which bank is best in canada for new immigrants

[manunidhi21]

hi seniors

which bank is best in canada for new immigrants?

share ur experience ,
whats the difference between checking account and saving ..same like current account and saving in india?
i m going to greater tronto are , so do suggest me as per atm availability..
i hav an option to open a scotia bank in india itself
http://www.scotiabank.com/ca/en/0,,49,00.html (power chequing account )

is iot fine as per the area i m going

 

[qorax]

hi seniors

which bank is best in canada for new immigrants?

share ur experience ,
whats the difference between checking account and saving ..same like current account and saving in india?
i m going to greater tronto are , so do suggest me as per atm availability..
i hav an option to open a scotia bank in india itself
http://www.scotiabank.com/ca/en/0,,49,00.html (power chequing account )

is iot fine as per the area i m going

Banking Choices upon 'landing'

TD, Scotiabank & CIBC r the most favored banks here (TD, a shade better) - as they r present everywhere. We'd be hard pressed not to find either of the three in any/every town, even if it's remote. Moreover, these 3 bank's ATM machines could be found anywhere... not that we cannot use other's ATMs for w/drawing our monies - but, it'd add some addnl transaction charges [usually $2].

While RBC is the largest bank & BMO - the oldest bank of Canada -- however, they seem to have lagged behind the first 3 in marketing, especially with the newcomers. Nothing wrong with them either, but just that the other 3 r omnipresent - and prominently advertised too.

Besides, each of them have similar product bundles, some good in one aspect, while the other in something else. All the 3 also provide u a free safety locker for the 1st yr (only for newcomers). However, some of their branches might not have that facility.

NOTE:
Currently TD Bank has the 'longest operational' retail banking hrs. Its most branches operate for 12 hrs [from 8AM - 8PM] - yes, we can knock their doors @ 8PM for any of our 'personal' banking tasks!

Qorax
____________________________________________________________________________________________________
1. I'm with TD... though had initially opened a Scotiabank a/c from overseas (but switched later for no serious reason).
2. TD gives me a savings, chequing & credit card bundle - with chequing having no monthly charges (for any transaction/s) while keeping a bal of $5K.
3. I'm also aware that they offer "unsecured" $1K credit card to every newcomer, which is preety good.

 

[shakira2009]

Hi,

Thanks for this thread.

What's everybody's opinion about "President's Choice Financial"?

They have this non-fee bank account:
http://www.banking.pcfinancial.ca/a/products/chequingAccount.page?region=ON&language=en&signinop=
plus, you can buy at their economical stores.

 

[qorax]

Hi,

Thanks for this thread.

What's everybody's opinion about "President's Choice Financial"?

They have this non-fee bank account:
http://www.banking.pcfinancial.ca/a/products/chequingAccount.page?region=ON&language=en&signinop=
plus, you can buy at their economical stores.

Not good for a newcomer.

PC-Financial is not a bank... there r no direct-contact-points like a traditional bank... there r no customer service reps either, which is very important in the starting phase/s of our life here... u'd need lotz of personalized banking solutions... PCF hasn't that kind of support. A few yrs. down the line though - u'd be fine with PCF. U get lotz of discount points from them for ur grocery purchases.

BTW,
1. most PCF customers here have a traditional banking a/c with others as well.
2. they'd not accommodate a newcomer for their Cr.Cards [u require Cr.Checks for it - which being new u'd have sparse!]
3. some of the PCF stores will play spoil-sport even for opening an a/c 4 a newcomer [most do].

Qorax

 

[explorer101]

Hi,
What's everybody's opinion about "President's Choice Financial"?
They have this non-fee bank account:
http://www.banking.pcfinancial.ca/a/products/chequingAccount.page?region=ON&language=en&signinop=
plus, you can buy at their economical stores.

PC is a sister company of CIBC. It is virtual bank , it has only ABM's and a customer contact phone number. Accounts have no service fee ( good point, which new immigrants gets free for one year on landing from other banks also). I would not recommed for new immigrants, who have to line up for many banking products - like Credit cards, safety deposit, loan, line of credits, mortgage, investment, RESP, RRSP etc and need advise from a branch rep. For me, face to face interaction gets me comfort.

RBC,BMO,TD,SCOTIA, CIBC are good banks in Canada and found everywhere. There are some credit unions, housing bank and they are not great for day to day banking. They may be good for mortgage, loans or investments.

