# Opening bank account/ credit in toronto



## paul9695 (Nov 26, 2011)

Hi I have two questions
1: Can you bring your credit rating with you, from the UK
2: Opening bank account

I am in the process of doing an inter company transfer to Toronto and I want to know the best way of opening a bank account and getting credit

I have heard it is difficult to get credit and opening a bank account, I am looking to try and use an international bank with bank in toronto and uk, but want to see what information I'd around


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## Auld Yin (Mar 10, 2009)

I have read that others opened a HSBC account in UK which permitted much easier account opening/transfer at Canadian branches, along with access to British credit reports.


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

Auld Yin said:


> I have read that others opened a HSBC account in UK which permitted much easier account opening/transfer at Canadian branches, along with access to British credit reports.


Did this myself when moving back to Canada from the UK.


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## mikejb (Mar 12, 2012)

Put bluntly,

Your UK credit history will mean absolutely squat here in Canada. Many people, myself included, went to the trouble of getting their UK credit history printed believing it would serve a purpose in Canada. Logically speaking, it SHOULD for whether it is recognised or not it IS a detailed proof that you are of good standing when repaying debt. The reality though couldn't be further from the truth

For any number of reasons I did not try the HSBC option which I am led to believe works well so would suggest if that option is available to you, use it. If on the other hand you are like many who come over to canada thinking credit won't be a problem because you have researched and found that to be the case. I am afraid you will be surprisingly wrong.

That said, there is no sense to the credit market here. many years prior to us first coming over, we bought a property here and in doing so set up a Canadian bank account which was used on a monthly basis for 7 plus years. It seemed logical to us that this would be our first port of call where obtaining credit cards etc was concerned as we already had a seven year history with the bank. Not so......I was amazed by the managers attitude when we called in to discuss obtaining a credit card. Frankly, we were treated like lepers where any history we had with them counted for nothing at all. Needless to say we took our account elsewhere. If their attitude sounds incredible, imagine mine when, my wife and I were approached in a supermarket by a guy offering credit cards. I laughed him off and told him our story. He showed a measure of sympathy and asked what did we have to lose? Fair comment so my wife applied and hey presto, a supermarket who we had never had any dealings with sent her a credit card within two weeks.... Make sense of that if you will.

My point here is, we were not especially looking to live off the use of credit cards but to begin a Canadian credit history. It took a supermarket to allow that for us. 

A week later when browsing in Home Depot my wife was again asked if she wanted to apply for their card. She did and once again, she received it within two weeks.

Moral of this particular story, and it may serve others out there to. If you have trouble with the banks giving you a card, try department stores and the like. I am sure they charge a higher interest rate than the banks, though that in itself may be me jumping the gun but it you want a card you can use to start a credit history, then it is a route worth trying

Meantime good luck with your move.


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## Wexford_Ireland (Mar 6, 2012)

Are there any differences in the attitude of the banks if you have secure employment?

Or is it just the no credit history so you're automatically assumed to be a risk?


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

Wexford_Ireland said:


> Are there any differences in the attitude of the banks if you have secure employment?
> 
> Or is it just the no credit history so you're automatically assumed to be a risk?


Doesn't matter if you have secure employment or not, banks attitude is the same. You are not considered a risk, but an unknown.


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## GRETZKY427 (Jan 5, 2013)

Thats what myself and the wife will be doing, openning up a HSBC account in Adelaide but mention to them this will be used in Canada (noted on the HSBC International website)


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## Inphered (Jan 7, 2013)

We setup a HSBC account in Aus. The biggest advantage is that you can get your local HSBC to set up accounts in another country. This way we can have our Canadian accounts setup before we get there. HSBC also do instant transfers HSBC to HSBC, so we can have all our cash in our HSBC account before we depart into Canada.


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

Inphered said:


> We setup a HSBC account in Aus. The biggest advantage is that you can get your local HSBC to set up accounts in another country. This way we can have our Canadian accounts setup before we get there. HSBC also do instant transfers HSBC to HSBC, so we can have all our cash in our HSBC account before we depart into Canada.


Except HSBC rates are awful. Had we transferred HSBC to HSBC as suggested we would have lost nearly $10k compared to using Forex.


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## mikejb (Mar 12, 2012)

Couldn't agree with Liam more. The banks won't come anywhere near close to using a Forex service


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## GRETZKY427 (Jan 5, 2013)

GRETZKY427 said:


> Thats what myself and the wife will be doing, openning up a HSBC account in Adelaide but mention to them this will be used in Canada (noted on the HSBC International website)


Touching base on my comment i can deposit canadian dollars into this bank account after being converted over.


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## mikejb (Mar 12, 2012)

It's good you are able to deposit funds in Canadian $ but would suggest you double check their methods though would like to think you already have

I did the same thing once. Deposited and amount in CAD into a UK bank account. Seemed fine to me until some months later when I went to withdraw some of the deposited funds they tried to add an exchange rate fee. When I argued they couldn't charge such a fee as there was NO money being exchanged they didn't seem to comprehend this. I was then told I could only avoid these fees if I sent the money to a Canadian bank. I did just that, gave them the necessary details of the bank I wanted it sent to and they transferred the funds fee free...

