In Australia or Canada, where do you do your banking?

[scroobal]

You are not aware or have not kept in touch. Nearly all banks have one or 2 account types that are fee free. Even HSBC which is international bank has fee free acct. Usually these are for low transactors or savers. CIBC has one that allows one txs and the rest are fee based tx but no acct fee.

Then you have grandfathered accounts where the fee is turned off. Though it may be called grandfathered accounts, customer in some positions are able to negotiate fee free.

Most have a minimum deposit sum requirements

It would make a lot of difference if you say, "I pay $2 fee per month for my bank account but this is long time ago and is no longer available".

A person not realizing that your bank account is no longer available may be misled into thinking he can get $2 accounts in Canada, when most bank accounts are on a pay as you use basis.

Anyone opening a bank account in Canada should expect to pay for each transaction they make.

It is good that you clarified

 

[neddy]

Re: Emigration is not for every individual

Amongst others, I believe that emigration is suitable for those individuals who are independent, determined, resourceful, sometimes creative, do not accept no or the status quo as the preferred alternative, has perseverance [like the motto of the Outward Bound School: to serve to strive but not to yield], willing to build a better / more satisfying / balanced lifestyle for themselves or for their future family members.

Regardless of the opinions of others, I believe that it is better to try and failed (and learned from the experience) than not to try at all. Bank charges is one small factor in the overall environment, and in my opinion it is not a significant matter for any immigrant who with their efforts and a little luck, will be reasonably successful. I seldom advertise this but the social various programmes and free medi-care (for now, because I am unable to predict the future), but unfortunately, with the cocommitant relatively higher and progressive income tax rates, do provide a down side protection in case an individual falls ill or becomes disabled, or did not saved enough for retirement. I shall not elaborate on the several schemes of creative (but not so hard working) immigrants.

I agree.

Migrants, including our ancestors, cross the seas/oceans to seek new lives. It is a adventure that has both upsides and downsides.

We cannot really compare country with country because no 2 countries are the same.

If migrants cannot get over banks charges, how to achieve greater things.

If we cannot embrace the culture of the adopted country, it is no point talking about migrating. Eg. a Paki still trying to do arranged marriage for his western-cultured daughter.

Having wrote that, there are a number of PR visa or even Aussie passport holders who are at best weekend migrants (visitors) - they fly into the country for R & R in their holiday homes on weekends. Some just use Aussie passport as insurance. These people are not truly migrants.

 

[southwest]

You are not aware or have not kept in touch. Nearly all banks have one or 2 account types that are fee free. Even HSBC which is international bank has fee free acct. Usually these are for low transactors or savers. CIBC has one that allows one txs and the rest are fee based tx but no acct fee.

Then you have grandfathered accounts where the fee is turned off. Though it may be called grandfathered accounts, customer in some positions are able to negotiate fee free.

Most have a minimum deposit sum requirements

No such thing lah. You are living in the past with $2 accounts and probably still trying to buy $2 Super Seven.

Anyone coming to Canada needs to know Canadian Banks charges you by the transaction.

Don't get screwed by misleading posts by scroobal. He lives in the past

 

[Charlie9]

I made several posts to provide information to would be immigrants. I am not trying to, and I do not provide misleading information. The $2 fee per month per account still applies to all my accounts, including any new trust accounts for bankruptcy files, as reflected on the Sep 30, 2009 bank statements (but it depends how you negotiate with your Account Manager). For those who wish to quote me out of context, please be frank and forthright, to notify the rest of the readers where you reside, and for how long, otherwise, I will avoid posting. Thank you.

The $2 per month per account is not available to every individual.

 

[southwest]

Here is what to expect for banking:

Generally:

1. Pay big fees and get unlimited transactions


2. Pay a small fee, get a small number of free transactions. If free transactions exceeded, you need to pay for each transaction

3. Pay no fee but pay for every transaction at a higher fee


Don't really bother about HSBC because they have very few branches. Go for the big Canadian banks like RBC, BMO or CIBC.

 

[scroobal]

I already quoted 2 banks in Canada and to be sure I checked their websites. Don't be lazy. You should not live in a well and think there is nothing else.

