# Banks in Canada.



## RhychelleW (Jan 25, 2013)

hi all,

i have just begun to investigate new banks to start an account with but am at a loss. A lot of people in past posts have suggested HSBC but after a short chat with them at my local branch you apparently have to maintain $25,000 AUD in the account after 12 months or cop a hefty monthly fee; this to me is just absurd! can anyone suggest any well known banks in Canada that are not over the top with fees? 

also, can someone confirm if chequeing accounts are used in Canada for day-to-day use as everytime i've mentioned a savings account (which is all i've ever used here in Oz) people give me odd looks as if to say what would you use that account for.... 

Thanks!


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## Liam(at)Large (Sep 2, 2012)

Yes, a chequeing account would be your primary account... Most people don't operate out of a savings account.

Not sure what you were asking of HSBC, I maintained accounts in Canada with less than $25k without "hefty" monthly fees.


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## RhychelleW (Jan 25, 2013)

The guy was talking about international premier accounts and i kept saying all i need is a day to day account through the Canadian arm of the company. I guess its something i have to do once there instead?


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## Banking_Guru (Apr 18, 2013)

Hi!

Unfortunately, it's a double-edged sword.

The banks that charge little or no fees have poor infrastructure in terms of finding ATM machines or branches.

The larger banks like RBC, TD, Scotiabank may charge small fees each month but provide more value for that fee.

In Canada, a chequing accounts is typically used for day-to-day transactions, whereas a savings account is usually meant to retain cash and accumulate interest.

I would suggest a larger bank and spending the $4-6 per month but that's my opinion and I appreciate having access to ATMs, online banking, etc.

Good luck!


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## RGS (Jan 24, 2011)

PC Financial (part of CIBC) has no bank charges. There are no charges for cheques or banking, or yearly renewal for their MasterCard or no minimum amounts required in accounts. I personally use PC Financial for 99% of my banking. But there is one draw back... in that they are not a bricks and mortar type walk up bank. They do have kiosks where you walk up to... to join or make changes to your PC Financial account, but these kiosks aren't banks. They don't keep or can't accept any kind of money or cheques. Since I do most of my banking online, I rarely need a walk up bank. But for those times that I do need a walk-up bank, I maintain a small minimum account at Royal Bank with the smallest monthly charge possible.


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## RhychelleW (Jan 25, 2013)

the monthly fees arent an issue, i get charged $4 a month here in Aus plus the annual fee plus a charge for use of other ATM's at $2-$5 per transaction, the HSBC account wanted to charge minimum of $65 a month after the first 12 months if my account balance was less than $25,000AUD. that to me was a tad excessive even for someone not against fees!

thanks for the suggestions all, i will have another look online today and see what i find otherwise i may just go with HSBC for a few months then i can always change banks once i'm settled in over there.


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## RhychelleW (Jan 25, 2013)

just an update! 
i have spoken with an account manager at RBC and they have sent all the required forms for me to fill out, validate my ID's and send back to open a deposit only account, i then have to go into a branch once i land to change the account and confirm all my ID's again.

is there any rule that you have to have a Canadian bank acount upon arrival or can i set it up once i get there, it just seems like a bit of double handling to set it all up just to have to go in and restart it all again to get what you really wanted?


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## thinkering (Apr 24, 2013)

There is no rule. 
Easiest thing to do is open it in person at a branch and transfer the funds, if necessary, after arrival.


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## JimJams (Jan 11, 2010)

Also check Scotia Bank, they are apparently "emigrant friendly" and will give you free banking for the first year as well as a credit card with $500 limit - the debit cards here do not have Visa on them so you cannot use them on to buy stuff over the internet.


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## EVHB (Feb 11, 2008)

TD has a debit card that has a kind of visa functionality so you can use it to buy things online. (but it's withdrawn from your checking account, immediately)


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## JimJams (Jan 11, 2010)

EVHB said:


> TD has a debit card that has a kind of visa functionality so you can use it to buy things online. (but it's withdrawn from your checking account, immediately)


That's more like what I am used to with my debit card in the UK, but HSBC here in Canada don't have that facility (which is a bit annoying) and wanted to withhold a 100% deposit of my credit limit (e.g. $1000 credit limit = $1000 deposit) to be held for 1 year minimum plus processing fees ($50 or $75 can't remember). I didn't bother since I'm on an IEC visa and don't plan on staying around too long.


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## abhisve (Feb 5, 2013)

You can contact RBC bank, I had an account there and they charges no fees. The number of transaction are unlimited but the withdrwal amount is max $1000 per day. 
I got 2 Free Cheques with the account everymonth.


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## GRETZKY427 (Jan 5, 2013)

Yep RBC, they have a new starters bank account for new immigrates/people on working visas-the min to open up the bank account is $1k.


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## Maple Sugar (May 5, 2012)

I have been with RBC for many years and I have no complaints about their service. I moved to France because of family reasons a couple of years ago and I am still using RBC although they do not have a wing here. I have had no trouble transferring funds, using my RBC visa card or reinvesting. I do alot over the phone and internet and they seem to have a good handle on international transactions. I find their call centre people quite good to deal with and as soon as I say I am calling from France, they click into high gear.

When I was planning the move here, they were particularly helpful at my local branch with setting up international transactions.

I know this is the reverse answer to what you are asking, but I figure if they handle this side of the coin well, they handle the other side just as well.

Hope this helps!

MS


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