# Which Bank is best for a new immigrant



## dannyx (May 26, 2010)

Okay, I know people always complain about their bank because of the charges, branch locations, etc. That is why I am asking the question. 

Does anyone have something positive to say about their bank? 

Which banks provide the best service for new immigrants in terms of helping to build a local credit rating, etc. 

Thanks dannyx


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## coyne20 (Aug 3, 2010)

dannyx said:


> Okay, I know people always complain about their bank because of the charges, branch locations, etc. That is why I am asking the question.
> 
> Does anyone have something positive to say about their bank?
> 
> ...


I've always thought that HSBC is an ideal bank simply because it is global and for new immigrants moving to Canada the transition would be alot easier when moving from eg. HSBC UK to HSBC Canada.


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## dannyx (May 26, 2010)

coyne20 said:


> I've always thought that HSBC is an ideal bank simply because it is global and for new immigrants moving to Canada the transition would be alot easier when moving from eg. HSBC UK to HSBC Canada.


I did think HSBC looked good, it seems they help you sort out a credit rating as well. The down side is there isn't a branch locally in Niagara on the Lake or Niagara Falls. Also what ATM's can you use for free with HSBC?


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## coyne20 (Aug 3, 2010)

dannyx said:


> I did think HSBC looked good, it seems they help you sort out a credit rating as well. The down side is there isn't a branch locally in Niagara on the Lake or Niagara Falls. Also what ATM's can you use for free with HSBC?


I know for sure that HSBC has a nationwide presence in Canada as I have seen their building. Im sure that if you open an account with them in Canada you will not have any restrictions over where you can use your credit/debit card. Their customer services are really good too both in person and over the phone. I gues only only thing they lack are the number of available HSBC branches in and around the area that you wish to reside.


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## MarylandNed (May 11, 2010)

Check here for HSBC branches and surcharge free ATMs:

Personal and Business Banking | Moving to Canada: HSBC Bank Canada


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## coyne20 (Aug 3, 2010)

MarylandNed said:


> Check here for HSBC branches and surcharge free ATMs:
> 
> Personal and Business Banking | Moving to Canada: HSBC Bank Canada


It seems that the more urbanised/downtown areas have a number of branches and atms.


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## scharlack (Nov 21, 2008)

dannyx said:


> Okay, I know people always complain about their bank because of the charges, branch locations, etc. That is why I am asking the question.
> 
> Does anyone have something positive to say about their bank?
> 
> ...


Hello,

Banking is really personal... I don't know what you consider a good bank. As an example, a good bank for you could be the one where your acct manager calls you every other week but the bank has fees for every single type of transactions or the other way around. You could also consider mortgage, insurance (car, home, etc), interest rates, etc. SO much to consider...

I've always liked ING Direct. I've been a customer since I was in Spain. Pretty good bank although not so big in Canada (yet). 

I dislike TD Canada Trust. Scotiabank is ok. Heard positive things about RBC and BMO. I have never had any feedback on CIBC. All of them have a good number of ATMs.

All major Canadian banks have "new immigrant" account types where you get no maintenance fee for a certain time and other types of deals. Browse their webpages and search for the new resident/immigrant sections.

Cheers


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## BunskiBoo (Jul 10, 2009)

We have set up an HSBC Premier Account here in the UK and when we landed in Vancouver this Summer we opened the Canadian account. It was all really simple and does give you good benefits. The only downside I can think of is that you have to maintain a balance £50,000 in the account to keep it open. We could do this as we'd sold our house in readiness for moving to Canada. I think (although I'm not 100% sure) that if you fail to keep that balance, you pay a fee. 

We were also informed when we opened the Canadian account that we would receive Canadian credit cards to use in the UK (we're not actually leaving until June 2011), which if used to purchase the occasional thing here would bump up our credit rating in Canada. However, we have yet to receive those cards and when we queried it this end, it seems this is not now the case. Hmmmm.....

That all said, they seem to have come up with the goods so far, so from our experience it's been a positive one.


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## dwayne62 (Jun 19, 2010)

i'd recommend Scotia Bank , they have been brilliant since our arrival , even to the point of getting us a line of credit and a car loan, plus they gave us free banking for the first 12 months


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## anotheradventure (Sep 29, 2010)

We used HSBC-their service has been above and beyond the call of duty. If you are still in the UK try and get hold of a guy called Haken Cortelek-because four years down the line we still remember the service and advice he offered us-first class.


