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Future move experience - best bank option?

Oct 4, 2019
3
4
Hello everyone,

I've tried searching for other forum posts where users might've shared an experience that I could relate with, but I can't seem to find something that's close.
We've received PPR and I will soon travel ("soft-landing") with my wife to Canada to apply for our SIN and PR card.

Once that's done, we'll start planning our permanent move but we have no rush to do this any time soon.
We're thinking of moving in maybe a year or 2 from now.

What I'm interested in finding out is what might be the best bank option to open a bank account in.
During our "soft-landing", we want to bring in about USD$6,000 in cash and then eventually wire transfer our money.
A lot of banks charge monthly fees for not maintaining a minimum amount, fees for not using the account every month, or whatever other reason.

So far, these are the options I've found:

National Bank:
No flat monthly fee for up to 3 years.
The bank probably charges $15 to receive wire transfers, but I can't find a link to confirm this.
https://www.nbc.ca/personal/accounts/newcomers.html


Scotiabank:
No monthly account fees on the Preferred Package chequing account for one year.
The bank charges $15 for incoming wire transfers.
https://startright.scotiabank.com/newcomers.html
https://www.scotiabank.com/ca/en/personal/bank-accounts/fees.html


HSBC:
They charge a monthly fee if the minimum is not available, this depends on the account type.
Global transfer can be initiated only if both countries have a Premier or Advance account.
https://www.hsbc.ca/new-to-canada/
https://www.hsbc.ca/chequing-accounts/


TD:
The bank probably charges $15 to receive wire transfers, but I can't find a link to confirm this.
https://www.td.com/ca/en/personal-banking/solutions/new-to-canada/


RBC:
Monthly fee from $10 up to $30 for wire transfers.
https://www.rbc.com/newcomers/


BMO:
Charges $14 for incoming wire transfers.
https://www.bmo.com/pdf/Agreements_Bank_Plans_and_Fees_for_Everyday_Banking.pdf

It seems BMO and HSBC might be the best options so far from that list.

My concern is that since our permanent move will be up in the air for quite a while (possibly up to 2 years), I'd like to know if we need to file taxes for the bank accounts.
I'd also just like to know what other people in general have done, in case your situation was/is similar to ours.

Thanks!
 

Hurlabrick

Champion Member
Sep 4, 2016
2,358
575
Ottawa, ON
Visa Office......
London
App. Filed.......
23-06-2016
AOR Received.
12-07-2016
File Transfer...
23-08-2016
Med's Done....
08-06-2016
Passport Req..
21-12-2016
VISA ISSUED...
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LANDED..........
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Are you REALLY that worried about $10 - $15 for wire transfers!! They are all much of a muchness, decide.
 
Oct 4, 2019
3
4
Are you REALLY that worried about $10 - $15 for wire transfers!! They are all much of a muchness, decide.
No, I'm concerned about monthly fees for not using an account or whatever other reason a bank needs to chip money away.
Wire transfers are understandable and unavoidable.
 

subodhp

Hero Member
Jun 19, 2019
944
183
Toronto
No, I'm concerned about monthly fees for not using an account or whatever other reason a bank needs to chip money away.
Wire transfers are understandable and unavoidable.
Most big banks provide a 12 month scheme for newcomers when you don't pay the monthly fees. Afterwards if you have a reasonable balance, you can further ask for monthly fee to be waived.
 

steaky

VIP Member
Nov 11, 2008
14,298
1,628
Job Offer........
Pre-Assessed..
No, I'm concerned about monthly fees for not using an account or whatever other reason a bank needs to chip money away.
Wire transfers are understandable and unavoidable.
Depending what countries, Wire transfer can be avoidable. One can bring bank draft, gold and cash instead.
 

Hurlabrick

Champion Member
Sep 4, 2016
2,358
575
Ottawa, ON
Visa Office......
London
App. Filed.......
23-06-2016
AOR Received.
12-07-2016
File Transfer...
23-08-2016
Med's Done....
08-06-2016
Passport Req..
21-12-2016
VISA ISSUED...
24-12-2016
LANDED..........
11-04-2017
The onk8ne bank, Tangerine, have no monthly fees. Cash withdrawals free from any Scotiabank. BUT, they do NOT accept wire transfers (as I discovered first hand).
 

mahi2020

Hero Member
Oct 7, 2016
278
51
why shd a person with "up in the air" plans of moving open a bank account ?

anyways, if you can spare some change like 3000$ then most banks have accounts where monthly fee is waived off
 

canuck78

VIP Member
Jun 18, 2017
52,959
12,758
Hello everyone,

I've tried searching for other forum posts where users might've shared an experience that I could relate with, but I can't seem to find something that's close.
We've received PPR and I will soon travel ("soft-landing") with my wife to Canada to apply for our SIN and PR card.

