+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

Future move experience - best bank option?

Discussion in 'Settlement Issues' started by cacique_lempira, Oct 4, 2019.

  1. 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!
     
  2. Are you REALLY that worried about $10 - $15 for wire transfers!! They are all much of a muchness, decide.
     
  3. 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.
     
  4. 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.
     
  5. Depending what countries, Wire transfer can be avoidable. One can bring bank draft, gold and cash instead.
     
  6. 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).
     
  7. 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
     
  8. 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.
     
  9. 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.
     

Share This Page