The best Canadian bank for new comers??

[jc94]

I don't know the answer; but I always wondered if paying on the same day is actually bad. If you built up a few $$ and paid post statement was better?

I've done both, had no choice but to clear it a lot while travelling for business on a very low limit, and never had any issues. I've never paid it late.

Note that if you get a Visa (and most cc's seem to be visa) No Frills don't accept it. I personally use my card for everything I can though because I get points (most cards offer points) and so as long as you remember to login (I do it after I get paid) and clear any balance you're fine and essentially getting something for spending money you'd be spending anyway.

I've never met anyone who found paying the minimum was a good idea. The interest rates are outrageous, if you can't afford to be spending get a loan (or spend less), credit card debt is one of the worst rates of interest out there short of a loan shark. All my opinion of course

 

[Tri-Cities]

Paying the same day isn't bad!

As I said, no one has to pay the same day but if it becomes a habbit you'll never forget about it and won't end up like so many "Canadians".

Too many people think it's easy to handle a cc but obviously it's not - look at the numbers: http://www.theglobeandmail.com/report-on-business/economy/canadians-debt-burden-still-growing-hits-record-in-fourth-quarter/article29172712/

Where I come from you really know how to handle money and you need a good history to get a cc...my score is 94.6 in Germany. In Germany most people live w/o a cc and they're doing much better - still they have household debt.
But in Canada things are different, and I know people who were never able to get a cc in Germany but now have 2 or 3 and it's getting tight to the point where they pay credit off with new credit.

I could go on, but the point is behavior. So yes, you do not have to pay the same day...makes sense though. My husband is doing the same and his credit score is more than just good

Take care!!

 

[abstalks]

Hi folks,
I will be landing in Toronto this August and will stay there for a week before moving permanently next year. Quick couple of questions. Much obliged if anyone could take a shot at it. I will need a checking and a savings account from what I have read. In Singapore, I just have a savings account from which I can do daily withdrawal, free of charge, if the need be. It looks like things are different in Canada.

PC Financial: Is this not an online bank only option? Is it safe? How are their credit cards in terms of rewards and fees?

RBC: From what I understand, these guys are the largest in Canada. But they do have monthly fees for the checking account and that is disgusting! Any other option here? Their savings account only seems to offer 1 free debit every month! A whole different world in Canada!

If PC Financial is the only option without fees, then is it a good option for newcomers? For example, if I need to buy a car, then will they offer the same rates as say RBC who have special schemes for newcomers?

 

[anandg12]

Hi folks,
I will be landing in Toronto this August and will stay there for a week before moving permanently next year. Quick couple of questions. Much obliged if anyone could take a shot at it. I will need a checking and a savings account from what I have read. In Singapore, I just have a savings account from which I can do daily withdrawal, free of charge, if the need be. It looks like things are different in Canada.

PC Financial: Is this not an online bank only option? Is it safe? How are their credit cards in terms of rewards and fees?

RBC: From what I understand, these guys are the largest in Canada. But they do have monthly fees for the checking account and that is disgusting! Any other option here? Their savings account only seems to offer 1 free debit every month! A whole different world in Canada!

If PC Financial is the only option without fees, then is it a good option for newcomers? For example, if I need to buy a car, then will they offer the same rates as say RBC who have special schemes for newcomers?

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

 

[Tri-Cities]

Hi folks,
I will be landing in Toronto this August and will stay there for a week before moving permanently next year. Quick couple of questions. Much obliged if anyone could take a shot at it. I will need a checking and a savings account from what I have read. In Singapore, I just have a savings account from which I can do daily withdrawal, free of charge, if the need be. It looks like things are different in Canada.

PC Financial: Is this not an online bank only option? Is it safe? How are their credit cards in terms of rewards and fees?

RBC: From what I understand, these guys are the largest in Canada. But they do have monthly fees for the checking account and that is disgusting! Any other option here? Their savings account only seems to offer 1 free debit every month! A whole different world in Canada!

If PC Financial is the only option without fees, then is it a good option for newcomers? For example, if I need to buy a car, then will they offer the same rates as say RBC who have special schemes for newcomers?

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

 

[ommehta]

Hi All,

This post is quite interesting. How is HSBC Canada ? I prepared a list of questions and sent them to a few banks, and the most detailed and satisfactory answers I received were from HSBC.

RBC, BMO and TD were quite impersonal, and just copy pasted links to pages on their website that spoke about their accounts for new immigrants, without answering specific questions that I had sent to them.

The questions that I had sent were as below. Could some of these be answered by a few experts on this forum please ?