Once that's done, we'll start planning our permanent move but we have no rush to do this any time soon.
We're thinking of moving in maybe a year or 2 from now.

What I'm interested in finding out is what might be the best bank option to open a bank account in.
During our "soft-landing", we want to bring in about USD$6,000 in cash and then eventually wire transfer our money.
A lot of banks charge monthly fees for not maintaining a minimum amount, fees for not using the account every month, or whatever other reason.

So far, these are the options I've found:

National Bank:
No flat monthly fee for up to 3 years.
The bank probably charges $15 to receive wire transfers, but I can't find a link to confirm this.
https://www.nbc.ca/personal/accounts/newcomers.html


Scotiabank:
No monthly account fees on the Preferred Package chequing account for one year.
The bank charges $15 for incoming wire transfers.
https://startright.scotiabank.com/newcomers.html
https://www.scotiabank.com/ca/en/personal/bank-accounts/fees.html


HSBC:
They charge a monthly fee if the minimum is not available, this depends on the account type.
Global transfer can be initiated only if both countries have a Premier or Advance account.
https://www.hsbc.ca/new-to-canada/
https://www.hsbc.ca/chequing-accounts/


TD:
The bank probably charges $15 to receive wire transfers, but I can't find a link to confirm this.
https://www.td.com/ca/en/personal-banking/solutions/new-to-canada/


RBC:
Monthly fee from $10 up to $30 for wire transfers.
https://www.rbc.com/newcomers/


BMO:
Charges $14 for incoming wire transfers.
https://www.bmo.com/pdf/Agreements_Bank_Plans_and_Fees_for_Everyday_Banking.pdf

It seems BMO and HSBC might be the best options so far from that list.

My concern is that since our permanent move will be up in the air for quite a while (possibly up to 2 years), I'd like to know if we need to file taxes for the bank accounts.
I'd also just like to know what other people in general have done, in case your situation was/is similar to ours.

Thanks!
In general it is best to create as little ties to Canada as possible before relocating for tax reasons. Opening a bank account is still limited ties but it is unclear how much banking you intend to do. There is no real benefit of opening a bank account 2 years before moving.
 

uppperkut

Hero Member
Jan 28, 2017
942
235
Somewhere in ON
In general it is best to create as little ties to Canada as possible before relocating for tax reasons. Opening a bank account is still limited ties but it is unclear how much banking you intend to do. There is no real benefit of opening a bank account 2 years before moving.
In my case, it was the easiest way I could think of to transfer my money from Dubai before closing my Dubai bank account. I only did a soft landing to open a Canadian bank account. Made my life much easier when I was able to wire money from Dubai. Leaving financial ties in UAE as a former expat is risky business if your empty bank account accumulates fees. I couldn't really think of an easier and safer way to transfer my lifetime savings, close my Dubai bank account and move to Canada all in one go.

As for ties, bank accounts are considered secondary ties. I spoke to CRA about this and was told that residential ties play the biggest factor. If your whole life is in a particular country (job, address, social and economical ties, car, etc.), and only spent a few days or weeks in Canada for the purpose of landing, having a couple of secondary ties wouldn't be an issue at all.
 

gmgauravmehta

Member
Feb 19, 2018
18
5
Toronto
Category........
FSW
NOC Code......
0124
In my case, it was the easiest way I could think of to transfer my money from Dubai before closing my Dubai bank account. I only did a soft landing to open a Canadian bank account. Made my life much easier when I was able to wire money from Dubai. Leaving financial ties in UAE as a former expat is risky business if your empty bank account accumulates fees. I couldn't really think of an easier and safer way to transfer my lifetime savings, close my Dubai bank account and move to Canada all in one go.

