find this article which might be of use:

http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/free-banking-options-are-there/article18045437/

 

[johnjkjk]

if plan to ask PC Financial, please share what you learn.

Email reply:

Thank you for your suggestion to offer Visa debit.

I regret that this feature is currently not available.

Your comments are valuable to us as we monitor customer demand and evaluate the feasibility of various enhancements to our service.

Please note that at President's Choice Financial, we have many enhancements in development; however, I regret that I can't confirm what features will become available or provide release dates.

PC's credit cards are MasterCard. Until recently they also offered a prepaid MasterCard, which could be topped up. As this has been scrapped I would imagine that they may be considering bringing in Debit. Visa Debit has been available in Canada since 2010 and Mastercard Debit was only launched last year. CIBC offers both Visa Credit and Debit. Perhaps they will however purposely not launch a Visa/Mastercard Debit card as this would compete with CIBC.

 

[pie_vancouver]

I used Scotia and CIBC before, but I hated the monthly fee or no fee but with maintaining balance.
My money now is in pc financial, no monthly fee & I can use cibc atms.
Pc mastercard was my first credit card when other banks disapproved all my applications when I first arrived in Canada. I don't use pc mc currently coz I am not a loblaws/superstore regular customer.
I use walmart mastercard to get the reward points lol

 

[next2015]

"Building a credit history" is a market scam. There is no such thing as a "good score". Have you ever seen your credit report?

I've never used a credit, never been in debit and mortgage offers were always based on salary level and a background check. As long as you've never had trouble with debt collectors you're fine.

Credit and unnecessary loans result in a vicious cycle of repayment and debt which makes one more prone to defaulting, rather than less prone.

It's perfectly acceptable to never use credit in your life and you can still get a mortgage.

And what do you think the "background check" included? Did you think credit issuers call the police? They were running your credit. Your credit report includes your payment history and collections history (debt collectors), which all contributed towards your score.

Here's the interesting thing about the industry: you get more offers when you have bad credit. Why? Because it's an indicator the individual is not well financially, and therefore needs money. Credit Card issuers make their money off customers who don't pay down their outstanding balances at the end of the billing cycle - they get to charge interest, late fees etc - all related to someone with financial need. It's an industry that thrives on people's financial woes, honestly.

Now to your question, yes, I have seen my credit report, annually. In fact, I even know my credit score. You not knowing your score or seeing your report doesn't make it a scam. It is evidence of people's ignorance on the issue (and i don't mean that in bad way). Please visit this link for info on your credit report and score:
https://helpen.equifax.ca/app/answers/detail/a_id/300/noIntercept/1/session/L3RpbWUvMTM1MjQ4Mzg5MC9zaWQvdDJFZDVTYWw%3D

No doubt, you will get a mortgage and credit offers, even finance a car; without credit card usage. The thing is: you'll get a higher interest rate because you're most likely to have a low score, which is due to an insufficient mix of credit, among other things. which helps to build a good score

Just so I'm clear I understand the gospel against credit cards, and the trouble they're capable of - I only have one, and use it occasionally for that very reason. However, they are a necessary evil for various reasons - purely to have a good credit score, for me, while for others it may be purely financial constraints. Regardless your reason for having one, the key is managing your finances well - do not spend more than what you earn, then you'll be able to clear your credit card to zero every month. Whether you have a credit card or not, if you can't manage your finances well, you will have debt.

 

[johnjkjk]

And what do you think the "background check" included? Did you think credit issuers call the police? They were running your credit. Your credit report includes your payment history and collections history (debt collectors), which all contributed towards your score.

Here's the interesting thing about the industry: you get more offers when you have bad credit. Why? Because it's an indicator the individual is not well financially, and therefore needs money. Credit Card issuers make their money off customers who don't pay down their outstanding balances at the end of the billing cycle - they get to charge interest, late fees etc - all related to someone with financial need. It's an industry that thrives on people's financial woes, honestly.

Now to your question, yes, I have seen my credit report, annually. In fact, I even know my credit score. You not knowing your score or seeing your report doesn't make it a scam. It is evidence of people's ignorance on the issue (and i don't mean that in bad way). Please visit this link for info on your credit report and score:
https://helpen.equifax.ca/app/answers/detail/a_id/300/noIntercept/1/session/L3RpbWUvMTM1MjQ4Mzg5MC9zaWQvdDJFZDVTYWw%3D

No doubt, you will get a mortgage and credit offers, even finance a car; without credit card usage. The thing is: you'll get a higher interest rate because you're most likely to have a low score, which is due to an insufficient mix of credit, among other things. which helps to build a good score

Just so I'm clear I understand the gospel against credit cards, and the trouble they're capable of - I only have one, and use it occasionally for that very reason. However, they are a necessary evil for various reasons - purely to have a good credit score, for me, while for others it may be purely financial constraints. Regardless your reason for having one, the key is managing your finances well - do not spend more than what you earn, then you'll be able to clear your credit card to zero every month. Whether you have a credit card or not, if you can't manage your finances well, you will have debt.

I will reiterate: There is no such thing as a "good score". A normalised credit report is one which means that you have a "perfect credit history", in other words, that you've never defaulted on debt collection.

Background check includes a check of criminal history (white collar crime, fraud, money laundering etc), bankruptcy, directorship defaults, civil claims against you (money suits) etc, which all input into their calculation of RISK, which is what ultimately determines an approval and rates. A credit report is just one small element of the overall risk. You clearly don't know anything about this.

