The best Canadian bank for new comers??

[valsanail]

Since you have HSBC b/a in home country, why don't you open a Canadian HSBC b/a remotely?

After making some research looks like this bank is quite expensive and not flexible enough for newcomers, that's the reason.

 

[steaky]

After making some research looks like this bank is quite expensive and not flexible enough for newcomers, that's the reason.

But it is in your situation flexible enough to open remotely. Besides, what if the bank statement from your current bank is not accepted as proof of fund and you were to be deny landing. Wouldn't that too be expensive? Perhaps you should consider bringing a dd instead?

 

[Hot2Cold]

I had a live chat with Scotiabank few days back. My country of residence is not on their list of countries from which you can open a b/a remotely, so I asked what is my option, they told sorry we cannot help you until you are here in Canada, so I decided to take a fresh account balance statement from my current bank 1-2 days before departure and show this as a POF at the port of entry, telling them that I am going to open an account right there after arrival and transfer my funds at that stage. I guess this is ok right?

From my experience of landing (as well as from every single person that has landed on our SINP WhatsApp group), POF is not asked or even referred to at the time of landing. So don't worry too much about that. Do carry a regular statement just in case though.

Don't waste time trying to open an account from outside Canada. Its a headache, and you still need to visit a branch and activate the account. The simplest thing to do is land, then walk into any bank's branch and tell them you want to open an account. They'll do it for you immediately and you are good to go.

For funds, carry cash and/or TCs so that you have funds with you, and deposit this once the account is opened. A Forex card is an option as well, but personally I don't like it because it has limits, and charges for using after a certain threshold.

Just remember to declare any funds over CAD 10K that you carry with you into Canada

As for banks, I chose RBC as they have lots of ATMs. As I am a soft lander, I have got a Day-to-Day Savings account with no fees. This account only allows 1 free debit a month, but that is ok currently for me.

 

[valsanail]

From my experience of landing (as well as from every single person that has landed on our SINP WhatsApp group), POF is not asked or even referred to at the time of landing. So don't worry too much about that. Do carry a regular statement just in case though.

Don't waste time trying to open an account from outside Canada. Its a headache, and you still need to visit a branch and activate the account. The simplest thing to do is land, then walk into any bank's branch and tell them you want to open an account. They'll do it for you immediately and you are good to go.

For funds, carry cash and/or TCs so that you have funds with you, and deposit this once the account is opened. A Forex card is an option as well, but personally I don't like it because it has limits, and charges for using after a certain threshold.

Just remember to declare any funds over CAD 10K that you carry with you into Canada

As for banks, I chose RBC as they have lots of ATMs. As I am a soft lander, I have got a Day-to-Day Savings account with no fees. This account only allows 1 free debit a month, but that is ok currently for me.

Thanks mate, +1

 

[MrTee]

Just to share , I opened an account with CIBC. I took the Everyday Chequing Account (no fees for 1 year for new comers) after that if you maintain 2000 as minimum balance, fees are waived. Comes with a visa debit card. You also will be eligible for a credit card with 1500 credit limit.

 

[kamy]

From my experience of landing (as well as from every single person that has landed on our SINP WhatsApp group), POF is not asked or even referred to at the time of landing. So don't worry too much about that. Do carry a regular statement just in case though.

Don't waste time trying to open an account from outside Canada. Its a headache, and you still need to visit a branch and activate the account. The simplest thing to do is land, then walk into any bank's branch and tell them you want to open an account. They'll do it for you immediately and you are good to go.

For funds, carry cash and/or TCs so that you have funds with you, and deposit this once the account is opened. A Forex card is an option as well, but personally I don't like it because it has limits, and charges for using after a certain threshold.

Just remember to declare any funds over CAD 10K that you carry with you into Canada

As for banks, I chose RBC as they have lots of ATMs. As I am a soft lander, I have got a Day-to-Day Savings account with no fees. This account only allows 1 free debit a month, but that is ok currently for me.

Not sure what is correct, I read opposite on other threads on this forum. People were asked to show POF at port of entry and some of them mentioned that their local bank account statements were not accepted.
This is more difficult for people like me who are showing Employee Provident Funds as proof of funds which comes to bank account only after one to two months of leaving the job.

 

[Hot2Cold]

Not sure what is correct, I read opposite on other threads on this forum. People were asked to show POF at port of entry and some of them mentioned that their local bank account statements were not accepted.
This is more difficult for people like me who are showing Employee Provident Funds as proof of funds which comes to bank account only after one to two months of leaving the job.

I landed in Toronto, and was not asked for Proof of Funds. I am on a WhatsApp group of about 100 odd families - most of whom have landed - and not a single one has reported that they were asked to show proof of funds.