As for ties, bank accounts are considered secondary ties. I spoke to CRA about this and was told that residential ties play the biggest factor. If your whole life is in a particular country (job, address, social and economical ties, car, etc.), and only spent a few days or weeks in Canada for the purpose of landing, having a couple of secondary ties wouldn't be an issue at all.
Hey @uppperkut i have the same condition as yours. Flying for soft landing from Dubai, with same worries of not leaving my funds here after i move out of UAE, which bank account has provided you best option in Canada? Have you been able to move your funds already to canada from dubai? Any issues, glitches? Did you open scotia account from here on in Dubai? Please share more details on the choice and process you went through to have funds moved to canada...currency rate? from which local bank here in dubai? etc etc...would be great help. Thanks
 

Musti82

Star Member
Oct 9, 2017
100
40
its funny i have been working for the same bank who i opened my first account as an international student 15 years ago,

my advice to you: stay with the top 5 bank, yes smaller banks might be cheaper (tangerine, simplii) but u ll get stuck at one point and they wont provide very good service.

the top 5 at least is close to each other. i have never dealt with another bank in my life, but from my clients, i say stick to RBC, TD, Scotia , BMO, lastly CIBC.

im with RBC.

get visa card, they have one for new immigrants i think limit is 2,000, use it and pay it on time often, u need to build credit, its one of the most importnt thing here.
 
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uppperkut

Hero Member
Jan 28, 2017
942
235
Somewhere in ON
Hey @uppperkut i have the same condition as yours. Flying for soft landing from Dubai, with same worries of not leaving my funds here after i move out of UAE, which bank account has provided you best option in Canada? Have you been able to move your funds already to canada from dubai? Any issues, glitches? Did you open scotia account from here on in Dubai? Please share more details on the choice and process you went through to have funds moved to canada...currency rate? from which local bank here in dubai? etc etc...would be great help. Thanks
I didn't really compare banks, to be honest. I just went with TD because it's what family and friends used. Looking back, I would've still gone with TD. It's been 2 years and I've had no issues. My only complaint is that the type of CAD account I opted for requires me to maintain a balance of $5000 every day, otherwise, I pay a monthly fee. So it's essentially unused money that I could be investing. On the positive side, it gives me a credit card rebate and some other benefits that I don't remember lol. Digital banks have zero fees, but they're not as convenient, especially if you have a USD account and need to withdraw/deposit USD regularly.

During the 2 weeks I spent during soft landing, I was able to open CAD and USD accounts and was offered an unsecured credit card given that I deposited around $15k USD. I was asked about my salary back in Dubai as well, so that helped. If you tell them you're planning to move your savings from Dubai, they will give you a good deal for sure.

I would encourage you to keep 90% of your funds in a USD account until you move because USD is more stable. You can transfer your funds in one go, or in batches from your Dubai account and the rates aren't bad at all. I think they were less than $60 for pretty much any amount under $100k. It might be even more than $100k. I used my ENBD AED to USD rates. I looked for convenience rather than saving a few $ going to a currency exchange like Al Ansari or whatever. It was also safer in my opinion and I had no issues.

Finally, you should definitely get a credit card—whether secured or not—and start using it. You can pay any online subscriptions, for instance, to start building a credit history. By the time you move here, it'll make your life much easier when applying for any other lines of credit. If you want to get a post-paid mobile plan, for instance, you need some credit history. It also lessens the burden of renting an apartment—although not by much—because landlords will almost always require a credit report to assess your financial stability.
 

gmgauravmehta

Member
Feb 19, 2018
18
5
Toronto
Category........
FSW
NOC Code......
0124
Thanks bro, I just returned from Toronto and opened Scotia account with a card with good limit. Now, I can securely move my funds, that was a concern. How's the job market and your exp moving from dxb. Thanks
 

janrego

Newbie
Jan 12, 2019
4
0
Currently in the similar situation and planning on making our entry to Canada next month and leave the UAE. Just contemplating how to move our funds from the bank here to there. We are making a hard landing, so will need to close our accounts in UAE before leaving.
 

steaky

VIP Member
Nov 11, 2008
14,298
1,628
Job Offer........
Pre-Assessed..
Currently in the similar situation and planning on making our entry to Canada next month and leave the UAE. Just contemplating how to move our funds from the bank here to there. We are making a hard landing, so will need to close our accounts in UAE before leaving.
Why close your accounts? It's legal to keep money outside Canada.