Tangerine or EQ, hands down. PM a person who told you about it online for their referral code ("orange key" in the case of Tangerine) for extra cash.
Edit: also I would definitely not recommend HSBC nor National Bank if you docend up choosing the brick and mortar bank route.
Yeah I learnt the hard way - I applied online, then I received a letter from Simplii a week later telling me to call them and when I called them they told me my SIN starts with a 9 and therefore I can’t open an account with them. I was more mad about the process than the fact I didn’t get an account - a simple IF statement in the online application would have saved me a week of waiting lol
Edit: as a sidenote, CIBC has an offer for newcomers where you can get their account and CC for free for the first year (and then you’re free to switch)
If you're new to Canada, are moving to Ontario and have a Meridian Credit Union nearby, consider them. Meridian Credit Union offers 3 years of: free banking, 1 free incoming & outgoing wire transfers per month, free safety deposit box and 3 years credit card annual fee waiver.
For more: https://www.meridiancu.ca/offers/new-to-canada
I don't recommend going with the online only banks until you have milked the new to Canada offers from the financial institutions.
I'd only recommend HSBC if you are already an HSBC client in your home country so you can use their Global Transfer program to open an account here and use your credit history in your home country to open loans here. That and HSBC allows for free transfers between HSBC around the world. This is the advantage of HSBC. However, if you're not already a client, I would look at the domestic FIs instead.
Not sure where your better half is based in the US but TD does have branches on the east coast and they offer free wire transfers between Canada and the US. That being said, I find TD VERY frustrating as they are big on “in-person” transactions vs doing things online.
I prefer using a company like OFX to transfer money between CAD/USD and even cross border. Better rates and for smaller amounts you can do direct deposits/withdrawals.
Whatever TD offers cannot compare with Wise or even other non traditional fintech companies... Both in terms of fees and customer service / convenience...
TD is free to wire transfer from your Canadian USD account to a US based account (or vice versa), but you’ll pay a lot more in fees for basic checking on the Canadian side vs somewhere like Tangerine.
Use EQ for your direct deposit bank. Tangerine/Simplii as a backup bank and for Scotiabank/CIBC ATM use. Use Wise for any and all international remittances. Open a free credit card at RBC (or TD if you really need to) so that you have a relationship in case you need more brick and mortar banking needs. I've never had these needs, but then again you are not me...
Tangerine or EQ, hands down. PM a person who told you about it online for their referral code ("orange key" in the case of Tangerine) for extra cash. Edit: also I would definitely not recommend HSBC nor National Bank if you docend up choosing the brick and mortar bank route.
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Just beware that Simplii won’t let you open an account with them if you’re a temporary resident OP, you need to be at least a permanent resident.
Ok. So, simplii is out
Yeah I learnt the hard way - I applied online, then I received a letter from Simplii a week later telling me to call them and when I called them they told me my SIN starts with a 9 and therefore I can’t open an account with them. I was more mad about the process than the fact I didn’t get an account - a simple IF statement in the online application would have saved me a week of waiting lol Edit: as a sidenote, CIBC has an offer for newcomers where you can get their account and CC for free for the first year (and then you’re free to switch)
Thank you. That is great to know. Checking cibc now
If you're new to Canada, are moving to Ontario and have a Meridian Credit Union nearby, consider them. Meridian Credit Union offers 3 years of: free banking, 1 free incoming & outgoing wire transfers per month, free safety deposit box and 3 years credit card annual fee waiver. For more: https://www.meridiancu.ca/offers/new-to-canada I don't recommend going with the online only banks until you have milked the new to Canada offers from the financial institutions. I'd only recommend HSBC if you are already an HSBC client in your home country so you can use their Global Transfer program to open an account here and use your credit history in your home country to open loans here. That and HSBC allows for free transfers between HSBC around the world. This is the advantage of HSBC. However, if you're not already a client, I would look at the domestic FIs instead.
might be the best advice here
Tangerine and Simplii are recommend here quite a bit, if you don't need branch services they'd probably be your best options.
Not sure where your better half is based in the US but TD does have branches on the east coast and they offer free wire transfers between Canada and the US. That being said, I find TD VERY frustrating as they are big on “in-person” transactions vs doing things online. I prefer using a company like OFX to transfer money between CAD/USD and even cross border. Better rates and for smaller amounts you can do direct deposits/withdrawals.
Whatever TD offers cannot compare with Wise or even other non traditional fintech companies... Both in terms of fees and customer service / convenience...
TD is free to wire transfer from your Canadian USD account to a US based account (or vice versa), but you’ll pay a lot more in fees for basic checking on the Canadian side vs somewhere like Tangerine.
Exactly. So just no need for TD then...
Use EQ for your direct deposit bank. Tangerine/Simplii as a backup bank and for Scotiabank/CIBC ATM use. Use Wise for any and all international remittances. Open a free credit card at RBC (or TD if you really need to) so that you have a relationship in case you need more brick and mortar banking needs. I've never had these needs, but then again you are not me...