Scotiabank vs TD Canada Trust, which bank to choose landed immigrant!!

[canadarace]

I am landing shortly by last week or May. I am wondering if some one can help me to choose bank to deal with. By going through different posts and feedback from different members, I came on conclusion that ScotiaBank and TD Trust are two good banks in term of new immigrant friendly, customer service, wide atms/ branches and working hours etc.

My needs as general,

Least expensive transactions, if possible .. Free
Good exchange rate, customer services
Widely availability
Easy to deal with financial products such as money transfers, cards etc.

*As a new immigrant, what type of bank account we should open initially, Checking or saving? or both?
* I have funds in US dollars and exchange rates are on its worst, $15200 USD are going to give me $14450, Should me open a USD account or CAD ?


Thanks for your feedback.

 

[qorax]

I am landing shortly by last week or May. I am wondering if some one can help me to choose bank to deal with. By going through different posts and feedback from different members, I came on conclusion that ScotiaBank and TD Trust are two good banks in term of new immigrant friendly, customer service, wide atms/ branches and working hours etc.

My needs as general,

Least expensive transactions, if possible .. Free
Good exchange rate, customer services
Widely availability
Easy to deal with financial products such as money transfers, cards etc.

*As a new immigrant, what type of bank account we should open initially, Checking or saving? or both?
* I have funds in US dollars and exchange rates are on its worst, $15200 USD are going to give me $14450, Should me open a USD account or CAD ?

Thanks for your feedback.

1. Both r comparable & have similar products. Be free to choose any depending on your personal preference/s.
2. U'd definitely require a Chequing a/c... another Savings one u may - provided u have addnl funds to lock-in.

Qorax

 

[daedalus]

This reply may come a bit late, but I would like the opportunity to express my opinion.

I arrived into Richmond in BC with prior intention to open a bank account with Scotiabank. You get pretty convinced by the PR material on the internet with all the perks for new immigrants. But the critical thing after having lived here for some months is that I find TD to be the better bank. Their bank accounts do require a certain minimum balance, which can also be used as the credit card limit. I have accounts with both Scotiabank and TD, and find that the level of service (getting your credit cards and debit cards on time) is better with TD. Plus there were more ATMs and branches around the city than Scotiabank. Plus TD also opens on Sundays. For a min $1000 locked-in balance for a cheque/ATM account, you get unlimited withdrawals. This was really important in the first few months as you are doing lots of purchases.

 

[amissa]

Owing to previous research, I opened an account with Scotia Bank prior to landing ( The startRight Program).
No problem so far and quiet satisfied with the service.
However at least in Montreal ( Quebec) where I am living, I realized that The Laurentian Bank has many more branch/ATM than any other banks. You can find them almost anywhere.
If someone has more information about this bank, please share.

Amissa