Best banking option for ~9 months in Canada?

CrabbyX

Hi,

I'm investigating the best banking option for a study year abroad in Montr!al, Canada, starting this September.

So, I understand that it's between:

a). Getting an UK bank account with a card that has low/zero overseas transaction fees, for example, the Santander Zero card.
-- However, apparently in USA/Canada, cashpoints all charge $1-3 if you're not a customer of that particular bank.
-- Thus, I wonder whether it is normal to pay for most transactions by card?? assuming of course that this avoids fees too?

b). Getting a Canadian bank account and transferring funds to there.
-- Can anyone tell me what the logistics and costs are of transferring a large amount of money over there would be?

Note that also I'm going to charged by direct debit for my rent (~$800 per month), so does anyone have any idea what charges might be involved in this?

junkanoo

Hi
When I was a student in Canada, i found it easier to have a Canadian bank account. They will give you a debit card so saves you carrying around lots of cash and also saves you from having to plan how much cash to get out each time. Should be easy to get an account, check with your school. Think you need proof of registration from your school. Is it university/college your going to? If so they should have an international student advisor who you can contact, that should be able to help.
As for transferring funds have you asked your bank? Fees will vary. Also depending on which bank you transfer your funds to in Canada they will probably charge a fee too. Someone else on the board may be able to help you more with the actual money part.

alanrowell

What's wrong with having both

UK account means that money can be fed into it from the UK on a regular basis - and it's easy to get money to you in an emergency, Canadian account for any work you do whilst in Canada, to pay bills with and you can withdraw money from your UK account and pay it into the Canadian account with minimal forex charges

Plus of course 2 accounts means you have some backup if something happens to one account or cashcard

CrabbyX

Ok well, I just checked out a couple of Canadian banks, and it looks like you get charged to keep your money with them??????

It's either through transaction fees or monthly fees (even to withdraw from your own bank's ATM/cashpoint???) Why do they charge there, but not here?

Were you charged, junkanoo?

---

Also, here's the questions I could really do with some answers on:

-- Can anyone tell me what the logistics and costs are of transferring a large amount of money to a Canadian bank account would be?
-- Note that also I'm going to charged by direct debit for my rent (~$800 per month), so does anyone have any idea what charges might be involved in this?

junkanoo

Yeah its normal inNorth America charge a monthly fee. But you say you are are student, so you should be able to open a student account with a bank, providing you will be in full time education. If you have a student account, then you usually don't have to pay the monthly fee. I don't remember paying any fees when I was studying there.
Do you know where you will be living? If yes find out which banks are near you then I suggest you contact them (email or phone). They will be able to answer all your questions about fees etc. All the banks are going to offer different services, but do tell them you are a full time student. Do use the website of the banks as well. Loads of information out there. The banks in canada tend to have inormation for those moving to canada etc.

As for the direct debit for your rent, you shouldn't be charged for that. Should come under a free allowance with your account. Again contact the bank directly and ask them.

As for transfering money, i suggest you talk to your UK bank or look on their website. But they will be able to tell you all the fees that you will incur from this end and depending on how much money you transfer what the best option is. I believe from reading 2 different canadian bank websites that if you wire money you will incur a $15CAD charge.

Yeah i know reading the websites are very time consuming and can be confusing.

You can call toll free, so worth the call.
CIBC - https://www.cibc.com/ca/inside-cibc/dept-contacts.html#general
RBC - http://www.rbcroyalbank.com/products/deposits/customer-service.html
BMO - http://www4.bmo.com/popup/0,4442,35649_1766913,00.html?pChannelId=1766905 (not sure if toll free)
- http://www4.bmo.com/popup/0,2284,35649_1766921,00.html?pChannelId=1766905 (email)
Scotia bank - http://askscotia.scotiabank.com/askscotia/results.jsp (email)
TD - http://www.tdcanadatrust.com/custserv/contact.jsp (email)