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Hi, we are planning to do our 1st landing during this summer and came to know that we have to open a bank account. We would like to know that which bank would be better to maintain an account? I think HSBC need to maintain a considerable amount or has to pay a monthly fee. So, would like to get an advice which bank would be most suitable to maintain an account for a family with their benefits such as loans, low interest, less paper works etc.
I'm also in the process of researching banks to open an account. I like HSBC just because they call themselves "The world's local bank", so they have branches both in the US and Canada, which may help in terms of showing a previous history/relationship in another country. But it's true that their accounts have montly fees unless you keep a minimum balance (but then, don't all banks do the same?).
In terms of opening the account itself, do we (newcomers) have to have a SIN or other standard, Canadian type of number? How do international students do it, if they do not qualify for a SIN?
My first 4 months in Canada will be under a visitor's visa, but I would like to open a local bank account and start building a credit history...
a little off topic but still a banking question
do any Canadian banks give customers the option of not getting a card with a chip in it ? has the chip technology completely replaced the magnetic strip ?
a little off topic but still a banking question
do any Canadian banks give customers the option of not getting a card with a chip in it ? has the chip technology completely replaced the magnetic strip ?
Yes, every major bank's adapted to the chip technology, they don't make it with the strip alone anymore.
In terms of opening the account itself, do we (newcomers) have to have a SIN or other standard, Canadian type of number? How do international students do it, if they do not qualify for a SIN?
This is what I found on the RBC's website's FAQs:
"Providing your social insurance number (SIN) is not mandatory, however it does help us with the application process. Your social insurance number is a unique number, it helps us to identify you quickly and efficiently and is the best way to make sure information provided to us in a credit bureau report actually refers to you.
If we have your social insurance number, we may use it for tax related purposes if you hold a product generating income and share it with the appropriate government agencies, and we may also share it with credit reporting agencies as an aid to identify you.
However, providing your social insurance number as part of this application process is voluntary for you."
On another website it said that, by law, if you get any income from interests, you are obligated to provide a SIN.
I'm assuming then that if you get a non-interest bearing product, like a checking account, the SIN is optional, and you may be able to open that type of account. I will try in a couple of weeks when I'm in Toronto again.
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