overall, how is PC financial....is it advisable to open a acc there for an intl student.

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Originally posted by rajarules
i will be an university student in toronto so there wont be much money in the acc except for monthly expenses.

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Quote:

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Originally posted by rajarules
interest rate on the acc is also required as i will be saving a considerable amount.

Thanks

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Non illigitamus carborundum

Mr Golden Eye
i was talking abt saving in the general sense : as in saving a considerable amt and not by sacrificing basic utilities.. i noe i wont be saving $10000 per month...

just for ur info...

Trj

As i mentioned earlier , go for the no fee chequing account .
i.e. unimited transactions rather than the interest rate
because you will saave a lot more on the fees than gaining on the low interest rates

PC financial looks to be the best as if you can get their pc master card, you can also accumulate pc points to redeem on groceries

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Non illigitamus carborundum

Hi Rajarules,

Banking is serious business in Canada and you need to build a good relationship with the bank if you plan to settle here.

I won't advise you against PC Financial, but keep in mind that it is a virtual bank, i.e., there is no branch service.

I opened my account with CIBC when i came here a long time ago. Things that helped me choose CIBC at that time were:

1) Easy access to ABM's in Toronto area.
2) The branck was two blocks away from my college
3) They offered me 50% discount on service charges as i was a student (they still have that offer)

You still have to pay $5-$10 per month, but you will need to visit the bank many times to get letters (for proof of funds)

Another good bank for students is TD Canada Trust, they too have many branches and ABM's all over downtown.

Both are major banks and i recommend them to anyone new in Canada, especially students.


Sincerely,

Quote:

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Originally posted by TO-Puttar

Hi Rajarules,

Banking is serious business in Canada and you need to build a good relationship with the bank if you plan to settle here.

I won't advise you against PC Financial, but keep in mind that it is a virtual bank, i.e., there is no branch service.

I opened my account with CIBC when i came here a long time ago. Things that helped me choose CIBC at that time were:

1) Easy access to ABM's in Toronto area.
2) The branck was two blocks away from my college
3) They offered me 50% discount on service charges as i was a student (they still have that offer)

You still have to pay $5-$10 per month, but you will need to visit the bank many times to get letters (for proof of funds)

Another good bank for students is TD Canada Trust, they too have many branches and ABM's all over downtown.

Both are major banks and i recommend them to anyone new in Canada, especially students.


Sincerely,

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You may want to open a PCF account for convenience (use CIBC's ABMs without paying fees), but you would still need a real bank once you start living in Canada.

>PCF wont issue a bank letter as proof of funds, for one. More importantly, you can only do phone banking with PCF - which means staying on hold for 20 minutes, going to western union if you need a money order, etc.

>Plus there is a hold policy for all bank accounts in Canada. If you deposit a cheque you cant get the cash for 1-2 weeks, depending on your credit history.

If it is a real bank like CIBC, you can speak to a Personal Banker, tell him/her that you are a student, and get the hold released (i.e., they will cash your cheque without holding it for 2 weeks).

>>end of the day you are paying one way or the other, its either cell phone bills, money changers or credit card interest (when you cant cash your cheques)

when i was a student, i had to visit the bank many times, sometimes to pay bills. I looked at it this way>>10 bucks per month=peace of mind

btw i went to George Brown College.

cheers!