Things To Know Before You Go To Canada...really?

[steaky]

Canadian banks

Canadian bank is not your ordinary bank; therefore, here are the few important things you should know:

1.1 They don't have VISA, MasterCard etc debit cards, but they have the so called "client cards", which can be used in ATMs, but cannot be used on the Internet.HUH?

Maybe some doesn’t have Visa & MC debit cards, but others are associate with other networks such as Cirrus & Plus which can also be use to withdraw money from overseas ATMs. For internet use, some banks requires you to register with them before you go internet shopping.

1.4 International wire transfer is the big thing in Canada. Usually there is only one specialist at a bank who knows how to perform one.

Depend on which bank

1.5 Your account manager will never answer the phone. So, don't be upset, use the online customers support on the internet. They will answer you within 2 business days.MY ACCOUNT MANAGER ANSWERS ON THE SAME DAY

Depend on which bank and your relationship with the manager

1.6 During the first year you'll not be able to send money from your account to any other bank in Canada or abroad. You will have to go the bank and ask their permission to do that. If they feel good about it then you'll be able to send your money whenever you want to. This is one of the reasons why Canadian banks are so strong - you cannot get your money out so easily!

try HSBC and you will feel so good that you can transfer money between your bank accounts and designated third parties via internet banking in different countries anytime without hassle to visit your local branch

 

[Baloo]

FWIW banks in Canada usually provide a lot of services online.
Including international transfers. Online can save you 50% of the cost.

 

[toby]

Steaky: You said "try HSBC and you will feel so good that you can transfer money between your bank accounts and designated third parties via internet banking in different countries anytime without hassle to visit your local branch."

I was considering an HSBC account in Hong Kong, but to use their debit card in another country, whatever money I wire-transferred into that account had to be converted first to HK dollars. For example, if I transferred US dollars to my HK account, and wanted to withdraw US dollars while in the USA, HSBC would convert the US dollars into Hong Kong dollars, and then back into US dollars. That's two conversions, and HSBC makes a tidy commission on both conversions.

 

[Bangkokcanuck]

Steaky: You said "try HSBC and you will feel so good that you can transfer money between your bank accounts and designated third parties via internet banking in different countries anytime without hassle to visit your local branch."

I was considering an HSBC account in Hong Kong, but to use their debit card in another country, whatever money I wire-transferred into that account had to be converted first to HK dollars. For example, if I transferred US dollars to my HK account, and wanted to withdraw US dollars while in the USA, HSBC would convert the US dollars into Hong Kong dollars, and then back into US dollars. That's two conversions, and HSBC makes a tidy commission on both conversions.

Whomever gave you the details on the bank account did not give you very good info. HSBC has an account class called Premier, I have Premier accounts in SG, HK, Panama and Canada and I can move between all four online, but most importantly I can have my "base" account in each country in the local currency and then another 11 currencies in what they call sub accounts of the main one. I move money all the time from where ever to SG (my fav banking spot) IN USD then out again in USD to whatever account I want.. there is a fee for this but it is a very very small % and a lot cheaper than doing a bunch of FX exchanges...I only have CAD, SG and USD on my SG account, and all three provide me with a unique ATM card and PIN number.. naturally I only carry the card I use most, which in most places is the USD card but that will be changing to the CAD one soon enough..

 

[steaky]

Whomever gave you the details on the bank account did not give you very good info. HSBC has an account class called Premier, I have Premier accounts in SG, HK, Panama and Canada and I can move between all four online, but most importantly I can have my "base" account in each country in the local currency and then another 11 currencies in what they call sub accounts of the main one. I move money all the time from where ever to SG (my fav banking spot) IN USD then out again in USD to whatever account I want.. there is a fee for this but it is a very very small % and a lot cheaper than doing a bunch of FX exchanges...I only have CAD, SG and USD on my SG account, and all three provide me with a unique ATM card and PIN number.. naturally I only carry the card I use most, which in most places is the USD card but that will be changing to the CAD one soon enough..

Yes, that's HSBC Premier. I can move my currencies between HK and Canada for free. Each also provide me a HSBC Premier MC credit card.

Toby: You said "whatever money I wire-transferred into that account had to be converted first to HK dollars" is not entirely true. To avoid this from happening, before the wire-transfer, you can first talk to your relationship manager for assistance and then he/she will waive the associate cost and the entire sum of money you wire transferred will be in your HK HSBC account.

I agree that there may be lost of currency conversion rate when you use your HK debit card in a foreign country. That's why I set up a CA HSBC Premier account beforehand, so that I can use the debit card for all daily expenses and ATM withdrawal in CA.

 

[Latvian]

Just had not so nice experience with BMO...

I've been in Canada for over two years now on work permit and already have VISA with RBC & Master Card with do-not-remember-who-with. I applied for BMO Master Card being their customer for over a year so they've requested a collateral deposit as I do not have PR card/status. I explained that I've landed 10 days ago and that it takes up to 2 months for CIC to send PR card, but they didn't care. I know every bank has it’s own policy, but it just seem to be weird to act like that from their side also knowing they could run a credit check, etc.

 

[emrn]

My husband is Canadian and he is one of the nicest person I know. I would even make fun of him whenever he calls anyone or pay at the cashier he always say "hey, how are u?" Lol I think it's very nice and sweet of him to do that even when he calls complaining of a certain service he says that hey how are u line and then after that he throws a b**ch fit. It's a good practice though and I'm trying to learn it too lol. ;D

 

[shamsia]

My husband is Canadian and he is one of the nicest person I know. I would even make fun of him whenever he calls anyone or pay at the cashier he always say "hey, how are u?" Lol I think it's very nice and sweet of him to do that even when he calls complaining of a certain service he says that hey how are u line and then after that he throws a b**ch fit. It's a good practice though and I'm trying to learn it too lol. ;D

Hahaha! This had me in splits! Lol! First you ask a person if they are doing good and then you set about to destroy that!

