Posted on: 15-06-04 12:44:07
Quote:
Orginally posted by pratickm
At this time, it is best to keep the USD in US format only.
You can transfer your funds from the USD account in AB to where you live in the USD format only.
Keep it as is for the time being until the USD becomes stronger (which it will eventually).
Now is not the best time to convert from USD to CAD.
My $0.02 CAD FWIW
Many thanks Pratick for confirming what we already had in mind. Is there a charge for opening an account in Canada, and is there any restriction on having more than one or two accounts? Also is there a charge every time one deposits or withdraws money?
I hope the USD gets stronger soon; otherwise, we will have to budget really well in order not to convert/spend our USD
. Looking on the brighter side, this might be good motivation to search harder for jobs when we arrive. By the way, what is FWIW?Thanks and regards, Margo.
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The best way to make your dreams come true is to wake up - - Paul Valery
Quote:
Orginally posted by Margo
Is there a charge for opening an account in Canada
No, there is no charge for opening a regular checking or savings account, per se.
There may be monthly charges for operating the account, depending on what type of account you have.
Quote:
and is there any restriction on having more than one or two accounts?
You can have as many accounts as you want, but there may be charges on one or more of your accounts, depending on the type of accounts you have.
Quote:Again, depends on the type of account.
Also is there a charge every time one deposits or withdraws money?
When you go into a bank, they will give you all the options.
Generally, to avoid a monthly charge, you will need to maintain a minimum balance.
There are no fee checking accounts, but they have a limit on the number of teller transactions you can perform each billing month, and every teller transaction over the limit gets charged.
There are, however, banks like PC and ING that offer free checking accounts - the only difference is that they are online banks and not brick and mortar banks like the traditional ones.
Quote:For what it's worth
By the way, what is FWIW?
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Many thanks Pratick .
One more thing - we are not used to the credit card system that prevails in North America - is there any site where we could get a briefing on the do's and don'ts?
Thanks and regards, Margo.
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The best way to make your dreams come true is to wake up - - Paul Valery
Just to let you know you guys that BMO(Bank of Montreal) is providing a better rate than TD canadatrust for their saving account
For USD premium rate saving account they are offering 0.5% (No mininmum balance and calculated on daily basis without any term commitment comparing to TD's 0.05%) and for CAD premium rate saving account 1.75%(again no minimum balance without any term commitment)
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ani
Thanks everyone for the valueable input regarding banking and CAD & USD exchange procedures etc.
1. I am planning to land in Toronto in mid July and would like your advise on the following:
a. There in an Indian Bank (State Bank of India) in Toronto, have anyone opened account there and since I have a dollar account in SBI Bangalore, is't it easy for me to open account in SBI Toronto and transfer the amount there. Any disadvantage in opening account in SBI ?
b. Citibank also has a branch in Toronto - Since I have a dollar deposit in Citibank - Bahrain, do you think it is easy to open account in Citibank, Toronto.
c. What are the advantages opening account in TD bank, except more ATM machines available with them ?
d. I understand we can transfer money as settlement amount without attracting tax for a period of one year from the date of landing. What is the procedure of transfering such money within the year. Is it sufficient to inform the bank that it is settlement amount or do we have to submit some other forms.
3. How to establish credit worthiness in order to avail housing loan against mortgage.
4. Are there any banks in Toronto which gives housing loan against the deposit we have with them at low rate of interest.
5. Can we open an account immediately on arrival or the bank requires our PR card details etc. before they open an account.
5. The above questions may sound naive to experienced desi, but I would request your help, so that will be able to do the right thing when I land in Toronto next month.
Margo --
Quote:
Orginally posted by Margo
One more thing - we are not used to the credit card system that prevails in North America - is there any site where we could get a briefing on the do's and don'ts?
There are several websites where you can learn the general dos and don'ts - most banks own websites have some general stuff on credit management.
In addition, check out:
http://www.bankrate.com/brm/default.asp
http://www.bankrate.com/can/default.asp
Just from my general experience, here are a few dos and don'ts:
DOs:
1. Pay off your balance every month in full
2. Read the fine print in your contract - make sure you understand all the terms, such as grace period, how the APR is calculated, and the fees and penalties.
3. Read the insets they send alongwith the bill - don't throw those away.
4. Call them once a year or so to get a better interest rate if you are not paying your balances in full - tell them that they are anyway making money off you and if they can't give you a better rate, you might be transferring all the balance elsewhere, in which case they will get nothing.
5. Read balance transfer offers very carefully - these offers are the trickiest ones.
6. Read and match up every single charge on your credit card.
7. Make sure the lender reports to a credit bureau otherwise you will never build credit.
DON'Ts:
1. Use credit cards for lifestyle type purchases if you cannot pay off your balances in full every month
2. Don't charge your credit cards upto their full limits, even if ou pay it off every month.
3. Don't keep switching your balances from one card to another, no matter how attractive the deal may be - after a point, this becomes counter-productive
4. Don't apply for any of the junk credit card offers your get in the mail - research different credit card products on the banks' website and decide which one you want to apply for.
5. Don't have more than 4 open credit cards at any time.
6. Except for people who use credit cards a lot and for large purchases, annual fee based credit cards are usually not worth it - make sure you calculate how much you need to spend on the card to break even before you decide to get such a card.
7. Never pay fees for credit line increases or fees for applying.
Hope this helps.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
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DON'Ts:
1. Use credit cards for lifestyle type purchases if you cannot pay off your balances in full every month
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
Remeber it is not easy to get Canadian credit card immidiately after landing or within 3-4 months.I am not considering secured credit card where you getting credit card after depositing $1000-$1500 CDN in the bank first
I have a very good credit rating in USA,purchased a brand new car with finance ,showed a permanent job in Canada with high end salary still I waited for 4 months to get my first Canadian credit card (courtesy Citibank!)
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ani
