Open a "Scotiabank" Account in Dubai...

[qorax]

Dear Friends,

As I had discussed earlier, plz be on the know that we can 'open' a Canadian Bank's a/c -right from here... in Dubai.

I know many International Banks also have this facility, like HSBC, RBS, StanChart etc. But, those banks are better 'avoided'. Why? 'Coz, due to their enormous charges, low interest rates & poor presence in Canada.

I suggest, go for 'Scotiabank'...
Why?
1. Huge presence in Canada. With ATMs in nearly all over the country [even in small towns].
2. Zero charges for 1 yr. [Free 1yr a/c].
3. Free Cheque book for a yr.
4. Free remittances for a yr.
5. Free 'Locker' for a yr.
6. Free Credit Card [deposit inked, Limited] for a yr.
7. Has a 'tailored-made' a/c for us -New Immigrants. [the 'Start Right' program].
8. All info   @   www.startright.scotiabank.com.
9. Only 2 other banks have such presence, TD Bank & CIBC. [both do not have a scene here, in Dubai].

Why to open a/c here?
-For ease of carrying the 'landing funds'.
-We don't need to carry cash, draft, TCs, statements etc.
-And the money is immediate at hand in Canada.

HOW TO GET IT ORGANIZED IN DUBAI ?
HDFC Bank Representative Office is dealing with Scotiabank here. I have just touched base with them; and found their reps very helpful. For further info / action on the subject, plz note the following:
-Tel. no.: 04-3966991 [extn: 214]
-Contact Person: Ms. Tejal
-Currency deposited: AED
-Charges: NIL

More on it later...

Warm regards,
Qorax.

[hmisabpk]

Dear Friends,

As I had discussed earlier, plz be on the know that we can 'open' a Canadian Bank's a/c -right from here... in Dubai.

I know many International Banks also have this facility, like HSBC, RBS, StanChart etc. But, those banks are better 'avoided'. Why? 'Coz, due to their enormous charges, low interest rates & poor presence in Canada.

I suggest, go for 'Scotiabank'...
Why?
1. Huge presence in Canada. With ATMs in nearly all over the country [even in small towns].
2. Zero charges for 1 yr. [Free 1yr a/c].
3. Free Cheque book for a yr.
4. Free remittances for a yr.
5. Free 'Locker' for a yr.
6. Free Credit Card [deposit inked, Limited] for a yr.
7. Has a 'tailored-made' a/c for us -New Immigrants. [the 'Start Right' program].
8. All info    @    www.startright.scotiabank.com.
9. Only 2 other banks have such presence, TD Bank & CIBC. [both do not have a scene here, in Dubai].

Why to open a/c here?
-For ease of carrying the 'landing funds'.
-We don't need to carry cash, draft, TCs, statements etc.
-And the money is immediate at hand in Canada.

HOW TO GET IT ORGANIZED IN DUBAI ?
HDFC Bank Representative Office is dealing with Scotiabank here. I have just touched base with them; and found their reps very helpful. For further info / action on the subject, plz note the following:
-Tel. no.: 04-3966991 [extn: 214]
-Contact Person: Ms. Tejal
-Currency deposited: AED
-Charges: NIL

More on it later...

Warm regards,
Qorax.

Hi Qorax,

your information, opinion and comments in this forum always very useful and accurate (in my opinion).
Regarding the bank account very good information you have mentioned here, my question Is any bank have the same facility in Kingdom of saudi Arabia? OR there representative in any any bank of Saudi Arabia.
Even we face many difficulties to send Draft and transfer money in CAD Dollar from KSA, only few banks are having this facilities.
I hope some one from KSA will share with their experience in this forum.

If any one  have information about KSA bank please share on this forum.

best of luck to all

[pammi]

Hi Qorax,
Very useful information.Can u pls ask Ms.Tajel(contact person in dubai for scotia bank) if it is possible in Kuwait also and whom to contact here.
1 more question-I have not recieved my pp back.Ecas-Decision made on 1 feb.How many days it will take around and if u can tell if Abudhabi has got any internalcourier this week?I am very anxious and nervous its been total 42 days without pps.
regards
pammi

[qorax]

Dear HMI & Pammi,

I'll check with HDFC-Dubai about KSA & Kuwait on sunday & come back to u both.

Pammi,  About your pps return, plz hold-on a bit. Keep that 6 weeks margin [as the PPR letter suggests] & all will be Ok.

[b2c]

Here is the procedure for opening the account with Scotia Bank in Canada from India. But I am not sure whether NRIs can open the accounts while being outside the country.  Have a look.........

http://scotiabank.com/mcben/cda/content/0,1679,CCDmcben_CID3311_LIDen_SID124_YID29,00.html

[qorax]

Here is the procedure for opening the account with Scotia Bank in Canada from India. But I am not sure whether NRIs can open the accounts while being outside the country.  Have a look.........

http://scotiabank.com/mcben/cda/content/0,1679,CCDmcben_CID3311_LIDen_SID124_YID29,00.html

If there is no 'representative office' in the country, we cannot open Scotiabank a/c from that country. Dubai, India & Phillipines has that. Others I'm not aware of.