I am not familiar with the Employee Provident Funds system, so I cannot comment on that, but would it be possible to ask your bank to give you a letter stating your balance and equivalent in CAD just before landing so that the amounts in CAD are at or above the PoF limit?

I think most of the rejections are due to the fact that the CAD amount is not shown. I don't expect the Immigration officer to be familiar with all currencies and exchange rates so that he/she can know that the PoF is met or not.

Edit
At the time of submitting my PoF for the application, I had provided a summary sheet with all my bank accounts, and the equivalent in CAD and the date and time of the exchange rate for each original currency that my PoF listed. A similar document can be carried in lieu of the bank not stating the CAD value on the balance letter.

Being prepared, and having all documents handy impresses the official and they will accept it. So always carry as much documentation as you can, and you'll be fine.

 

[pie_vancouver]

Not sure what is correct, I read opposite on other threads on this forum. People were asked to show POF at port of entry and some of them mentioned that their local bank account statements were not accepted.
This is more difficult for people like me who are showing Employee Provident Funds as proof of funds which comes to bank account only after one to two months of leaving the job.

My provident fund was my proof of fund as well, the expiry of the visa is 1 year from the medical, you have many months to relax, travel & enjoy after you resign from your job,
what I did was when I got my provident fund I asked my bank to give me a cheque in Canadian dollars for a small fee, and when I landed, the officer asked me how much funds I carried and I told him but he didn't look at the cheque.

 

[kamy]

My provident fund was my proof of fund as well, the expiry of the visa is 1 year from the medical, you have many months to relax, travel & enjoy after you resign from your job,
what I did was when I got my provident fund I asked my bank to give me a cheque in Canadian dollars for a small fee, and when I landed, the officer asked me how much funds I carried and I told him but he didn't look at the cheque.

Thanks, good suggestion
Howeever, I can't stay unemployed for two months in my home country India to wait for Provident Funds because I have a family to support with 2 kids, so I would like to rather spend those two months in Canada job hunting.

 

[Hot2Cold]

My provident fund was my proof of fund as well, the expiry of the visa is 1 year from the medical, you have many months to relax, travel & enjoy after you resign from your job,
what I did was when I got my provident fund I asked my bank to give me a cheque in Canadian dollars for a small fee, and when I landed, the officer asked me how much funds I carried and I told him but he didn't look at the cheque.

Was this the Immigration officer or the customs officer. In my case, the immigration officer did not ask for funds. But customs officers will ask you as part of the customs process where you are supposed to declare any cash or similar monetary instruments that total over CAD 10,000.

 

[pie_vancouver]

^immigration officer

 

[Hot2Cold]

^immigration officer

Ok. So it was just a matter of course to ask. As I said, they rarely seem to ask newcomers to prove their funds availability, but its always better to be prepared.

Cheers, and happy settling in Canada. ;D

 

[ommehta]

Hi,

Hope you are well. Could you please add me to the WhatsApp group for Toronto that you had mentioned ?

Thank you

Om

I landed in Toronto, and was not asked for Proof of Funds. I am on a WhatsApp group of about 100 odd families - most of whom have landed - and not a single one has reported that they were asked to show proof of funds.

I am not familiar with the Employee Provident Funds system, so I cannot comment on that, but would it be possible to ask your bank to give you a letter stating your balance and equivalent in CAD just before landing so that the amounts in CAD are at or above the PoF limit?

I think most of the rejections are due to the fact that the CAD amount is not shown. I don't expect the Immigration officer to be familiar with all currencies and exchange rates so that he/she can know that the PoF is met or not.

Edit
At the time of submitting my PoF for the application, I had provided a summary sheet with all my bank accounts, and the equivalent in CAD and the date and time of the exchange rate for each original currency that my PoF listed. A similar document can be carried in lieu of the bank not stating the CAD value on the balance letter.

Being prepared, and having all documents handy impresses the official and they will accept it. So always carry as much documentation as you can, and you'll be fine.

 

[Hot2Cold]

Hi,

Hope you are well. Could you please add me to the WhatsApp group for Toronto that you had mentioned ?

Thank you

Om

Hi Om,

The group I have mentioned is a landing group for SINP Nominees landing in SK province.

If you are SINP, we'll be happy to include you.

 

[ommehta]

Hi,

Thank you. However am not in SK or SINP. Mostly looking at Toronto / Mississauga / Vancouver WhatsApp groups. If you know any, will be grateful for the information.

Thank you

Om

Hi Om,

The group I have mentioned is a landing group for SINP Nominees landing in SK province.

If you are SINP, we'll be happy to include you.