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| Subject: Banking in Ontario |
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This is a tip to newcomers to Ontario, Canada. One of the things we all need to do is to open a bank account. There are many banks (RBC, HSBC etc.) that offer "new immigrants" bank accounts. While these may be helpful to many new immigrants, just be aware that many of these accounts comes with charges. The main account may be "free", but you may have to make open investments accounts or pay for a credit card etc. to qualify for a free account. You may also have to pay for your cheques, or pay a fee if you make use of bank services more than a certain number of times a month (25 or so) etc.
After I have been here a few months, I came across this Internet Banking service called "President´s Choice" (Not sure if they are available outside Ontario - see their website). The Pros: everything is free.... savings or checking account, all the cheques, #of times a month etc. Further Pros: you can apply for a MasterCard credit card for free (a very low limit $1000, but better than nothing), and collect points for groceries. The Cons: You can only deposit and withdraw from ATMs (no branches), and have to wait a week for the money to be entered into your account, and to use Internet banking for everything. There are no foreign exchange services, no safe deposit boxes, no currency transfer services either (at least, I can´t find any such services listed on their website). There are booths at some supermarkets (Zehr) where you can meet the PC people and sign up for an account. They can open separate or joint accounts for everyone in the family.
Right now, I am keeping two bank accounts, (1) one at a regular bank for some additional services I need, and (2) one more at PC for daily expenditure etc. without incurring bank charges and to get free groceries. Just a tip for new immigrants who may need to save money in their early years here ....
[17-04-2010,02:22]
[***.206.110.118]
Anonymous |
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(in reply to: Banking in Ontario)
Can they just open a new account when they arrive here? Even with a visitor status like myself had no problem opening new accounts. Of course, you need to choose specific type of account if you don´t want to pay for fee.
If they want to have an account before they arrive here, if their bank from home country has online transfer(such as HSBC), what they can do is, open a new account after arrival and transfer the funds from web client.
[17-04-2010,13:49]
[**.51.251.86]
Anonymous |
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