Anyone know of a good credit union or bank in Canada? I am looking to do everything online or by phone, including opening my account. I reside in the Boston area and visit Canada about once a year.
The reason to have an account in Canada is so that I can build a credit history there, which in turn would allow me to get a mortgage there. So, basically, I would use the credit card issued by the bank/CU and try to build up a credit history in Canada.
I think you are going to have a lot of trouble doing that with a US address. They will require a SIN (Social Insurance Number) and a Canadian address. I have tried the do the same (using a Canadian address), as I will be re-locating to the GTA within 12 months and have been unsuccessful so far.
As for banks, I don't recommend Royal Bank. My girlfriend has been unhappy with the service, fees, etc. since the change from Royal Trust. They are charging her a fee to CLOSE her accounts.
President's Choice Financial has free bank accounts available. Checking, Savings, and Credit Cards (Master Card).
I don't know of any credit unions, as everyone I know in Canada uses a Bank.
I do have a SIN and my sister is in Canada who I can use for the address. I just want to be able to do everything online or by phone, since I wont be visiting Canada for a while.
The banking industry in Canada is highly consolidated... there's only a few of them:
Royal Bank TD Canada Trust CIBC Bank of Montreal Bank of Nova Scotia
Check around to see who's got the lowest fees on accounts. But realize that just having an account won't automatically entitle you to a credit card, as you'll have no Canadian credit history. You may have to twist some arms to get one.
I use TD Canada Trust, and if you also have a TD Waterhouse Bank account in the US, they have the ability to do same-day, no fee wire transfers to your US account, at great exchange rates (spread less than 1 cent). TD Waterhouse is a subsidiary of TD Canada Trust.
Other Canadian banks may have US subsidiaries as well and you may be able to leverage these relationships to help you get set up in Canada.
From what I remember, CIBC used to have the lowest fees among all these big banks. And you can do almost all your banking online/ by phone. Not sure about opening the account remotely though.
Also, CIBC has opened consumer banking 'subsidiaries' like President's Choice Financial that are absolutely no-fees and designed as web-based banks with limited branch facilities in some large grocery stores. That would be your best bet, if you're visiting you sister in the near future and one of these exist in that region. I believe they are everywhere in Canada except Quebec.
RBC and TD seem to be the worst in terms of excessive fees. Scotia and National Bank of Canada are fairly good, but I don't know about their remote banking features.
AFO: you probably will need to open an account in-person at a bank office in Canada. Keep in mind most Canadian banks and CUs impose LONG hold times (i.e. 30 calendar days) on cheques drawn on U.S. banks.
President's Choice Financialoffers excellent rates, but I have been advised by many personal acquaintances that their client service is disappointing. YMMV.
AFO: it's also worth noting that many Canadian banks are very, very reluctant to offer credit to nonresidents. I think the key is finding a particular bank or CU branch where you can speak with the branch manager about your specific situation, have them pull your US credit rating (which seems to take an unusual amount of time), and try granting you at least a small CC line of credit to get started.
One thing that would help you, curiously, would be having an American Express card. Unlike the US, many banks in Canada issue AMEX cards and are full AMEX members (much like VISA and MasterCard in the US) so it may be helpful in terms of getting established credit-wise in the Dominion of Canada. Good luck
To my knowledge, both have free online access. I know TD also has phone access, can't remember for BMO. TD also has TD Waterhouse, as someone else mentioned. I've been keeping my eye on that as I plan to move to the states soon (reverse situation as you). I've been quite happy with both BMO and TD.
Royal Bank has lost my business forever. Now it may not affect you, because you only need to do online and phone access. But their personal services stink. I believe they still are the biggest bank in Canada tho? Not sure.
But seriously, what you should do is go online and check up on each bank's information! That way you don't have to rely on what people say, but know the facts yourself, and how each bank might be suitable for you!
As for getting a credit card, would be tough for you. Perhaps your sister could share the card or something? I don't think Canadian banks give credit cards if you don't have assets there...you've to fill out a massive form asking what you have and proof. Maybe if you bring proof of assets in the states?
SN : Thanks. I do have the AMEX Blue, but I guess you are talking about AMEX green, the original?
I just wanted to get a head start, since I am not likely to be in Canada again for another 6-8 months. I do have fairly decent US credit history, so maybe when I am there, I could talk to the branch manager and see what they can do for me.
lil : I hear what you are saying, and believe me, I tried doing that. But theres just such a lot of banks/CU's that I couldnt keep up. And the ones that I did check out, needed me to be physically present there to open an account. So, I just wanted to tap into the reservoir of expertise available here.
I still have hope that someone would know of some bank/CU which would allow me to open an account via mail/internet. But if not, I will just wait till I am there the next time ....
The banks that I've spoken to require you to apply at a local branch. RBC, CIBC, BMO, Scotia. The only bank that seems to offer options to sign up online is President's Choice Financial. Take a look if you are interested in it: PC Financial
It is going to be difficult being a non-resident, it may take you time to find a branch willing to open a account for you.
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