 

[canuck0469]

As a Canadian I also ask everyone how they are doing. When dealing with poor service it is nice to know how they are. If they answer they're good I can tell them I am about to ruin thier day, if they answer thier shitty, I can tell them they have no idea how shitty thier day is about to become ;D

 

[BeShoo]

Than why didn't he say so?

That is what he said: "They don't have VISA, MasterCard etc debit cards". You can use them in ATMs but not on the Internet. I'm sure it was clear to the write, though now to most Canadian readers. Anyway, the page is silly at the very least. I found it funny, it's so ridiculous but insulting to Canadians at the same time.

 

[dair2dv8103100]

My husband is Canadian and he is one of the nicest person I know. I would even make fun of him whenever he calls anyone or pay at the cashier he always say "hey, how are u?" Lol I think it's very nice and sweet of him to do that even when he calls complaining of a certain service he says that hey how are u line and then after that he throws a b**ch fit. It's a good practice though and I'm trying to learn it too lol. ;D

LOLz...that is why when anyone calls me and asks me how I am ... I always answer... I am good at the moment`` ... OR... Can I let you know at the end of the phone call... LOL

 

[toby]

Whomever gave you the details on the bank account did not give you very good info. HSBC has an account class called Premier, I have Premier accounts in SG, HK, Panama and Canada and I can move between all four online, but most importantly I can have my "base" account in each country in the local currency and then another 11 currencies in what they call sub accounts of the main one. I move money all the time from where ever to SG (my fav banking spot) IN USD then out again in USD to whatever account I want.. there is a fee for this but it is a very very small % and a lot cheaper than doing a bunch of FX exchanges...I only have CAD, SG and USD on my SG account, and all three provide me with a unique ATM card and PIN number.. naturally I only carry the card I use most, which in most places is the USD card but that will be changing to the CAD one soon enough..

I don’t have a Premier account in Hong Kong; I have a Smartvantage account. Does this make a difference?

(Brief background: Only when I had an investment with HSBC in Britain did I have the requisite 60,000 EURO minimum to qualify for Premier. Now that I no longer have that investment, I have any idle cash ready to go at my brokerage firm, not in a bank – any bank.)

So, let’s use my HSBC (Hong Kong) account as an example. The base account is Hong Kong dollars (HKD). Yes, I can (and do) have sub-accounts in Euros, and US dollars.

If I am travelling in the USA, and use an ATM to withdraw US dollars, the cash does not come directly out of my US sub-account (which would be ideal). Instead it must come from my HK dollar account, and be converted into USD (at a small commission to HSBC), even though I already have USD in my sub-account.

If there is not enough money in my HK dollar account to provide the US dollars I want, I must go online to switch enough US dollars into my HK dollar account (small commission to HSBC) to allow the subsequent conversion back into US dollars at the ATM (another small commission to HSBC).

The only way I can see to avoid this plethora of commissions to HSBC is to have a base account in US dollars at an HSBC branch in the USA.

I have had this arrangement of withdrawing only from my base HK dollar account explained twice to me by HSBC, so I am sure I’ve got that part right.

 

[steaky]

I don't have a Premier account in Hong Kong; I have a Smartvantage account. Does this make a difference?

Of course there is difference. At the very least, as a Smartvantage account holder, you cannot go to Premier banking centres for a cup of hot coffee, expresso or cappuccino!

 

[toby]

Of course there is difference. At the very least, as a Smartvantage account holder, you cannot go to Premier banking centres for a cup of hot coffee, expresso or cappuccino!

I am an investor, Steaky, so leaving money idle in a bank -- enough to qualify for HSBC Premier status -- goes against my grain. And if you inadvertently fall below the minimum amount, Premier charges a heft monthly penalty. That cappuccino can be a VERY expensive cup of coffee!

Furthermore, if I should miss the taste of HSBC Premier coffee, I can always go to Shenzhen where the local HSBC still considers me a worthwhile human being --- i.e. a Premier customer.

But back to the point: Bangkockcanuck, do I explain myself clearly, and am I right to think that you avoid the plethora (yes, plethora! ) of HSBC conversion commissions only by means of having an HSBC base account in each country where you want to bank, and thus you are simply withdrawing local currency from that local base account (i.e. no conversions t base currency necessary)?

Again, this is different from my situation, where I wanted just one base HSBC account (in Hong Kong), plus several secondary accounts. My plan was to withdraw CDN cash directly from my CDN secondary account in Hong Kong, and not have to convert first to HK dollars, and then back into CDN dollars for cash in Canada. Can't be done, methinks. HSBC wants its commissions.

But I await enlightenment from you.

 

[steaky]

Again, this is different from my situation, where I wanted just one base HSBC account (in Hong Kong), plus several secondary accounts. My plan was to withdraw CDN cash directly from my CDN secondary account in Hong Kong, and not have to convert first to HK dollars, and then back into CDN dollars for cash in Canada. Can't be done, methinks. HSBC wants its commissions.

But I await enlightenment from you.

But if you have both Premier accounts in Canada and Hong Kong, you can transfer at no cost and no commissions between the accounts. Once your CDN in Hong Kong was transferred to Canada, you can get CDN from your Canadian account without worrying the commission and exchange rate.