This is about the Canadian banks, Canadian credit cards & the Canadian/American FICO system that is used for credit. (borrowing money) It is very important to know this information if you are planning to study in Canada for a short or long time. Also if you are an immigrant that is going to Canada or now in Canada then read below.
About the Canadian bank accounts:
I use three different banks for three different reasons. Basically you are looking for the bank that provides the lowest fees & is the most convenient with locations, ATMs, etc. There are only 5 big banks in Canada, RBC, CIBC, BMO, TD & Scotia Bank. There are tons more but they are only located online. Don't bother going to a credit union. I use RBC for business because they have the highest global presence, I also use CIBC & PC Financial for personal. PC Financial is a bank that is operated by LOBLAWS (The largest supermarket chain in Canada) They are good if you want no fees for daily use of your account. They are only online & they can only be reached by telephone banking or through your online banking profile. They also use the CIBC ATMs & have their own ATMs in each Loblaws, Your Independent Grocer or other supermarkets they own. Both RBC & CIBC charge fees for regular use of the account (bill payments, money transfers, etc.) However, PC Financial doesn't. I use RBC because they give me the option of no fees for having our business with them.
I recommend in this order
- PC Financial,
- RBC
- CIBC
To sign up for an account with PC Financial go to their website at http://www.pcfinancial.ca/, find the nearest branch or pavilion as they call them (in the grocery stores) and go talk to them. RBC might be more global if you want to send money, but more expensive because of the size of them. http://www.rbc.com/. CIBC http://www.cibc.com/.
About the Canadian credit cards:
Try going to http://www.capitalone.ca/canada/credit-card/establish-credit?linkid=WWW_Z_Z_UNS01_CNCPNC_H2_05_T_CNCMPSC
Capital One has a program that is designed for newcomers to Canada. If you can't find one here then try http://www.mbna.ca/ These guys have been great for me. I've been with them for about 1 1/2 years now & they dropped my interest rate on the card from 17.99% to 6.75% fixed. I didn't even have to call them. They called me & offered it! Great service for an online bank. I'm not sure what programs they have for newcomers though. Also, try signing up for a credit card from the bank that you choose, maybe they will give you one because they want your business. They likely won't be competitive with other credit card companies.
Next I would try google to search for credit cards newcomers Canada! Superior credit cards (low interest rate, high credit limits, no fees, most options, etc.) are hard to get because you need to have a long credit history in Canada from one of the credit reporting agencies. They are Equifax, Trans Union & Northern Credit. They want to see your FICO score too. You need to start building your credit for these reasons.
One note.....don't get a prepaid credit card because this does nothing to establish your credit. All it does is tell them that you can run a bank account. No credit history value there what so ever! If you are interested, I explain the credit secrets I know about how to build your score higher then 800 (400-900 scoring). You should have 760+ to get anywhere these days!
For even more help about information in Canada or with help to study English in Canada the visit our website at http://www.doeducation.biz/
We are changing our website to help our students. The new website will be launched in June 2009 & please refer to this blog for more info about what the new website has. I will be writing a blog soon!
Take Care,
Stephen M. Coon - CEO
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