Questioned about Banks
I would like some advice. I am looking to open a bank account in Canada. I travel to Montreal regularly on business. I would like to keep some money in a local bank so as not to incur exchange rate charges all the time. Especially when I'm indulging in my favorite activity
Can anyone recommend a good, low/no cost banking plan that can provide me quick and easy access to my money while I'm in Montreal?
I've looked into BMO's the Basic Plan and it seems OK. , I don't get a free credit card. I'm not sure if I get an ATM/debit card and I don't know how many ATMs there are in Montreal. There's a $1,000 dollar minimum to waive the fees. I have to pay $1.50 to send money to them electronically.
Veteran of Misadventures
As a fellow American I think this is a very valid inquiry and I would like to hear some of the local financial gurus give advice as to how said exchange rate charges can be avoided.
Last edited by EagerBeaver; 02-22-2005 at 07:08 PM.
I am not from Canada and tried to set up and account in Montreal at the Bank of Montreal and they gave me some blah blah which said I could not or needed set up some non-resident account or something to that effect. I did not ask many questions because I was on my way to Super Sexe. My info is grey because I just did not put any effort into it after that.
If you are successful, I would love to hear what I need to do for future reference.
I would like to suggest to you the Royal bank of Canada.I have many associates in the USA that use the services of this bank when they come to Canada for business purposes.............Ayata :
If you open a foreign account you need to declare it on your US taxes. There is a specific question. Need the hastle?
The easy way to avoid any exchange fees is to have an account with a US bank that doesn't charge ATM withdrawal fees at anyone's ATM and to use a Canadian Bank's ATM that doesn't charge fees.
Veteran of Misadventures
Originally Posted by cando
Do you know of such a US bank that does not charge withdrawal fees at ATMs located in Montreal?
Some smaller local banks. You need to search your location.
Example, in MA
HSBC Is My Friend
HSBC USA & HSBC Canada are indeed separate entities although they are both controlled by my good friend, Sir John Bond, the Group Chairman of HSBC Holdings PLC. Don't know about Montreal, but when I was in Toronto, I just used my check card and went to the Bank's ATMs for Canadian funding. It was converted back to US currency and deducted from my account every time. Hope this helps.
Originally Posted by Bud Fox
Banks are not as competitive in Canada.
Almost any canadian bank will give you about the same services. I suggest that you pick a bank with the most branches. (look it up in the yellow pages or www.yellowpages.ca) That way you can access your money from the ATMs from that bank. If you use other banks ATMs you incur special charges. As far as credit cards go, use your US card. I reccomend that you pay for MP or SP services in cash so you do not leave a paper trail.
I am a US citizen living in Canada.
The "cheapest" bank is Les Desjardin. It is a small local bank similiar to a Credit Union. A friend of mine, who used to live here as well, still maintains an account with them, so far they have not hassled him.
I still have an account in the USA and they know that i live in Canada. They have never hassled me about that.
Not sure what the legalities are on setting up an account for a foreigner, sorry.
I just use my ATM/debit card as much as possible. I get real time exchange rates, pay no fee and and carry very little cash. Now, if could only use my card with my favorite agencies.