Banks in Canada

[Suin]

Hello,
could you please advise what is the most convenient bank for the newcomers to Canada?
Where it is more suitable to open a debit account and visa?
All inputs are very welcome.
Thank you in advance.

 

[qorax]

Suin, I thought u were already in Canada, weren't u?

Nonetheless, TD, Scotia & CIBC r the most favored ones here (TD, a shade better) as they r present everywhere. U'd be hard pressed not to find either of them in every town, even if it's remote.

While RBC is the largest & BMO - the oldest bank of Canada. However, they seem to have lagged behind the first 3 in marketing gimmickry. Nothing wrong with them either, but just that the other 3 r omnipresent.

Besides, each of them have similar product bundles, some good in one aspect, while the other in something else. All the 3 also provide u a free safety locker for the 1st yr (only for newcomers). However, some of their branches might not have that facility.

I'm with TD... though had initially also opened a Scotia one from overseas (but switched later for no serious reason). TD gives me a savings, chequing & credit card bundle - with the chequing having no monthly charges (for anything whatsoever) while keeping a min bal of $5K.

And they gave me an "unsecured" credit card with a $5K limit too. But that was 'coz I deposited a handsome figure in the savings a/c. However, I'm of the know that they anyway offer unsecured $1K credit card to every newcomer. And that's good enough.

Thus, shop around a bit & take your pick.

Qorax

 

[Leon]

I had an account with CIBC and I can not recommend them. They seemed to be getting things wrong all the time. I ended up at Presidents Choice which is a completely free account but it's only online and telephone banking so it is not good when you are in the process of transferring money from old country. I have heard good things about TD.

 

[steaky]

I have an account with HSBC. It may be difficult for some posters to open a Canadian account in their home country. However, once you got your home country Premier account, you can have free of charges and commission-free global transfering money between old country and Canada. That's one of the good thing about HSBC.

 

[Suin]

Thank you for all your inputs.

Unfortunately I've got not good experience with TD bank. Maybe it's just a local branch, but I am disappointed and shopping around for another bank. I heard many good things about Scotiabank, but they do not open unsecured cards for people who do not have any income. I am a housewife, staying at home minding kids and household. So as far as I figured out none of the banks can give me unsecured visa card. The only bank that said that they can give me secured visa was RBC. But I heard not good comments about RBC... So I am just lost.

 

[steaky]

I think you can also get a secured mastercard from HSBC

 

[Suin]

I think you can also get a secured mastercard from HSBC

In that area I live HSBC is not popular, I will have to travel about an hour or even longer to get to the closest branch.

 

[britincanada]

I have an account with RBC, In my experience they are a really good bank, and very helpful..they also have a "Welcome to Canada" package for New Immigrants to Canada. My Husband also had an account with CIBC..I do not recommend them at all..HSBC is pretty good too but not as readily available in Canada as it is in many other Countries..

 

[jes_ON]

"Newcomer" does not mean all newcomers, tho.

I had to learn the hard way, "newcomers" programs are only referring to permanent residents. If you're here on a TWP for 2-3 years, you do not count as a "newcomer" (I think there's one exception). But if you eventually get PR, if you've already been here 3 years, you are no longer a "newcomer." They all s**k.

I don't have good things to say about Scotia. But that just may be my "little" town. Or it may be that Scotia was merely the unlucky messenger about Canadian banking regulations.

BTW - Capital One (online) - offers "newcomer" credit cards at better terms than I've found from a bank.

 

[CharlotteJ]

Qorax is so right and I agree on that, TD and Scotia Bank for sure.

I 've CIBC and am not happy with the fact that they couldn't and still can not explain how so I don't obtain a credit card while my partner did get his!!!!!
Both having the same healthy credit and all, yet again, he got his and I got none!

I consider opening a bank and savings account at Scotia Bank and also use their " I-trade" program that allows and teaches you to trade.

 

[Suin]

and what to do for those who do not have credit history in Canada?

 

[AllisonVSC]

Most likely I'll start with a secure credit card, meaning I put a security deposit equivalent to the limit on the card. I will use it and pay the bill as if it's a normal credit card and after a year or so of "good financial behavior" they will release my deposit. We (my partner and I) have an appointment with RBC next week. He needs to change his credit card and I need to start one. The manager said I could do a joint credit card (unsecured) and get one with my name but that I would build credit faster if I had my own account.

What I'm struggling with is how to find a decent rate! I will pay the balance before interest charges kick in so it really doesn't matter except in principle (no pun intended), but I still haven't found anything that I can qualify for (I don't have a job) that has a rate below 15%. My US credit card is 6% and I had one at 4% but I closed it when I sold my house last month.

Anyone found a better rate than 15%?

 

[PommeDeRoute]

Hi All,

You'll be hard pressed to find an interest rate below 15%, but it is not impossible. When you work for a bank here, for example, one of the benefits is a low interest rate credit card. Also, the Caisse Populaire here in Quebec has a Visa gold card with a 9.9% rate if you qualify. The way I established my credit here is by taking a small student loan and then paying it right back. Now my credit here is really good. Student loans are not hard to qualify for because they are guaranteed by the government. I have also maintained a US credit card and have paid it by using online banking. It never hurts to maintain you credit in the home country because you never know.

P.d.R.

 

[can_usa_97]

Wow, 15%. We never carry a balance on our cards here in the states - but I'm not sure how else we will build credit, we own two vehicles, and not sure how quickly we'll get into a home-and how that's reported.
Did you keep yours from the US Allison?
Hubby & I were talking about keeping ours for a bit here, till we get established up there.
Funds moved over, all that good stuff.
My headhurts!

 

[Leon]

You can get lower interest rates at Capital One and MBNA. I have one card which is prime + 2% and another which is 12%. They also said on the TV news at some point that even though the listed rates are whatever they are, it's worth a try asking them for a lower one once you have established your credit. They proved this by walking around in a mall in Winnipeg and asking people who had credit cards to call the number on the back of the card and tell the credit card company or bank something they had prepared such as looking into options of other cards but would like to stay with this one and asking if they could get better rates. Most of the people were given better rates after asking, often going from 19% to 12%.