Rates depend upon a risk assessment, i.e. your ability to repay, the nature of the market (e.g. if it is for rental investment) etc. If you have a BAD credit report, this will affect you negatively. If you've never used credit and never defaulted on your debt, you by default have a perfect credit report. Countless people from overseas invest in local property.

I regularly receive my credit report, I have for years. Credit rating is a scam that is used to exploit customers and drive them into further debt. The majority of people that use credit end up defaulting at some point. Credit reports are often faulty and unreliable and creditors will perform a full risk assessment anyway. If you want to understand what really goes into the risk calculations, ask anyone who works in financial services, or better yet, talk to a lending agent who is authorised to calculate risk and issue offers- if you know them well, they'll show you exactly how they come up with the rates. Technically, one who has never been in a position of substantive debt (whether credit or a previous mortgage), has the a low risk assessment, the lowest being if you have had a previous mortgage and have full depositable collateral or a reputed guarantor.

If you want a credit card, that's your choice, but it is misleading to suggest that building a credit history is required at all. As long as you've never had financial or legal trouble, you will never have a problem getting a mortgage. Understand that a mortgage is about risk assessment and that you should take control of your finances rather than have someone tell you how to spend your money. Indeed there are alternatives to a formal mortgage too which are exploited by the most wealthy (direct financing, buying through businesses and trusts, direct lease-purchase agreements etc, building your own house, community based living, co-operative financing etc).

 

[abstalks]

So I finished my soft landing process...nothing out of the ordinary. The regular.
I decided to open my account with TD and chose their all inclusive option. I will keep a 5k balance to avoid monthly fees. The best part was that the y have an offer currently that gives you either a 28" or 40" TV with their all inclusive option Despite me not being a resident there yet, I am shooting for the 40" which requires me to pay utility bills, make purchases worth 500$ and a pre-authorised recurring debit. Nevertheless, I found these guys to be quite good. The locker that comes with it is the absolute basic one...really tiny but well...something is better than nothing I guess.

Of all the other banks, I found TD's way of escaping the monthly fees the easiest...and in cases where other banks also offered minimum monthly balances to offset monthly fees, the bank accounts were not as featured. So TD it is.

 

[johnjkjk]

So I finished my soft landing process...nothing out of the ordinary. The regular.
I decided to open my account with TD and chose their all inclusive option. I will keep a 5k balance to avoid monthly fees. The best part was that the y have an offer currently that gives you either a 28" or 40" TV with their all inclusive option Despite me not being a resident there yet, I am shooting for the 40" which requires me to pay utility bills, make purchases worth 500$ and a pre-authorised recurring debit. Nevertheless, I found these guys to be quite good. The locker that comes with it is the absolute basic one...really tiny but well...something is better than nothing I guess.

Of all the other banks, I found TD's way of escaping the monthly fees the easiest...and in cases where other banks also offered minimum monthly balances to offset monthly fees, the bank accounts were not as featured. So TD it is.

Hi do they charge interac fees? Also does TD offer a visa debit card as standard or is it an extra charged product?

 

[valsanail]

Dear all,
I am planning my landing in mid October. Never been to Canada before. Have seen qorax's helpful post of settlement chronology, but still have doubts in regards funds maintenance.
Currently I keep my funds on my home country's HSBC bank account, but in order to be able to show POF at port of entry, I 'd like to understand if it is a good idea and if it is possible at all to open a bank account from overseas after getting CoPR and transfer the money to Canadian bank account couple of days before landing?
If yes, which banks of those - Scotiabank, HSBC, PC financial, RBC would you guys suggest given the priority to low maintenance fees? Also the most important criteria at this moment are which of these will agree to open an account for a foreign national without any SIN yet and which are charging less for incoming transfers?
If no, what are my other options of bringing my funds to Canada in other currency than CAD?
Please share your inputs guys, your assistance is very appreciated.

 

[jc94]

Dear all,
I am planning my landing in mid October. Never been to Canada before. Have seen qorax's helpful post of settlement chronology, but still have doubts in regards funds maintenance.
Currently I keep my funds on my home country's HSBC bank account, but in order to be able to show POF at port of entry, I 'd like to understand if it is a good idea and if it is possible at all to open a bank account from overseas after getting CoPR and transfer the money to Canadian bank account couple of days before landing?
If yes, which banks of those - Scotiabank, HSBC, PC financial, RBC would you guys suggest given the priority to low maintenance fees? Also the most important criteria at this moment are which of these will agree to open an account for a foreign national without any SIN yet and which are charging less for incoming transfers?
If no, what are my other options of bringing my funds to Canada in other currency than CAD?
Please share your inputs guys, your assistance is very appreciated.

You can open a HSBC account from abroad. I looked at doing it and the person I got was very unhelpful and basically said there is no point unless you earn or have mega bucks available. We're talking 6 figures.

You don't need to show the PoF in CAD, you can take some bank statements from home country and then arrange to move funds. This is assuming you're coming from a country that has a fairly standard currency, for example Mongolia ... I found it impossible to purchase this locally so could have issues transferring.

I personally just finished moving funds via a company that specializes in money transfers (there are many).
The difference is you get a much much better rate. I bought over a few $k in cash and left my home accounts open (used a home country credit card for a few things) until I was happier with the exchange rate.