Ps.: the Scotiabank website doesn't give those info as well, that's why we r all purturbed.

[sohailss]

Hi Quarex;

will you please which bank / exchnage is Saudi - Jeddah should be approahed for draft in Canadin Dollar.

Regards

[charmeuse]

Thanks Qorax and b2c for this very useful information!

[qorax]

Hi Quarex;

will you please which bank / exchnage is Saudi - Jeddah should be approahed for draft in Canadin Dollar.

Regards

Bro, with KSA I am not sure. But from here [Dubai] any & every Forex House does that, including banks [if we have an a/c with them].

[mtlguy]

qorax,

 I guess Scotia bank is ok for a start but you might want to switch to a different bank before they start charging you a fee for using your own money.

I learned the details about banking in Canada the hard way. Paid more than 100$ in fees before finally switching to a bank with no fee what so ever.

I recommend you visit the websites of the following banks

Royal Bank of Canada (RBC)
TD Canada trust

HSBC (one of the best for immigrants...check out their passport account)
http://www.hsbc.ca/1/2/en/personal/chequing-savings/hsbc-passport

Scotia Bank (you have already checked this one)
CIBC
National Bank
Bank of Montreal (BMO)

On comparing the checking account types, you will find out that some banks charge a monthly fee for your checking account + an additional 60 cents if you exceed the limit of free transactions. You probably want to avoid this.

Some banks offer unlimited transactions if you have a certain balance e.g 2000$ or 3000$ and also have your monthly fee waived off. You might probably want to select one of these banks.

Once again...nothing wrong with Scotia bank...if you do open an account, ensure you switch it before then end of 1 yr.

By the way HSBC and TD are the only 2 banks that offer credit cards to immigrants who definitely do not have a credit history in Canada. If having a basic credit card is important you might want to consider these banks. Else the rest of the banks will provide you with a secured credit card.

If anybody needs any info on banking in canda pls feel free to ask...i'd be more than happy to find out if I dont know the answer.

[qorax]

Hi MTL,

Thanx for the ifo. It was well written & great!

U r right with TD Bank, RBC & CIBC. All of them r at par with Scotia [as I wrote before]. But, none of therse have a rep office here in the UAE. Thus, the only choice remains with Scotia, for us.

As for HSBC, I personally would avoid them, as they r too pricey... in everything. Besides requiring a larger 'minimum balance'. Else, the charges go up, quite high. Here I have a 'corporate a/c' with them. But for 'personal [savings] a/c', I deal with Citibank. Thus, my opinion on HSBC.

About National Bank & BMO, I do not have any info. Could u kindly advice on these 2 banks a bit more, please?

Thanx & Regards,
Qorax.

[mtlguy]

Hi MTL,

Thanx for the ifo. It was well written & great!

U r right with TD Bank, RBC & CIBC. All of them r at par with Scotia [as I wrote before]. But, none of therse have a rep office here in the UAE. Thus, the only choice remains with Scotia, for us.

As for HSBC, I personally would avoid them, as they r too pricey... in everything. Besides requiring a larger 'minimum balance'. Else, the charges go up, quite high. Here I have a 'corporate a/c' with them. But for 'personal [savings] a/c', I deal with Citibank. Thus, my opinion on HSBC.

About National Bank & BMO, I do not have any info. Could u kindly advice on these 2 banks a bit more, please?

Thanx & Regards,
Qorax.

I am aware of the fact that BMO does not waive the monthly fee. It appears that National bank doesn't either.

http://www.nbc.ca/bnc/cda/productfamily/0,2664,divId-2_langId-1_navCode-16134,00.html#packages

I guess you are heading in the right direction. Open an account with Scotia bank and then move to some other ones before the end of 1 yr.

Banks which waive the monthly fee subject to meeting account balance requirements are

1. TD Canada trust
2. Scotia Bank
3. HSBC

Once you land in Canada, you might be able to select the best bank depending on its proximity to your residence..the banking hours etc.

Last but not the least...do not cancel all your credit cards...atleast carry one to Canada and keep paying the cc balances through your existing bank account in the middle east. It takes a while to establish credit and you will go nuts without a credit card.

If you need any other info, feel free to ask.

By the way...where and when are you planning to land?

[alice_chained]

RBC has the biggest presence in Canada. TD is also a good bank there. Scotiabank really does not have that many branches.

Pleas note that the charges are crazy for ATM's if you use another banks ATM. And Scotiabank has really few ATM's compared to RBC and TD. Actually RBC has the most.

[alice_chained]

If i remember correctly they used to Charge CDN 1.25 per ATm TXN from another bank's ATM.

[wilson]

Hi,

In Saudi you can get draft from Al Rajhi Bank, HSBC ( SABB), Saudi American Bank, Al Hollandi Bank, National Commercial Bank, Arab National Bank and still more...... 

Hi Quarex;

will you please which bank / exchnage is Saudi - Jeddah should be approahed for draft in Canadin Dollar.

Regards