Banking in Canada ///Save your money by reading this

[toenjoy]

Banking in Canada

Hi Friends,

My aim is to save your money by writing this...

I have wasted my money because I never know about this.

Let's begin about Banking in Canada

Points to remember when go to Bank for New account opening

1)   How many transactions you need per month from you account

Here in Canada no bank provides free account, you have to pay account handling fees per month. Account handling fees is depends on number of transactions

If you select 25 transaction approx fees is 8.95$.Another way to waive account handling fees is to maintain minimum balance approx $2000 for whole month if your account balance goes below by single penny bank will automatically deduct account handling fees.


How bank calculate the transaction?

Any single debit,credit and withdrawal from machine will consider as separate transaction.
You need chaques also. Getting 100 account chaques is also very costly like $ 40 approx.


But I would suggest you a Bank RBC: Royal Bank Of  Scotland

This bank offers free account for 6 months, with safety deposit box free 1year and unlimited chaques till 6 months.

No Bank is ready to give credit card  to new comer.you can get credit card free from RBC without any security deposit if you are high skilled immigrant.

Other bank still issue credit card but with security deposit starting from $ 1500.Bank will lock your deposit till 3 year .

[explorer101]

I would like to add :

1. the fee of non maintaining minimum amount by any bank can be credited again in account if someone calls call centre and talk nicely. I did that once, no problem.
2. minimum amount can be even $1000 to maintain.
3. Scotia Bank provides zero balance kind of thing for new immigrants under FSW for one year. Good option.
4. There is no need to take cheques ( except 4 cheques) given at the time of opening of account. Cheques are of not much use in Canada. You can do transactions even without issuing cheque
5.  Open chequing account - keep money for monthly/ fortnightly use in this account.
     Savings account _ dont keep any amount in this account.
     Power saving amount - keep money in this account, it is having better interest.
     US Dollar account : If you have US dollars keep in this account.( 2 free transactions of withdrawal is allowed in one month, next is $.65 charges per transaction )
6.   Never withdraw money from savings/ power savings account directly, first  transfer it to chequing account.
7.   Keep away from TD Bank.  
8.   Why anybody had not written about the banking procedure  before , that would have helped me a lot. It took me ages to understand banking here.  

[Classical_beat]

thanks both of you. for bringing a very important topic here.

[vicky1]

how about state bank of india branches in canada!

Banking in Canada

Hi Friends,

My aim is to save your money by writing this...

I have wasted my money because I never know about this.

Let's begin about Banking in Canada

Points to remember when go to Bank for New account opening

1)   How many transactions you need per month from you account

Here in Canada no bank provides free account, you have to pay account handling fees per month. Account handling fees is depends on number of transactions

If you select 25 transaction approx fees is 8.95$.Another way to waive account handling fees is to maintain minimum balance approx $2000 for whole month if your account balance goes below by single penny bank will automatically deduct account handling fees.


How bank calculate the transaction?

Any single debit,credit and withdrawal from machine will consider as separate transaction.
You need chaques also. Getting 100 account chaques is also very costly like $ 40 approx.


But I would suggest you a Bank RBC: Royal Bank Of  Scotland

This bank offers free account for 6 months, with safety deposit box free 1year and unlimited chaques till 6 months.

No Bank is ready to give credit card  to new comer.you can get credit card free from RBC without any security deposit if you are high skilled immigrant.

Other bank still issue credit card but with security deposit starting from $ 1500.Bank will lock your deposit till 3 year .

[explorer101]

how about state bank of india branches in canada!

Nobody would like to do transaction in a bank which has just one branch each in Mississauga, toronto and scarbrough. Yet to see an ATM of SBI.  Who has time, money and energy to travel to those 3 branches for doing business.  In Canada banks go as per the Reserve Bank of Canada, so all provide the same sort of banking.
Here are the account types:
http://www.sbicanada.com/personalbanking-supersaveraccounts.html

[Deeaar]

 Very good info...Thanks everyone.
  Keep adding more, it helps everyone to save money and live sensibly.
 