I have never worked in banking so have no idea how their rules can change like the wind direction. In any event, as soon as the transfer was complete, I closed the UK account down.

It may be, from this and others of my posts you will believe I have a distrust of banks. You'd be so right. I place them a notch or two above the common thief. except in their case they appear to have the complete freedom to rip off their customers at will.

As already said, I am sure unlike me, you have done your homework and covered all bases. If not then a double check won't do you any harm.

Good luck


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## PastyPete (Oct 13, 2013)

mikejb said:


> It's good you are able to deposit funds in Canadian $ but would suggest you double check their methods though would like to think you already have
> 
> I did the same thing once. Deposited and amount in CAD into a UK bank account. Seemed fine to me until some months later when I went to withdraw some of the deposited funds they tried to add an exchange rate fee. When I argued they couldn't charge such a fee as there was NO money being exchanged they didn't seem to comprehend this. I was then told I could only avoid these fees if I sent the money to a Canadian bank. I did just that, gave them the necessary details of the bank I wanted it sent to and they transferred the funds fee free...
> 
> ...



This is great information ... do you need drivers licences photo id canadian address etc as we may want to one one ahead of the move ?


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## canucker (Nov 18, 2013)

I am researching opening a bank account. Every bank requires that you do it in Canada. RBC Bank (USA) has free transfers to/from RBC Royal Bank and TD Bank has a similar arrangement TD Trust. This may be the cheapest way.

TD Ameritrade has free wires but incoming international wires can cost between $5 (Van City) and $17.50 (CIBC).

As far as credit cards, I got approved for a Capital One (USA) Visa credit card that has no foreign transaction fee so purchases made in Canada are converted at a reasonable rate to U.S. dollars.


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## Amber76 (Feb 11, 2014)

I'm moving out to Toronto on work permit from uk this year and need to continue making payments to a couple of companies here after the move.
What's the best way to ensure those payments will continue when I've moved anyone? I'm currently with Barclays?


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

Amber76 said:


> I'm moving out to Toronto on work permit from uk this year and need to continue making payments to a couple of companies here after the move.
> What's the best way to ensure those payments will continue when I've moved anyone? I'm currently with Barclays?


So, will there be any money going in to your account from the UK or will it all be coming from Canada?


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## Amber76 (Feb 11, 2014)

It will all be coming from Canada..? Wondering if Barclays can link that up with one of the banks out there?


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

Amber76 said:


> It will all be coming from Canada..? Wondering if Barclays can link that up with one of the banks out there?


Not without paying terrible rates... Best bet is to forex the money in lump sums (3, 6 or 12 monthly)... The less often, the the better.


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## Amber76 (Feb 11, 2014)

Liam(at)Large said:


> Not without paying terrible rates... Best bet is to forex the money in lump sums (3, 6 or 12 monthly)... The less often, the the better.


 great thanks Liam


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## Eugene182 (Mar 11, 2014)

Mostly depends on a bank. Sometimes you get rejected in one bank, then go across the street and the other bank works out perfectly. I heard Royal Bank is more lenient to new customers without credit rating from Canada


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## Donavann (Mar 13, 2014)

Well i'll suggest you open an account in HSBC, then you can transfer easily Canadian branches. 
The biggest benefits, is that you can get your local HSBC to set up accounts in another nation. This way we can have our Canada accounts, setup before we get there.


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## Amber76 (Feb 11, 2014)

Thanks donavan that's really helpful


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## colchar (Oct 25, 2011)

Donavann said:


> Well i'll suggest you open an account in HSBC, then you can transfer easily Canadian branches.



You can easily transfer between branches with any Canadian bank.


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## Amber76 (Feb 11, 2014)

colchar said:


> You can easily transfer between branches with any Canadian bank.


Hi colchar thanks for the reply. Can you please tell me whether jobs in Brampton are generally available in either admin or retail? I've heard there are more jobs out there than here in uk?


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## colchar (Oct 25, 2011)

Amber76 said:


> Hi colchar thanks for the reply. Can you please tell me whether jobs in Brampton are generally available in either admin or retail? I've heard there are more jobs out there than here in uk?



Yes, there are plenty of admin and retail jobs available in Brampton and the areas surrounding it. But retail jobs don't pay particularly well - admin jobs pay better.


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## Donavann (Mar 13, 2014)

Donavann said:


> Well i'll suggest you open an account in HSBC, then you can transfer easily Canadian branches.
> The biggest benefits, is that you can get your local HSBC to set up accounts in another nation. This way we can have our Canada accounts, setup before we get there.


i'll suggest you open an account in HSBC, then you can transfer easily Canadian branches.


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