Best bank for newcomers couple coming to Toronto!

[BillMoses]

Dear all,

I was wondering about the best bank in Toronto which has:

- Low service fees
- More ATMS in Toronto
- Free checque book
- Perhaps more free things & incentives

Please advise me about one where I can open an account while I am still in UAE and then wire-transfer the money in full or perhaps will it be better to open the account; then exchange the Dirhams into CAD and carry it in a Samsonite in the flight??? Please advise me and provide links as I am totally lost!

 

[steaky]

Dear all,

I was wondering about the best bank in Toronto which has:

- Low service fees
- More ATMS in Toronto
- Free checque book
- Perhaps more free things & incentives

Please advise me about one where I can open an account while I am still in UAE and then wire-transfer the money in full or perhaps will it be better to open the account; then exchange the Dirhams into CAD and carry it in a Samsonite in the flight??? Please advise me and provide links as I am totally lost!

If you are carrying over $10,000 cash, you would need to declare them at the POE. Otherwise, if you wire then no declaration is needed.

If your bank balance is over $6000, many major retail banks (such as CIBC) in Canada offers zero maintenance fee and free cheque book. You can go to their website to see the current offer and incentives too.

 

[moscatojuices]

Dear all,

I was wondering about the best bank in Toronto which has:

- Low service fees
- More ATMS in Toronto
- Free checque book
- Perhaps more free things & incentives

Please advise me about one where I can open an account while I am still in UAE and then wire-transfer the money in full or perhaps will it be better to open the account; then exchange the Dirhams into CAD and carry it in a Samsonite in the flight??? Please advise me and provide links as I am totally lost!

You have all the tools in the world to research this yourself.

What I can tell you is that in Canada, the major banks are: ScotiaBank/Tangerine, Bank of Montreal, TD Canada Trust, National Bank of Canada, CIBC and Royal Bank of Canada. There is also the smaller Laurentian Bank and credit unions, but most people stick with the big banks.

Each offers different incentive programs for newcomers. Have a look at yourself and compare what's the best. My main tip for newcomers is watch out for the dirty fees these banks charge - some accounts have very high monthly fees and charge you to even make transfers. Make sure you understand these fees, how to avoid them, and negotiate aggressively with your bank to waive as many fees as possible

You can carry your Dirhams in CAD at your own risk, beware of declarations you'll have to make at the airport if you carry I believe over $10,000 equivalents. You may wish to check and compare if it's easier and safer to transfer the money from your UAE bank to a Canadian bank once the latter is opened.