The best Canadian bank for new comers??

[canada11]

If you are tech savy & dont like to visit branch for trivial matters , which I find a norm in Canada, then go for PC financial. 100% free banking...

You wont find much branches of Scotia or HSBC in GTA. TD bank works on weekends and evening so ppl prefer them but I always find them overcrowded no matter which branch you go in.

RBC is a decent choice. You can get free banking in it also if you have two products that is credit card or any investment plan. You may also get free banking from it if you opt for one withdrawal per month limit . Mind it , agents over there wont tell you that. You need to ask them.

Opening bank account is hassle free ... Keep 30-45 minutes to open bank account. SO no need to open from your country.

Dear all,
I am planning my landing in mid October. Never been to Canada before. Have seen qorax's helpful post of settlement chronology, but still have doubts in regards funds maintenance.
Currently I keep my funds on my home country's HSBC bank account, but in order to be able to show POF at port of entry, I 'd like to understand if it is a good idea and if it is possible at all to open a bank account from overseas after getting CoPR and transfer the money to Canadian bank account couple of days before landing?
If yes, which banks of those - Scotiabank, HSBC, PC financial, RBC would you guys suggest given the priority to low maintenance fees? Also the most important criteria at this moment are which of these will agree to open an account for a foreign national without any SIN yet and which are charging less for incoming transfers?
If no, what are my other options of bringing my funds to Canada in other currency than CAD?
Please share your inputs guys, your assistance is very appreciated.

 

[valsanail]

If you are tech savy & dont like to visit branch for trivial matters , which I find a norm in Canada, then go for PC financial. 100% free banking...

You wont find much branches of Scotia or HSBC in GTA. TD bank works on weekends and evening so ppl prefer them but I always find them overcrowded no matter which branch you go in.

RBC is a decent choice. You can get free banking in it also if you have two products that is credit card or any investment plan. You may also get free banking from it if you opt for one withdrawal per month limit . Mind it , agents over there wont tell you that. You need to ask them.

Opening bank account is hassle free ... Keep 30-45 minutes to open bank account. SO no need to open from your country.

Thank you for friends for your time and inputs. But the only reason why I try to get account from abroad is to transfer my funds before arrival so that I could ensure port of entry officer that I have brought my funds with me because i cant arrange transfer from home country at a later stage. Also I don't think i can bring the money in cash coz those are in intl currency at home country (not my national currency) so in case of withdrawal I will have to pay extra charge. Btw guys if I somehow arrange to open a Canadian bank account being abroad is it safe to transfer the money before landing, could that cause any complications?

 

[steaky]

Btw guys if I somehow arrange to open a Canadian bank account being abroad is it safe to transfer the money before landing, could that cause any complications?

Yes, it is safe to open a HSBC Canadian bank account from abroad and transfer money before landing. There are no complication.

 

[jc94]

If you are tech savy & dont like to visit branch for trivial matters , which I find a norm in Canada, then go for PC financial. 100% free banking...

You wont find much branches of Scotia or HSBC in GTA. TD bank works on weekends and evening so ppl prefer them but I always find them overcrowded no matter which branch you go in.

RBC is a decent choice. You can get free banking in it also if you have two products that is credit card or any investment plan. You may also get free banking from it if you opt for one withdrawal per month limit . Mind it , agents over there wont tell you that. You need to ask them.

Opening bank account is hassle free ... Keep 30-45 minutes to open bank account. SO no need to open from your country.

Erm, the only way to get a free RBC account is to hold a credit card and investments with them, otherwise it's $4-$30 a month.

Compare this to ScotiaBank where it's free with $3,500 in chequeing, TD where it's free with $3-5k (based on account) and others.

Regarding the GTA specifically, yes TD is always crowded and ridiculously understaffed. But they have amazing opening hours. Scotia has some outlets but their hours suck. That said, RBC's are getting worse and worse so not much loss there. If I want an RBC open past 5pm, generally I have to go down to Yonge and Collage during the week. CIBC's don't seem too bad and are on my consideration list though they don't seem to be free. BMO hasn't got amazing presence, but again has good options to waive fees to $0.

