Opening a Canadian Bank account

[wpsteel79]

I am moving to Canada in January 2010. Can somebody share their experiences of opening a Canadian bank account. I have both a UK HSBC and Citibank account What options are open to me?

[jes_ON]

moving from where?   Citibank being a US-based account?

Honestly, I had better experiences opening a bank account in so-called third world countries (I'm from the US).  I'm not in Toronto or Vancouver, tho, maybe I'm just in a banking backwater with 100,000 people :)

I have a Bank of America account, and chose Scotiabank in Canada because they have a reciprocal agreement where you can use an ATM card from one at the other without service charges.  I had thought (hoped) that this would mean that it would be relatively easy to move money back and forth between my two accounts. WRONG.  Had to make an appointment with the bank officer (there's only one), which took something like 4 weeks (don't do it February-April during "tax season").  Then it was the third degree.  There's apparently no standardized process to follow, because they kept coming back and asking for more papers, IDs, etc.   Then to make a deposit, they held my money for 3 weeks ("security" my arse).

What I should have done (instead of trying to deposit a check) was to withdraw cash from the ATM and deposit that.  But would have had to go to the bank several times, because of ATM limits.

After providing all that paper work, you know what happens if I want a new product or service?  Yup.  They want all the same paperwork all over again.  When I say "I already gave that to you" they say that they don't keep it, it all goes to the central office in Toronto.  "Don't you keep copies or records or have electronic access?"  No.  But you already did these clearances.  Sorry, have to do it again.

AFTER I got here, did find out that RBC is the only one (as far as I could find out) that makes it easy to move money between Canada and the US (because there is also an RBC in the USA).  (They have a program that caters to Canadian snowbirds in the US).  If I had known that before, I would have moved my account in the US to RBC there ...  can't recommend it on first-hand experience, but you are supposed to be able to make electronic transfers between accounts... Now I have to go thru a 3rd party to make those transfers (forex).  Scotiabank's idea of providing international transfers is to promote Western Union :)

There's a special, very hot place in the afterlife for American bankers, but Canadian banks make American banks look pretty good.  The only reason they have such a good reputation internationally is that the system is too backwards, too ... what's the opposite of transparent, opaque? for anyone to know any better.   (You wouldn't believe the stuff that still gets done on paper...).  You know, if you don't keep mortality statistics, there is no epidemic...

Anyway - yes, perhaps I got the one worst bank in Canada, but after being here for almost 2 years I have no reason to believe the others are much better.  Still, if I get PR and no longer have to worry about getting the boot, it will be worth the hassle of switching and finding out.

[Leon]

My experience, I started with an account at CIBC and later moved over to Presidents Choice.  I would not recommend CIBC, they were always making some mistakes or trying to convince me of doing things that were no good for me and from other people, I heard they were known for that.  I have also heard about people having problems with RBC but that depends on the branch.  I've heard only good things about TD and BMO.

Presidents Choice I would recommend if you want free banking with higher interests and are prepared to do all your banking online or through the phone but not until after you have severed all ties to money kept in old country because transferring money to them is pretty well impossible.  Any other bank should be able to handle international transfers.  Even CIBC managed to do it.

I have never heard anything about Scotiabank until now and I have actually never heard anything about Citibank or HSBC.

[BCKev]

I expect that a Canadian bank will require you to be physically present in their bank in order to open an account. This is what I've seen when trying to get some banking business set up before my wife came to Canada.

I agree with that TD would be a good bank to deal with.  Hate to tell you this, but the President's Choice banking is run by CIBC.

[toby]

Before anyone compares Canadian banks to banks in third-world countries, try Costa Rican banks.   You'll be glad to bank in Canada!!!!

I like RBC. My experiene is that you must establish a relationship with a particular officer, and then many things are possible that otherwise would not be.  Before opening the account, meet with him or her, and state  what you want to do (make transfers in from a foreign bank, or whatever), before opening an account. If he or she says what you want is possible (explaining how to do it), the open the account. If not, go to the next bank on your list until you find one where they have a "can do" attitude.

From then on, if you have any problems you just email or call your personal problem solver at the bank. Of course, you need more than $55.34 in the account to get attention.



 

[Leon]

I agree with that TD would be a good bank to deal with.  Hate to tell you this, but the President's Choice banking is run by CIBC.

I know but at least PC gives you a free account and way better interest rates.  The lack of service also makes for less mistakes because you are doing all of your banking online and you get to use all of the CIBC ATM's for free :)  Still, not recommended while you need to transfer money from old country.

[slavasz]

You already have UK HSBC account.
I think if it is Premium you can easily open the same type in HSBC Canada.
Or not?