debbieD

Banking

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debbieD

Banking --- Royal Bank of Canada has a Welcome to Canada Package.

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Marlet

All of the banks have a Newcomer package.

It is available to anyone who's PR is shorter than 2 years - free bank account for a year and a free safty deposit box.

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debbieD

Yes, indeed they do, but RBC was the only one I found easily online. Our main bank, Scotiabank, took a bit of searching, whereas, RBC had the ad more front and centre, in my opinion. Perhaps I'll put all the links on:

http://www.bmo.com/home/personal/banking/e...canada?nav=left

http://www.scotiabank.com/cda/content/0,16...0_LIDen,00.html

Couldn't find anything on TD Bank site (I am sure they have a package though if the others have them). Also, didn't check the Credit Unions. I wanted to find a bank that has all the newcomer info at your fingertips without having to go into the bank. It would be nice to hear if anyone has some positive stories associated with banking in Canada as a newcomer. It has been a long time since I last looked into this. When we arrived, there were no newcomer packages; we could open a saving account, but no credit card. Lots of roadblocks in them days, in our experience anyway.

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Nirak

We didn't make use of any newcomers accounts, but were able to open cheque accounts at TD without any issues. And a credit card with an investment. Once you have a good credit rating, the investment isn't a prerequisite anymore and can be closed.

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dlam

I just read an article on Yahoo news this mornign regarding credit union banks. I'm with RBC because of their easy transfer of money international. I am doing that every month, so I need an easy way to do it. But if you ar enot really into that or maybe credit unions offer that too (have never found out), thn I think they are worth looking into. Read the following link.

http://ca.finance.yahoo.com/blogs/insight/more-canadians-making-switch-big-banks-credit-unions-165715983.html

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Eva

We are freshly arrived in Vancouver - day 3 and starting to feel like maybe I can get my splintered head around opening a bank account here. Does anyone have anything new to add to this thread? Any advice about which bank is best for newcomers and for transferring money from SA? Should I consider a credit union like VanCity, mentioned in the last post above?

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KarinN

We are still with TD more than six years later. We get money from SA monthly and never have any issues. They are not the cheapest by far but their customer service is great and we are happy.

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canuck nick

At this stage you want to minimise your banking charges. You'll be converting everything into Rands and it will seem very expensive.

Royal Bank has a good package and options. If you open multiple types if accounts (ie. chq, savings and credit cards) you are reimbursed your monthly fee. Just read up on their site.

TD Bank is good but they are aggressive in selling their products.

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Jules

If you really want free banking then try one of the non traditional providers like PC financial. They offer free cheque accounts and free credit cards (although I'm not sure how friendly they are to new emigrants).

Each of the big 5 banks (RBC, TD, Scotia, CIBC and BMO) offer new immigrant packages. They are all similar. So choose a bank with a branch location that's convenient and where you like the branch staff. Bank there. I'd obviously recommend Scotia but I'm biased to them lol.

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MaryJane

Yep! I can confirm what canuck nick said. Both hubby and I are with RBC. We were offered the newcomer packages when we first arrived and it was explained to us that if we had multiple products, they waive the bank fees. I have a cheque account, savings account, credit card and an investment account (like a TFSA).

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Nelline

I am with PC Financial (no banking fees!) but personally as a newly landed immigrant I would suggest going to CIBC, their "immigrant friendly" products seem (to me) to be a touch ahead of the rest.

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Eva

Thanks for all the info. My husband and I opened accounts with RBC. They have a 6 month newcomer package with no fees. We got checking, savings and credit card. They were in the area and we got really nice and friendly service. I've never had a bank consultant email us with restaurant and fishing referrals. And talking to a teller with no plate glass between us sure brings back memories of them olden days in SA :)

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Jules

Scotia Bank has a great program for newcomers-> http://www.scotiabank.com/ca/en/0,,4285,00.html

and for financing a home- you can also find an HFA...perhaps even one that speaks Afrikaans... http://hfa.scotiabank.com/bbaker

I think all of the big banks now have formal programs for newcomers. Scotiabank has a good one (my disclaimer is that I do work for Scotia so I'm not objective).
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M-N

We also joined Scotia Bank when we landed. So far they serve their purpose.

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Nettie

Building your credit history: I inquired at my bank about a secured credit card and they required a $1000 deposit towards securing the credit card and they keep that for two years. Upon my second inquiry about this, a different person helped me at the bank and she suggested that I try Capital One online. I did that and they gave me a secured credit card for $300 which is refundable when I close the account. :ilikeit:

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Tracey22

The Company I work for offers a secured credit card: www.hometrust.ca

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Laurenwallace

We are at CIBC and they have a great immigrants option for banking

https://www.cibc.com/ca/advice-centre/newcomers-to-canada.html?WT.mc_id=ExtPAID_campB_E_Newcomers_Research_kwd+CIBC_+immigration_adgrpNewcomers-E

Edited by lauren.wallace

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Melaniek

We have contacted both RBC and HSBC and even though they claim you can remotely open a bank account from abroad it is not possible. You need an address and a land line telephone in Canada before you are able to complete the form.... ???

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Sparky2

I phoned the HSBC international and opened an account here months before we came over. We were with them for over 7 years in Dubai. It is possible....

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Nelline

I was also able to do this from the UK. Sounds as if HSBC in South Africa are not following protocol!

I phoned the HSBC international and opened an account here months before we came over. We were with them for over 7 years in Dubai. It is possible....

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MargueriteE

Hi. Just opened the non resident RBC bank account from SA. Did anyone have any experience in transferring money into the account from SA? Was planning to use exchange for free to assist. 

Edited by MargueriteE
Got the answers to my first question

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Theron
On 2/13/2018 at 8:17 PM, MargueriteE said:

Hi. Just opened the non resident RBC bank account from SA. Did anyone have any experience in transferring money into the account from SA? Was planning to use exchange for free to assist. 

Hi @MargueriteE

I have the same question on whether anyone has experience doing a transfer to an RBC account before leaving SA. How did you go about contacting them to open the account and did you have any issues doing this or accessing your money when you landed?

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NW18

Has anyone made use of a safety deposit box? From what i read, RBC offers a free one(for year 1) for newcomers. Planning to open an account with RBC before landing. i understand that the funds will only be available post landing.

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Hendie
On 10/17/2018 at 7:59 AM, NW18 said:

Has anyone made use of a safety deposit box? From what i read, RBC offers a free one(for year 1) for newcomers. Planning to open an account with RBC before landing. i understand that the funds will only be available post landing.

We have. In the past. It is useful for storing documents you don't use very often, but which are important to you, like a will for instance. The standard ones are not very big - do ask about that.

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