Suitable Banks for Newly Landed Immigrants that Offer Great Deals

[dentoosh]

Hi All!

Does anyone here have any idea about the Newly Landed Immigrant-friendly Canadian Banks that offer good deals in terms of Credit Card, Interest Rate, Loan and Fund Transfer? Any and every guidance in this regard would be highly appreciated. Thanks!

 

[NetMecca]

Banks are continuously competing with each other with new products and services. When you are ready I would suggest you reach out to each of the major banks and see who offers you the best. They are RBC, TD, Scotia, BMO, CIBC. Good luck.

 

[bafonso]

I am planning on getting an account at Tangerine. Unless you need physical locations.. online banks are the best option right now.

 

[dentoosh]

I believe one must carefully select the bank for the simple reason that in future if you require a credit line/student loan for any graduate/post-graduate study, the bank should be generous enough to grant you one. The credit history helps you secure a loan so the bank should be chosen keeping these things in mind. Here, I'm just talking about the newly landed immigrants who want an academic diploma/degree to further hone their career skills.

 

[barch88]

I got a Scene Visa with Scotiabank when I landed and it's helped build up my credit. I don't really use it for the benefits too much because we moved and don't have access to a movie with SCENE any more and they removed the SCENE program from Sportchek - so now I just use it and pay it off each month in full to keep my credit going up. I have yet to apply for another card but I'm sure all the banks will offer a newcomer program, just go into the branch and ask. I don't know about line of credit and stuff but I'd say your chances of getting one are slim with no credit history yet.

 

[BC4life]

I am planning on getting an account at Tangerine. Unless you need physical locations.. online banks are the best option right now.

For newcomers I don't think that opening an account with Tangerine makes sense. Larger banks offer free banking for at least 6 to 12 months and have special programs/perks for new comers. With Tangerine yes there are no fees but as a newcomer without Canadian income and credit you will find it impossible to qualify for their credit card. Tangerine also does not offer free cheques and you can't get drafts from them which may be needed for house rental for instance. As a newcomer having access to a physical branch can also come in handy instead of having to phone to try to explain your issues. Also building a relationship with a more established bank will be useful when your need go beyond simple day-to-day banking, such as getting a car loan or a mortgage.

Tangerine also does not do international wire transfers, but they may have introduced this option recently so not sure about that.

After one or two years in Canada then yes you can move to a no frills, online bank such as Tangerine or Simplii.