1.Please tell me a bit about the kinds of bank accounts that new immigrants can open in your bank
2.What are the special terms that you offer to new immigrants that open an account with your bank
3.Is there an upper limit to the amount of money I can transfer the first time into a new bank account I open as an immigrant?
4.Is there any tax applicable on my current savings that I transfer the first time into a new bank account that I open?
5.After I open a new account, can I continue transferring money each month out of my current salary, which I receive in my current job in Dubai, into my bank account in Canada?
6.Is there any tax applicable on this monthly funds transfer that I would like to do, from Dubai?
7.When I finally move to Canada, what are the additional benefits and support that I can expect from your bank?
8.Would your bank help me get a car loan?
9.Would your bank help me get a home loan?
10.Would your bank help me get a credit card?

Thanks

Om

 

[CDNPR2014]

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.

PC Financial also has no fees, and there is no minimum balance.

 

[Ponga]

PC Financial also has no fees, and there is no minimum balance.

Isn't that an online bank, like Tangerine (formally ING Direct).

 

[ozlis]

Hi All,

This post is quite interesting. How is HSBC Canada ? I prepared a list of questions and sent them to a few banks, and the most detailed and satisfactory answers I received were from HSBC.

RBC, BMO and TD were quite impersonal, and just copy pasted links to pages on their website that spoke about their accounts for new immigrants, without answering specific questions that I had sent to them.

The questions that I had sent were as below. Could some of these be answered by a few experts on this forum please ?

1.Please tell me a bit about the kinds of bank accounts that new immigrants can open in your bank
2.What are the special terms that you offer to new immigrants that open an account with your bank
3.Is there an upper limit to the amount of money I can transfer the first time into a new bank account I open as an immigrant?
4.Is there any tax applicable on my current savings that I transfer the first time into a new bank account that I open?
5.After I open a new account, can I continue transferring money each month out of my current salary, which I receive in my current job in Dubai, into my bank account in Canada?
6.Is there any tax applicable on this monthly funds transfer that I would like to do, from Dubai?
7.When I finally move to Canada, what are the additional benefits and support that I can expect from your bank?
8.Would your bank help me get a car loan?
9.Would your bank help me get a home loan?
10.Would your bank help me get a credit card?

Thanks

Om

HSBC is so far behind the other banks in Canada, and that is really saying something as all banking is a little backward here.

We were with them when we first got here and changed banks very quickly.

 

[steaky]

HSBC is so far behind the other banks in Canada, and that is really saying something as all banking is a little backward here.

We were with them when we first got here and changed banks very quickly.

I am a loyal customer with HSBC. Btw, how is them so far behind? At HSBC, I can continue to move my money between accounts held in different countries and access my out of country bank accounts. I'm not sure if other Canadian banks offers such services.

Perhaps you changed because you don't need access funds in your other country (s).

 

[ttrajan]

TD minimum chequing account. No fees if you maintain minimum balance $2000, otherwise monthly fees $3.95
Some TD banks works on weekends also.

 

[maged_mmh]

TD minimum chequing account. No fees if you maintain minimum balance $2000, otherwise monthly fees $3.95
Some TD banks works on weekends also.

No fees for withdrawals/checks too?

 

[ozlis]

I am a loyal customer with HSBC. Btw, how is them so far behind? At HSBC, I can continue to move my money between accounts held in different countries and access my out of country bank accounts. I'm not sure if other Canadian banks offers such services.

Perhaps you changed because you don't need access funds in your other country (s).

I've never had to go to an actual branch so often in all my life. The internet banking was so limited in what you could actually get done.

It was just a hassle to do anything really.

But no, international transfers were not our priority.

 

[ommehta]

How's CIBC (Canadian Imperial Bank of Commerce) ?
They are giving the foll deal :

• Unlimited transactions for the first year2
  Free paperless record keeping
  $3.90 monthly fee waived for the first year

RBC wrote to me saying they'll charge $15 for each transfer that I make into my account.
TD is even more - $17.50 for each incoming transfer.

Am really surprised by this - banking is definitely very primitive !

 

[CDNPR2014]

Isn't that an online bank, like Tangerine (formally ING Direct).

yes, it's an online bank. No, it's definitely not the same as Tangerine - i've used that in the US.

they have bank locations at superstore and loblaws. they have atms at the locations and associates to help with issues. it's not a typical bank teller type of bank. the only reason to need to go to the location is to deposit or withdraw cash, which for me is easy because it's at my local superstore. you can also use cibc atms without fees. cheques can be be deposited through the mobile app. it's pretty awesome. plus, your bank card can be used for pc points. The one negative is they don't have any credit card options for newcomers, so i haven't been able to qualify for one yet.