Which bank to open account in

[StanLauder]

Hi,

I landed in the last week and want to open a bank account. Which bank is the recommended one for newly landed immigrants? Please advise.

Faisal

I think it will depend on where you landed. What part are you in? Most banks operate much better in one area than in some other areas.

 

[erdebeere]

I am planning to land in Toronto and live in Downtown. After reading all this could not come up with a conclusion. Please shed more light on what are the advantage/ disadvantage of each for a new PR person. Thanks in advance.

 

[CanV]

I am planning to land in Toronto and live in Downtown. After reading all this could not come up with a conclusion. Please shed more light on what are the advantage/ disadvantage of each for a new PR person. Thanks in advance.

Banks in Canada are regulated and function in a very similar ways so it doesn't matter which one you pick. The differences are mostly convenience, location, hours of operations, things like that. One thing I remember is one or 2 banks were giving new PRs credit card with low limit. This might be good for someone who just landed since they do not normally qualify for a credit card or any line of credit until they have established some credit, which cannot happen if you have not lived in Canada.

You want to stay in downtown, you should know this is the most expensive area in the GTA, if not in all of Canada.

 

[kwyatt75]

I'd say TD or Scotia. They're both rather convenient and have relatively good programs for newcomers. Stay away from RBC.

Why stay away from RBC? Did you have a bad experience? Please share. From looking at the websites, I noticed that in their Newcomer package they include auto loans. Apparently TD doesn't do auto loans. Something to consider. I haven't looked into Scotia...I'll have to read up on their offerings.

 

[Alreadyhere]

Why stay away from RBC? Did you have a bad experience? Please share. From looking at the websites, I noticed that in their Newcomer package they include auto loans. Apparently TD doesn't do auto loans. Something to consider. I haven't looked into Scotia...I'll have to read up on their offerings.

I do not know that person's thoughts on RBC, but I would also stay away from them. They're known as being immigrants' bank with poor service. Might be just a prejudice though. I would say TD is the most convenient one if you would need your bank to be open after regular hours.
From credits point of view, I find them all being more or less the same.

 

[doobie.doobie]

CIBC has best newcomer bank offer. They give you 1 year no fee banking and a credit card to start your credit history in Canada.
If you are interested in no fee banking forever go to PC Financial they are located in superstore.
No fee no matter what and unlimited transaction at their atm or Cibc too.

 

[vehla_ji]

Go for RBC using since 2009 and no issue at all. open account in manitoba but i moved ON, NS, QC and now in AB and same no problems at anywhere. 2nd option BMO.

TD worst experience they don't let me use my own money coz of new account issue (in my ac $10,000+) and i was in line up at walmart so good thing i have RBC card with me and i use that one. closed account same day.

 

[kwyatt75]

Go for RBC using since 2009 and no issue at all. open account in manitoba but i moved ON, NS, QC and now in AB and same no problems at anywhere. 2nd option BMO.

TD worst experience they don't let me use my own money coz of new account issue (in my ac $10,000+) and i was in line up at walmart so good thing i have RBC card with me and i use that one. closed account same day.

Your card was declined because the account was too new? That is crazy! How embarrassing. I'm not sure what exactly the aversion to RBC is from some folks. I've been looking at the websites of a lot of the suggestions and RBC seems to be pretty good. They do seem have good newcomer offers like auto loans, credit cards and mortgages even though you are new and have not yet built Canadian credit.

Thanks for your thoughts.

 

[vehla_ji]

Your card was declined because the account was too new? That is crazy! How embarrassing. I'm not sure what exactly the aversion to RBC is from some folks. I've been looking at the websites of a lot of the suggestions and RBC seems to be pretty good. They do seem have good newcomer offers like auto loans, credit cards and mortgages even though you are new and have not yet built Canadian credit.

Thanks for your thoughts.

I opened both account at same day and rbc issue me an cash back master Card within 6 months with $2500 limit but other side I got visa from td after calling them $500 but I can use if I have more than $500 in my chequing wtf. That's my secound reason closing account.

Then I opened BMO after closing td and I was surprised coz they offer great interest rate on saving + $9000 master card after 6 months. And other side rbc incresed my limits every 3 months and now I have $25000 on my cash back master card.

Plus point I don't pay a single penny to RBC for banking since I opened my account and for bmo if you manage you chequeing balance $1500, same thing you don't pay anything.

For both banks every year in January I got minimum $150+ each bank back in my account. Coz I got cash back master cards. depend on how much I spend.

I also have a Esso gas visa card with rbc which I use for daily shopping these days and I got sometime free gas for week or car wash and if I don't use my point then free movie for two depend how much I spend and how many points I got

 

[kwyatt75]

I opened both account at same day and rbc issue me an cash back master Card writhing 6 months with $2500 limit but other side I got visa from td after calling them $500 but I can use if I have more than $500 in my chequing wtf. That's my secound reason closing account. Then I opened BMO after closing td and I was surprised coz they offer great interest rate on saving + $9000 master card after 6 months. And other side rbc inverse my limits to $25000 on my cash bback master card.

Plus point I don't pay a single penny to RBC for banking since I opened my account and for bmo if you manage you chequeing balance $1500, same thing you don't pay anything.

For both banks every year in January I got minimum $150+ back in my account. Coz I got cash back master cards.

Good info! Thanks for sharing! ;D. +1

 

[vehla_ji]

Good info! Thanks for sharing! ;D. +1

plz check my uper post again. I modify it and added more info.

 

[mercyofGod]

RBC refused to approve my credit card just because l registered for Koodo Mobile number before opening my bank account as a new immigrant, this is driving me crazy now because they said l asked credit often...this is making me sad really...please l need advice on what to do so as to be approve with unsecured credit card to build my credit history with any of the banks that accept new immigrant but l am scared of going to another bank because l don't want them to pull up my credit to see that l registered for koodo mobile number...l am thinking of paying my bill at the end of the month and end the contract with koodo mobile if that will enable me to get credit card approval from any bank...is that possible? I need senior members please your advice is highly needed, thanks in anticipation.

 

[NewCan]

Hello boys and girls

I been living in Canada for past 18 years and had several bank accounts. Choose you bank carefully. Royal bank is the no.1 bank in Canda but there are several other banks as good as Royal bank. Its all depends on the best deal you can get for example
TD Bank offers = 12 free transaction a month for $ 3.95 a month but if you maintain $ 2000 a month you dont have to pay anything
CIBC offers = 12 free transaction a month for $ 3.90 a month but if you maintain $ 1000 a month you dont have to pay anything
Scotia Bank = 12 free trasaction a month for $ 3.95
Royal Bank = 12 free transaction a month for 4.00 no minimum balance required

I am sure you have no idea how many transactions you are going to do when you first arrive so just open an account with one of the bank above and you can always change for free of cost.

 

[girturtle]

Does anyone have any experience with Tangerine?

 

[wan2no]

Does anyone have any experience with Tangerine?

I found tangerine most convenient as no fee and can operate in any Scotia atm booth. Again,Open your first Tangerine Account with at least $100 deposit using this Orange Key 47191093S1 and get $50!I checked it works great for me!