End of the day, just ensure whomever you go for has a branch near work or home. Preferably with hours that you can manage through a lunch hour if you don't have flexible working.

I HAVE an RBC account; but it's not proving at all cost effective given I still get charged for most anything beyond basic transactions including incoming wires and even a bank statement and therefore I'll be moving very soon.

 

[Zee2015]

I am a loyal customer with HSBC. Btw, how is them so far behind? At HSBC, I can continue to move my money between accounts held in different countries and access my out of country bank accounts. I'm not sure if other Canadian banks offers such services.

Perhaps you changed because you don't need access funds in your other country (s).

Accessing my bank accounts online from one portal (HSBCnet), wherever they're in Canada or elsewhere, is one of the top services I found immensely helpful for myself as a globally mobile person. Transferring cash is a breeze and fees are fantastic for HSBC Premier clients which I'm part of.

Not sure though how the banking experience is with them in their Canadian branches. Here where I live in Saudi Arabia it feels like a bit like VIP whenever I visit Premier lounges for banking errands. Not as fantastic as I hoped but way better than getting thrown behind long queues in the general services section.

 

[steaky]

Not sure though how the banking experience is with them in their Canadian branches. Here where I live in Saudi Arabia it feels like a bit like VIP whenever I visit Premier lounges for banking errands. Not as fantastic as I hoped but way better than getting thrown behind long queues in the general services section.

Even in Canada, the experiences in holding one in different parts of the country are different. Some branches do not have designated lanes for Premier accounts holders.

 

[ozlis]

Accessing my bank accounts online from one portal (HSBCnet), wherever they're in Canada or elsewhere, is one of the top services I found immensely helpful for myself as a globally mobile person. Transferring cash is a breeze and fees are fantastic for HSBC Premier clients which I'm part of.

Not sure though how the banking experience is with them in their Canadian branches. Here where I live in Saudi Arabia it feels like a bit like VIP whenever I visit Premier lounges for banking errands. Not as fantastic as I hoped but way better than getting thrown behind long queues in the general services section.

When I was with HSBC they still didn't have any e-transfer methods, so if we wanted to pay anyone we had to wire it at a $30 fee per transaction.

Needless to say, I swapped banks very quickly.

 

[steaky]

When I was with HSBC they still didn't have any e-transfer methods, so if we wanted to pay anyone we had to wire it at a $30 fee per transaction.

Needless to say, I swapped banks very quickly.

You can use e-transfer at HSBC internet banking now!!

 

[valsanail]

So guys looks like I am keen on opening an account at Scotiabank, however while exploring their site I noticed that they don't have master card option, am I right? Only visa card is available and looks like this one was found the best in 2015. So does it even matter? Will this suffice?

 

[pie_vancouver]

Is there a major difference between visa or mastercard? For me they are the same credit cards with different names! Both have the tap option which is quick and easy for me, just don't lose the card hehe.

 

[CDNPR2014]

there really isn't much difference between visa and mastercard. both are widely accepted now. visa may have at one point been more widely accepted, though they seem to be pretty synonymous in the marketplace these days. if a bank offered me a mastercard, i would take it. it would certainly build credit just as much as a visa would!

 

[ozlis]

The only place I know of that Visa is not accepted and I wish it was is Costco.

I always forget that it is mastercard or debit only and have a quick panic about how much I have in my cart vs how much is available on my debit card....

 

[steaky]

The only place I know of that Visa is not accepted and I wish it was is Costco.

I always forget that it is mastercard or debit only and have a quick panic about how much I have in my cart vs how much is available on my debit card....

But Costco in the US accepts Visa while Mastercard on Canadian side. I know plenty of restaurants are cash only.

 

[pie_vancouver]

Costco switched to MC, before they only accept amex credit card and debit of course.
MC I guess won the bid?

 

[jc94]

I find most banks in Canada only offer Visa credit cards.

No Frills won't accept Visa credit. But that's the only place I've found, excepting places that only accept cash of cheque of course (for reference, only my apartment accepts cheques and nothing else because like my actual apartment they are stuck in 1960). *Random rant over*