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Best bank for a newcomer

TahitiDamz

Member
Jun 7, 2017
18
2
Hello guys,

my wife and I are moving to Toronto in the next couple of months.

I would like to have some feedback concerning your expériences with the main banks present in Toronto please? Mainly regarding Scotia Bank.

Why? Because my current french bank got a partnership with scotia bank. I can withdraw money from scotia bank ATM without additional fees. But all international money transfert between the banks will cost 15CAD.

What do you think?

Do you have a better tip for me?

Thx
 

BC4life

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Hello guys,

my wife and I are moving to Toronto in the next couple of months.

I would like to have some feedback concerning your expériences with the main banks present in Toronto please? Mainly regarding Scotia Bank.

Why? Because my current french bank got a partnership with scotia bank. I can withdraw money from scotia bank ATM without additional fees. But all international money transfert between the banks will cost 15CAD.

What do you think?

Do you have a better tip for me?

Thx
So even without opening an account with them you can withdraw from your current bank right? So this should have zero effect as to your decision to open with Scotia bank or not.

All the Big 4 have special packages for newcomers with perks including 6 months/12 months free banking, your first credit card etc. So you should be fine with either one of them. Personally I plan to open with BMO and TD once I land in Toronto
 

TahitiDamz

Member
Jun 7, 2017
18
2
So even without opening an account with them you can withdraw from your current bank right? So this should have zero effect as to your decision to open with Scotia bank or not.

All the Big 4 have special packages for newcomers with perks including 6 months/12 months free banking, your first credit card etc. So you should be fine with either one of them. Personally I plan to open with BMO and TD once I land in Toronto
Thank you BC4Life.

Yeah you're right without opening an account with them I can withdraw from my current bank account.

I gonna check that, but if any of you had bad expériences with of these banks don't hesitate ;)

Thx
 

NetMecca

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Dec 12, 2013
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All the big banks here are rather mediocre. Services are also limited in Canada compared to other countries I have lived in. Expect your dealings with any bank to be somewhat frustrating.

Good luck
 
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TahitiDamz

Member
Jun 7, 2017
18
2
All the big banks here are rather mediocre. Services are also limited in Canada compared to other countries I have lived in. Expect your dealings with any bank to be somewhat frustrating.

Good luck
Hahah ok that's not particurlarly encouraging :) :) :)
 

pinkie29

Newbie
Jan 14, 2017
2
0
Hi guys,

I thought to get a demand draft of around 10k CAD from uae exchange. Is it acceptable there in Canada
 

NetMecca

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My best suggestion when you arrive is to just pick the bank that on first glance offers the best foreigner package. Banks have started realising that the immigrant market is the only growth market in Canada so they have started competing a little more. Chance are you will end up being dissatisfied. Once you have been here for a while you will be able to get a clearer sense of which is the best bank for you.

Good luck
 

cxiaaaaa

Newbie
Jun 28, 2017
3
4
I did research and compare the newcomer packages offered by 5 major Canadian banks. Finally, i choose to bank with BMO. BMO offers provides "true" free banking to newcomer for 1 year. It is not required to keep a specific amount of maintain with unlimited transactions, unlimited free e-transfers from this plan. Plus, you can use a small safety deposit box for free 1 year. This is pretty useful that you can store your valuables securely.
 

NetMecca

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No such thing as true free banking. lol. They will get you with something, sometime. Also the safety deposit box is usually subject to availability. I have not been able to get one. Not available.
 

cxiaaaaa

Newbie
Jun 28, 2017
3
4
No such thing as true free banking. lol. They will get you with something, sometime. Also the safety deposit box is usually subject to availability. I have not been able to get one. Not available.
Yes better check the availability. Luckily I can have one when i opened the newcomer account in BMO ;)
 

canvis2006

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Dec 27, 2009
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There are a couple of 'free' banks, but not much branches. Check out PC Banking(owned by CIBC), and Tangerine(owned by Scotiabank).
They don't charge monthly fees for clients. Big banks charge per month.

Also there are credit unions which can offer accounts without service charges in most areas.

Pretty much all banks other than TD give a newcomers package for 1 yr. Then they start charging.
Get a basic credit card and try to build credit history/score as soon as possible
 
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