This is nothing new. It common around the world. Banks like all businesses have different pricing poliy to catch as much as the marketable universe.

No such thing lah. You are living in the past with $2 accounts and probably still trying to buy $2 Super Seven.

Anyone coming to Canada needs to know Canadian Banks charges you by the transaction.

Don't get screwed by misleading posts by scroobal. He lives in the past

 

[scroobal]

You seem to have changed you mind rather fast.

Here is what to expect for banking:

Generally:

1. Pay big fees and get unlimited transactions


2. Pay a small fee, get a small number of free transactions. If free transactions exceeded, you need to pay for each transaction

3. Pay no fee but pay for every transaction at a higher fee


Don't really bother about HSBC because they have very few branches. Go for the big Canadian banks like RBC, BMO or CIBC.

 

[southwest]

The $2 per month per account is not available to every individual.

$2 accounts are no longer available now. It is available at the time you open the account. But being not available now does not mean the $2 account does not existed. The $2 account is not available to new customers but is still active for existing customers.

 

[southwest]

You seem to have changed you mind rather fast.

Ha ha still trying to buy $2 Super Seven?

 

[nicolewong]

Nearly all banks have one or 2 account types that are fee free.

Not true. Your comments are very misleading.

I see that you are in argument with southwest over bank fees and your information is inaccurate.

You don't live in Canada and as such do not have up-to-date information. I suggest you refrain from posting false information on bank fees.

Checking websites is not good enough, walk into the bank and talk to the bankers.

Let people who live in Canada provide the info.

 

[nicolewong]

Ha ha still trying to buy $2 Super Seven?

If he don't catch the meaning, he is obviously not a canadian resident.

 

[nicolewong]

RBC Day to Day banking at $4/month with 15 free transactions sounds like
a good deal, although it's double of what I paid for my DBS/POSB account($2/month).

Sound like RBC is a better deal, BMO has a similar account but comes with only 10 free transactions after which 60 cents per transaction (RBC charges 50 cents)

 

[nicolewong]

* Most Canadians will use Interac these days instead of using cash. Every time you pay by Interac at the store, you use one transaction. The 15 transactions runs out quite fast for most Canadians using Interac. Some even use Interac to pay for a can of pop in 7-Eleven.

I see more people using Interac than cash at any grocery stores.

 

[scroobal]

Not all are savvy when handling financials. In the old days, there was only 1 type of savings, chequing, classic credit and gold credit card acct etc. People just pick a bank and pop in. Life was so much easier.;

Nowdays it pays to check around as banks tend to target certain accts via the tellers etc. I was suprised this chap had little clue what has transpired ever since.

Most banks will waive fee and acct charges when you have a minimum acct balance typically between $4K to $2K.

The $2 per month per account is not available to every individual.

 

[nicolewong]

Anyone opening a bank account in Canada should expect to pay for each transaction they make.

That pretty much says it. Only idiots like you know who deny about bank fees.

 

[chuckyworld]

President Choice offer no fee banking, the only problem with it, is it only operate within Loblaw super mkt and CIBC banking machine.

 

[nicolewong]

President Choice offer no fee banking, the only problem with it, is it only operate within Loblaw super mkt and CIBC banking machine.

President's Choice completely slipped my mind, at least it's better than ING who I believe is no fee, as there is a Loblaw to go to.

Do you know if customers can deposit and withdraw cash with a teller like how you would do in a bank, at a President's Choice outlet inside a Loblaw super mkt?

 

[chuckyworld]

I only deposit using the President Choice ATM machine at Loblaw, withdrawing cash from CIBC ATM.

 

[nicolewong]

That's what I thought. Looks like they are like those BMO outlets in a Safeway store. They don't offer teller services in those Safeway outlets, I think they are there to sell GIC or mutual funds only.

I can never imagine myself depositing cash in a ATM machine. That's mighty brave of you.

 

[kakowi]

er guys, banking charges is only a hygiene factor, meaning good to have

it is not a make or break factor

in any case, there is one viable alternative - the rest can be finetuned later