 

[wilson]

Hi, I agree with explorer 101. Since 2009 I have a very satisfactory banking transaction with PC Fiance, in addition to my TD Bank and Scotiabank accounts.

President's Choice Financial services are provided by the direct banking division of CIBC.


However, which ever bank you deal with, always keep in mind that the banks are very smart in their business and clever. They are very punctual for charging against credit card default payments, delayed payments, over limit transactions, etc. Even if you exceed the credit limit by oversight for few dollars, your favorite bank could charge you minimum 20 or 25 dollars for that. That is how they make huge profit every year!!.

Read about PC Financial here:

http://www.banking.pcfinancial.ca/a/products/chequingAccount.page?region=ON&language=fr&signinop=OB

 

[manunidhi21]

thnx all and qorax as always

"1. I'm with TD... though had initially opened a Scotiabank a/c from overseas (but switched later for no serious reason).
2. TD gives me a savings, chequing & credit card bundle - with chequing having no monthly charges (for any transaction/s) while keeping a bal of $5K.
3. I'm also aware that they offer "unsecured" $1K credit card to every newcomer, which is preety good.[/color]""""""

so i shld not opt for scotia bank in india..just to save time for health cards ?
does it matter that much ?
and does shifting cost u much or made a question on ur credit history

regards

 

[qorax]

thnx all and qorax as always

"1. I'm with TD... though had initially opened a Scotiabank a/c from overseas (but switched later for no serious reason).
2. TD gives me a savings, chequing & credit card bundle - with chequing having no monthly charges (for any transaction/s) while keeping a bal of $5K.
3. I'm also aware that they offer "unsecured" $1K credit card to every newcomer, which is preety good.[/color]""""""

so i shld not opt for scotia bank in india..just to save time for health cards ?
does it matter that much ?
and does shifting cost u much or made a question on ur credit history

regards

a) What ur Health Card has to do with it?
b) Closing / opening of bank a/cs is@ur will... no checks whatsoever anywhere.
c) The triads - Dominion, Scotts & Imperial r our best choices 4 banking in Canada.
d) PCF should be ur 'secondary' Fin.Inst. -- not main bankers. I'm yet to know a guy who's only with PCF.

Qorax

 

[Munnimehek]

Very helpful thanks a lot......

 

[shakira2009]

Qorax, Explorer101, Wilson,

THANK YOU VERY MUCH for your insights!

Wish you a great weekend!

 

[devilhimselff]

Qorax thanks as always... I was eyeing ScotiaBank as per your previous advice. BUT TD looks better, as per your recent advice ;D
+1 AGAIN for you my man....

 

[qorax]

Qorax thanks as always... I was eyeing ScotiaBank as per your previous advice. BUT TD looks better, as per your recent advice ;D
+1 AGAIN for you my man....

Reciprocated, Sir.

 

[justtocanada]

I've always thought that HSBC is an ideal bank simply because it is global and for new immigrants moving to Canada the transition would be alot easier when moving from eg. HSBC UK to HSBC Canada.

 

[qorax]

I've always thought that HSBC is an ideal bank simply because it is global and for new immigrants moving to Canada the transition would be alot easier when moving from eg. HSBC UK to HSBC Canada.

-They have over-priced products [all intl. banks (e.g. Citi, RBS etc.) r likewise].
-They aren't available everywhere [incl SBI].
-Their interest rates & charges? -Duh!

Unsuitable for newcomers, unless u r a business class applicant !

 

[(INDIAN)]

Dear friends

This is another hot topic that an immigrant should know when they arrive in Canada. You are bringing at least $10,000 dollars if come alone.

After your arrival you need to find a place to deposit your money. Of course the first and safe option to deposit your money is in a bank.

Below you will find the list of the “A” banks in Canada, the top 5 that you should investigate:

Royal Bank of Canada
CIBC
ScotiaBank
TD Canada Trust
Bank of Montreal

In each bank you will find pros and cons, and it is up to you to decide which one deserves your money. Keep in mind 2 things:

1) Open an account in a bank which gives you a credit card. Ask for one to start creating your credit history. If they don't give you one, go shop in another one and negotiate. Money talks, doesn't matter where you live.

2) Open an account in a bank that also gives you a good customer service. As you are new and if your English/French is not good enough, most banks in Canada offer to its clients customer service in your own language. It depends of the branch, but ask for help in your language.


Indian