NetMecca
Hero Member
- Dec 12, 2013
- 121
- Category........
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- LANDED..........
- 14-07-2009
I landed in 2009. Started with RBC. Got annoyed with them in under one week. Pure stupidity. Ended up with TD. I also bank with scotia (for a business).
I have noticed that all the banks have started focusing more on developing immigrant friendly services as this is essentially the only growth market left in Canada, so you will probably be able to find some version of this from all the majors.
All round I am not a particular fan of any of the banks in Canada. Banks in Canada are not really interested in doing business, but very happy to keep as much of your money as possible. They want to be vaults rather than banks. If you are accustomed to open minded and often reasonable banking, you will probably find it a little frustrating in Canada.
With that said.
Here are my views on the three I have done business with :
RBC.
Fairly expensive, banking fees are somewhat high. Service is less than impressive. Personal banking is not terrible for people that have been here for a while, but expect challenges with getting unsecured (and even secured credit). I have no experience with their business banking.
TD
They were very helpful when I arrived. I was able to get the things I needed including (guaranteed credit card, mortgage subject to large deposit (even as a workpermit holder not PR.). They also have some no fee option banking. Not a great business bank, but at a personal level though I am not exceptionally happy with them, I still bank with them. Service is not much better than RBC, but for personal banking I have found them reasonably helpful.
Scotia
Service is pretty decent. Accounts options are fairly inexpensive, though they do not seem to have no fee options. They are interested in getting business, but I found that they are mostly interested in more wealthy clients (if you really want anything). They are excruciatingly risk averse. Even secured credit can be very hard to get from them. And business services, consultants are knowledgeable and somewhat helpful though seems if you are looking for banking outside of the Canadian mold. forget it.
My best suggestion is to consider personal convenience and cost first. You will have challenges no matter which bank you bank with.
For foreigner personal banking (at least until you have built you credit history here, I would probably suggest TD is the best. For business banking. Still have not really figured out which bank is the best. It is challenging, complicated and painful, no matter how good a client you are.
Good luck.
I have noticed that all the banks have started focusing more on developing immigrant friendly services as this is essentially the only growth market left in Canada, so you will probably be able to find some version of this from all the majors.
All round I am not a particular fan of any of the banks in Canada. Banks in Canada are not really interested in doing business, but very happy to keep as much of your money as possible. They want to be vaults rather than banks. If you are accustomed to open minded and often reasonable banking, you will probably find it a little frustrating in Canada.
With that said.
Here are my views on the three I have done business with :
RBC.
Fairly expensive, banking fees are somewhat high. Service is less than impressive. Personal banking is not terrible for people that have been here for a while, but expect challenges with getting unsecured (and even secured credit). I have no experience with their business banking.
TD
They were very helpful when I arrived. I was able to get the things I needed including (guaranteed credit card, mortgage subject to large deposit (even as a workpermit holder not PR.). They also have some no fee option banking. Not a great business bank, but at a personal level though I am not exceptionally happy with them, I still bank with them. Service is not much better than RBC, but for personal banking I have found them reasonably helpful.
Scotia
Service is pretty decent. Accounts options are fairly inexpensive, though they do not seem to have no fee options. They are interested in getting business, but I found that they are mostly interested in more wealthy clients (if you really want anything). They are excruciatingly risk averse. Even secured credit can be very hard to get from them. And business services, consultants are knowledgeable and somewhat helpful though seems if you are looking for banking outside of the Canadian mold. forget it.
My best suggestion is to consider personal convenience and cost first. You will have challenges no matter which bank you bank with.
For foreigner personal banking (at least until you have built you credit history here, I would probably suggest TD is the best. For business banking. Still have not really figured out which bank is the best. It is challenging, complicated and painful, no matter how good a client you are.
Good luck.
