Best bank in Toronto for new comers

[armenaz777]

Hello. We're soft-landing next month and we want to open an account while we're in Toronto. Our real move would be next year.

What's the best bank for a new comer?

• We're bringing 20K+ to Canada upon landing in cash and want to deposit that as saving account
• We don't need chequing or payroll accounts as we're not moving to Canada yet
• We need deposit account for both CAD and USD currencies
• We need to be able to send money from overseas to our account with wire-transfer
• A credit line is preferable, so we get a credit score during this year we've not moved yet
• I believe most banks don't have service fee for first year or six months. This has no difference for us anyway because we're not going to be in Canada this year

Thank you in advance for your help.

 

[k300k3]

You can open both USD account and CAD account with TD Canada Trust. If you maintain your balance at $5,000 minimum at all time, there’s no monthly fee. Plus, you’ll get a small safe deposit box rental for free which comes with that all inclusive checking account.

 

[IndianBos]

Hello. We're soft-landing next month and we want to open an account while we're in Toronto. Our real move would be next year.

What's the best bank for a new comer?

• We're bringing 20K+ to Canada upon landing in cash and want to deposit that as saving account
• We don't need chequing or payroll accounts as we're not moving to Canada yet
• We need deposit account for both CAD and USD currencies
• We need to be able to send money from overseas to our account with wire-transfer
• A credit line is preferable, so we get a credit score during this year we've not moved yet
• I believe most banks don't have service fee for first year or six months. This has no difference for us anyway because we're not going to be in Canada this year

Thank you in advance for your help.

1. Canada has same regulation as US, depositing more than 10K in cash raises flag, be mindful of that. Pick any of the big banks - TD or RBC. I think TD has lesser fees and will give you free account if you can maintain the balance. They also of USD currency account.
2. To move money, I would suggest Transferwise instead of Wire Transfer. I have used it for a while.
3. If you have Amex, tell them you are moving to Canada and they will give you a credit card in Canada based on your US credit history. That should help you build the score.