 Cheers !!!

[peanuts]

thanks wonderful people for posting!   will surely keep this in mind....

[attituderockz]

hi friends  this is a nice thread..

i have worked in banks in india for 5 years and now working ina bank here too.. lot of difference between both..banking is canada is bit expensiive

1.in india   if u dont have minimum balance  u will be charges...but here just to maintain a decent account u have to pay monthly feees.

2.In india we do all transactions from savings accounts..., but in canada if u withdraw money from ur savings accounts u will be charged  most of the times.

3.  the common day to day banking accounts is called chequing accounts in canada..u have to use this account and card for ur day to day transaction

4..the highest interest rate in canada  u may find as 1.5  to 2.00 for  ur savings  money...and that too u have to mainitain a balance of atelast 2-3 k dollars..for that


5.dont enter canadian stocks without proper knowledge and advice...in india u will be used to make losses in rupees..mind it its  in dollars  here...so for an immigrant  its highly advisable to stay away  from stocks..but  if u abt them take ur own risk..

6.for immigrants either go for scotiabank or RBc..presence is high....and scotiabank  offers u the chequing account for 1 year free ...means no monthly fees and also gives u a credit card for 1000 bucks...

7..NOT TO DISCOURAGE ANYONE  ....As I said  canada  population is low and there is really  heavy competition for all good jobs in toronto and vancouver.....so getting ur job is  ur first priority...getting ur money matters right will take some after u get set in a job...If u r a finance person  dont ever think of anhy other place except toronto...

8  if migrating with family open account for wife also ..so that u get 2 cards with 2000 dollar limit totally ..mite help a bit longer if u don't get a job fast

9. canada  will not make u rich  .. dont come with lot of dreams...canada  is place which offers  u high standard of living  and great social security..





9.

[Nomi2012]

good work
very well done
exactly what i needed

[at9459]

6.for immigrants either go for scotiabank or RBc..presence is high....and scotiabank  offers u the chequing account for 1 year free ...means no monthly fees and also gives u a credit card for 1000 bucks...

after 1 year do they charge if yes then how much?
so accordingly one should open a chequing account in scotiabank

[asim1990]

Hey people this is the grt nfo u people shared with all of us who will come canada soon...pls do the big favor..i read the canada banks description about how to open an account..can u please more explain "is they need introducer" which we new comer definitely dont have in canada(almost everyone)....and what kind of docx we should produce to them..

Keep doing the good job....

Regards

[kimwayne]

6.for immigrants either go for scotiabank or RBc..presence is high....and scotiabank  offers u the chequing account for 1 year free ...means no monthly fees and also gives u a credit card for 1000 bucks...

after 1 year do they charge if yes then how much?
so accordingly one should open a chequing account in scotiabank

Wow..Thanks for the good info!

[Chami]

first of all: RBC stands for 'Royal Bank of Canada' not Scotland
-US acct with Scotiabank is free debit transactions if u have $200.00 all the time (even drafts/money order fee will be waived if u need them, but remember that's only bank which offers u 4 free cheques at the openinng of an acct).
-Power Chequing acct has 15 free debit transactions, credits are free- it's more than enough. (Power Saving is different and follow 'explorer101' advice)
-If u need cash try to use only yr bank ATMs to get it, therwise another bank machine will charge u $1.5-2 per withdrawal.
-If u r a student the acct is very cheap $1.5 per month with Scotia and unlimited transactions (except another bank machine) 
-'attituderockz' in #8 ment the credit card- visa (not chequing acct) for $1000.00 for each adult which is notsecured visa, remeber that's bank money not yours, sometimes ppl don't understand that and debt afterwards...
-if u want to skip acct fees, u can open acct for ur kid/s (Getting There)and maintain it yourself untill they turn 18 y.o, it's free acct as well.

there are lots of good things with Scotiabank

Good luck,
Chami

[Victory]

Thanks all of you.

This informations is so helpful.

Ples update as well as what do you know.


Thanks once again~

[jnathan]

Nothing comes to comparison with practical experience. thanks !