The best Canadian bank for new comers??

[johnjkjk]

yes, it's an online bank. No, it's definitely not the same as Tangerine - i've used that in the US.

they have bank locations at superstore and loblaws. they have atms at the locations and associates to help with issues. it's not a typical bank teller type of bank. the only reason to need to go to the location is to deposit or withdraw cash, which for me is easy because it's at my local superstore. you can also use cibc atms without fees. cheques can be be deposited through the mobile app. it's pretty awesome. plus, your bank card can be used for pc points. The one negative is they don't have any credit card options for newcomers, so i haven't been able to qualify for one yet.

Does PC offer a Visa Debit card that can be used online/in stores as standard? I can see that paper statements are charged but do you get e-statements and can these be verified/stamped and and can one get bespoke bank letters from CIBC, or are they a completely separate organisation that does't deal with PC customers? Do you have any experience with ordering a bank draft or international wire transfer?

Generally, what are the pitfalls and things to be wary of with online accounts? Are there any hidden charges that can creep up?

PS. do you know anything about Tangerine's "email transfer" (as opposed to Interac e-transfer)?

 

[CDNPR2014]

Does PC offer a Visa Debit card that can be used online/in stores as standard? I can see that paper statements are charged but do you get e-statements and can these be verified/stamped and and can one get bespoke bank letters from CIBC, or are they a completely separate organisation that does't deal with PC customers? Do you have any experience with ordering a bank draft or international wire transfer?

Generally, what are the pitfalls and things to be wary of with online accounts? Are there any hidden charges that can creep up?

PS. do you know anything about Tangerine's "email transfer" (as opposed to Interac e-transfer)?

i do not have a debit visa card. i think this might be available, it was not offered to me. Statements are electronic, i do not receive any paper statements and don't get charged for them. I am unsure about your other questions, so they would be good questions to ask PC Financial - their associates are helpful and are available by phone.

The only pitfall i found with the pc financial account was in the beginning, my deposits were held for 4 days. it made it difficult to use money until everything cleared. i think this might be a normal "new bank account" thing, though i'm not 100% sure if other banks do this. I think it took 3 months for them to stop holding deposits. the amount of money i was able to take out of ATMs at first was low. After a certain amount of time you can call them and they will increase it. Also, as i stated before, they don't have offers for newcomers, so it may be difficult to qualify for overdraft or a credit card. i have yet to be able to get either. besides that, i've been happy with them. no issues otherwise. i hate paying bank fees, so i'll take these negatives over having to pay a fee.

 

[steaky]

I've never had to go to an actual branch so often in all my life. The internet banking was so limited in what you could actually get done.

It was just a hassle to do anything really.

But no, international transfers were not our priority.

Can you specify what things cannot be done at HSBC Internet banking? A friend of mine cannot even pay her bill online through her TD or BMO internet banking.

 

[steaky]

RBC wrote to me saying they'll charge $15 for each transfer that I make into my account.
TD is even more - $17.50 for each incoming transfer.

Am really surprised by this - banking is definitely very primitive !

Then go for HSBC or PCfinancial or Tangerine

 

[MrTee]

which bank has ATM all over , (those from singapore like posb / ocbc)

and how much do they charge if you draw from other bank/network atm

 

[steaky]

which bank has ATM all over , (those from singapore like posb / ocbc)

and how much do they charge if you draw from other bank/network atm

Why do you need bank machines (to get cash?) all over if you can pay by credit or debit?

 

[MrTee]

Why do you need bank machines (to get cash?) all over if you can pay by credit or debit?

very good point but some time you need cash, I have BOA in the states and there are a lot of atms, just wondering what would be the canadian equivalent

 

[johnjkjk]

i do not have a debit visa card. i think this might be available, it was not offered to me. Statements are electronic, i do not receive any paper statements and don't get charged for them. I am unsure about your other questions, so they would be good questions to ask PC Financial - their associates are helpful and are available by phone.

The only pitfall i found with the pc financial account was in the beginning, my deposits were held for 4 days. it made it difficult to use money until everything cleared. i think this might be a normal "new bank account" thing, though i'm not 100% sure if other banks do this. I think it took 3 months for them to stop holding deposits. the amount of money i was able to take out of ATMs at first was low. After a certain amount of time you can call them and they will increase it. Also, as i stated before, they don't have offers for newcomers, so it may be difficult to qualify for overdraft or a credit card. i have yet to be able to get either. besides that, i've been happy with them. no issues otherwise. i hate paying bank fees, so i'll take these negatives over having to pay a fee.

So you only get an ATM card, not debit?

 

[CDNPR2014]

So you only get an ATM card, not debit?

i got a debit card, which is the same as an atm card. the debit card is not a visa debit card. it is only a debit card and can not be used as a credit card. from my experience, canadian bank cards are not automatically visa debit cards, those must be requested. most banks offer a plain debit card when opening an account. in the us this was different, i was always given a visa debit card, without having to request it.

 

[johnjkjk]

i got a debit card, which is the same as an atm card. the debit card is not a visa debit card. it is only a debit card and can not be used as a credit card. from my experience, canadian bank cards are not automatically visa debit cards, those must be requested. most banks offer a plain debit card when opening an account. in the us this was different, i was always given a visa debit card, without having to request it.

I see. So presumably you can't use this for online purchases, as you need to select Visa/Mastercard etc?

 

[jc94]

Any time that we needed anything slightly out of the ordinary, it was a total hassle.

Had a huge problem getting my letter from them for my PR application and the resulting complaints process was terrible.

I find them to be very sales oriented also, pushing products that I don't need or want. You will also get unsolicited phone calls which keep calling until you answer to sell you a product.

And then finally they charge fees for pretty well everything which is not competitive in the market with several no fee options around.

I've had the opposite service wise from RBC so it may vary. If you can find a smaller branch I got given cards with their emails on and they were really good.
That said, the sales angle is extremely annoying. And the fees are a pain.

My default "client" card works everywhere I've tried it. Even the temporary one worked though I had to swipe it as it had no chip.

 

[CDNPR2014]

I see. So presumably you can't use this for online purchases, as you need to select Visa/Mastercard etc?

correct. it can not be used for online purchases. i hardly shop online anymore. every store here takes debit, so i haven't really needed a credit card in every day life. i have a us credit card i use for emergencies/important online purchases, so i still have a bit of a safety net. if a credit card is needed, there are other options... a secured or prepaid credit card will be available to people with no credit. it's the non-secured credit cards that are harder to get.

 

[johnjkjk]

correct. it can not be used for online purchases. i hardly shop online anymore. every store here takes debit, so i haven't really needed a credit card in every day life. i have a us credit card i use for emergencies/important online purchases, so i still have a bit of a safety net. if a credit card is needed, there are other options... a secured or prepaid credit card will be available to people with no credit. it's the non-secured credit cards that are harder to get.

Good to know, thanks for the info. I'll ask them if they do Visa debit as I do sometimes make online purchases. I prefer not to use credit.

 

[CDNPR2014]

Good to know, thanks for the info. I'll ask them if they do Visa debit as I do sometimes make online purchases. I prefer not to use credit.

if plan to ask PC Financial, please share what you learn.

 

[MrTee]

If some one choose not to get a credit card how is that going to affect future loans like mortgage / buying a car, because if I understand correctly you need a good credit score which inherently comes from a good credit history. Now, how to build a good credit history without a credit card ?