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## jeff66 (Aug 19, 2009)

I use both HSBC and Scotia..... No complaints with either.

Jeff


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## iceno9 (Jan 29, 2010)

However i imagine that the bank account is one thing.....but transferring money between the UK and Canada is probably best done by someone like Moneycorp or equivelent so that you get better exchange rates.
Someone please correct me if im wrong.


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## bkstudio (Jun 13, 2012)

*C i b c*

First day i was landed i visited HSBC as i am familiar with their services and their brunch is quite near to my new home. However, they said they need their manager to approve me as a client because of my citizenship (corruption is not our strongest side). Manager was out of branch and i did not want to loose my time anymore as it was a whole bunch of other banks branches in neighborhood.

Thus, i got to ScotiaBank (because it was just next in a row). my bad experience started when they asked my bank to send a Proof of Funds letter. I am ok with proof of funds, and I'm even ok with their insist that letter should be faxed only. I was not ok with their fax machine being turned off after working hours as there is 12 hours difference with Canada and my country of origin. It was a big headache to find the source of the problem, as i couldn't understand why while one bank sends fax, the other one doesn't get it. as a result, they found out that email is ok, so in 2 weeks of opening my account i finally got my funds on it. to make the long story short. ScotiaBank might be good for immigrants coming from Scotland or UK or any other country of British World. In any other case you'll fill some discrimination regularly and manager of Vancouver Granville and 12th Branch will gladly help you in that. :confused2:

After a small research i opened a new account in *CIBC*. This step made my life so much easier and distressful. Personal banking is very convenient as well as online banking. I am client of CIBC last 18 months and I never had any problem with transactions from my home country, with cash or any other sort of problem. I do highly recommend CIBC as very good bank for newcomers. I'm not sure if it's the best, but it's definitely good!


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## bkstudio (Jun 13, 2012)

*Currency Exchange*



iceno9 said:


> However i imagine that the bank account is one thing.....but transferring money between the UK and Canada is probably best done by someone like Moneycorp or equivelent so that you get better exchange rates.
> Someone please correct me if im wrong.


I don't think that any bank have as good exchange rates as Currency Exchange Companies (I use VBCE in Vancouver). So, when it comes to large amounts its always better to use bank drafts and Currency Exchange Companies.


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## jawnbc (Apr 28, 2012)

My husband's been an HSBC Premier holder for about 20 years, first in Hong Kong then in Australia. When we moved to Canada HSBC in Vancouver were useless. They wanted a bond to give him a basic Visa card, charged stoopid wire transfer fees from his other accounts. The antithesis of what he expected--and got--from HSBC elsewhere.

I was coming home to Vancouver so we started out with my VanCity credit union. We both still bank here. It's the largest in North America, VERY well resources and managed and excellent services except their Visa cards aren't linked to frequent flyer plans. Customer service is excellent. Supports culture and social projects across the province. Very competitive rates.

My Visa card is CIBC (Aeroplan points) and car loan RBC (zero interest through car dealer). 




BunskiBoo said:


> We have set up an HSBC Premier Account here in the UK and when we landed in Vancouver this Summer we opened the Canadian account. It was all really simple and does give you good benefits. The only downside I can think of is that you have to maintain a balance £50,000 in the account to keep it open. We could do this as we'd sold our house in readiness for moving to Canada. I think (although I'm not 100% sure) that if you fail to keep that balance, you pay a fee.
> 
> We were also informed when we opened the Canadian account that we would receive Canadian credit cards to use in the UK (we're not actually leaving until June 2011), which if used to purchase the occasional thing here would bump up our credit rating in Canada. However, we have yet to receive those cards and when we queried it this end, it seems this is not now the case. Hmmmm.....
> 
> That all said, they seem to have come up with the goods so far, so from our experience it's been a positive one.


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## TheConstantVariable (Jun 13, 2012)

When I was in Canada for 3 months to study, I used Royal Bank of Canada (RBC), and it was great. The only issue with the account I was that it was a student account, so there were only so many transactions I could make on my debit card before they start charging a fee. (I think it was after 25 times.) But I quite liked it. I had an account in the US as well, so I was able to wire money back and forth easily if needed. That tidbit is probably irrelevant to your situation, but it was a nice perk.


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## martino61 (Mar 29, 2011)

*Anything more up to date?*

Anything more up to date, specifically for a US citizen living in CANADA? Top 3 multi-national banks for north america.

We may have to have money in both countries until I become a citizen.

Thanks


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