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Newcomer Services Comparison for Banking
NOTE: This data hasn't been updated since mid-2019 and hence, some information may not be recent.
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ServicesRoyal Bank of Canada (RBC)Toronto-Dominion Bank (TD)Bank of Nova Scotia (Scotiabank)Bank of Montreal (BMO)Canadian Imperial Bank of Commerce (CIBC)
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Name of Newcomer ProgramRBC Newcomer AdvantageNew To CanadaStartRight ProgramBMO NewStart ProgramCIBC Welcome to Canada Banking Package
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Pre-Moving Assistance
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Ability to open bank account before movingYesYesYesYesNo
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Wire transfer to CanadaYesYesYesYesNo
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Immediate access to money upon arrivalYesYesYesYesNo
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Money transfer limit$2,500 per dayPer Transfer: $3,000
24 hours: $3,000
7 days: $10,000
30 days: $20,000		$3,000 per day
Daily rolling* sending limit: $10,000
Cumulative maximum 7 day rolling sending limit: $10,000
Cumulative maximum 30 day rolling sending limit: $20,000		Send up to either $2,500.00 or $3,000.00 per 24 hours, $10,000.00 per seven days, or $20,000.00 per 30 days.N/A
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Timeframe to transfer money before moving2-5 business daysUp to 75 daysN/A
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Banking Convenience
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Nationwide access to accountYesYesYesYesYes
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Any branch bankingYesYesYesYesYes
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27 x 7 access via phone, online or mobile appYesYesYesYesYes
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Account Fees
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Monthly fees waiver period12 months with RBC No Limit Banking6 months12 months12 months1 year
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Min. daily balance to be maintained for monthly fees waiver$0$4,000After the 12 month promotional period, you will begin to see the monthly Account fee charged to your Account unless you maintain a minimum daily closing balance of $4,000$4,000$3,000 + RD or 2 pre-authorized payments per month
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Monthly fee$0$15.95$0, if min daily balance maintained$0Unlimited transactions and no monthly fee for 1 year with CIBC Smart™ for Newcomers
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New account opening credit providedNoNoYes, $300, with Scotia One account or Basic Banking PlanYes. $100
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Transaction Fees
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Number of free debit transactions (includes ATM)UnlimitedUnlimitedUnlimitedUnlimitedUnlimited
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Number of free e-transfersUnlimitedUnlimitedUnlimitedUnlimitedUnlimited
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Charges for using ATMs of other banksYes$0 - You may pay a fee to the ATM provider.YesYes.Yes, $2 per transaction + add. fees
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Credit / Debit Cards / Cheques & Associated Fees
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Credit Card offeredYesUnsecured credit cards - credit limit of up to $5,000
Secured credit cards - credit limit over $5,000 or the amount you have been approved for		Yes - Unsecured credit cardYesYes
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Credit card fee (annual)$0$0$0$0Yes, $4.95 to $14.95
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Whether credit history requiredNoNoNoNo
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Credit limit offered2000< $5,000up to $5,000N/A
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Debit Card offeredYesYesYesYesYes
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Virtual Debit CardYesNoNoNoNo
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Service fees applicable to virtual debit cardYesN/AN/AN/AN/A
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Interac fee refundedYes, upto 3 per monthYes, unlimitedYes, unlimitedYes
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Number of free credit line cheques2 per month ($2 fee per cheque thereafter)$2 a month - or free for TD All-Inclusive Banking Plan accounts. (This option is not available on a savings account, unless you have cheque writing privileges, or U.S. Dollar accounts.)$2,50 a month$2,50 a monthN/A
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Cheque book costPrices vary and will be provided at the time you place your order. For a fee, you may also choose to use additional delivery and tracking services, including overnight shipping. Once you complete your order, charges will automatically be debited from your TD Bank account and your order will be shipped to the address on your account.Not availableN/A
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Certified (guaranteed) cheque charges$25 - $70$10$15 (customers) and $25 (no customers)$20,00 each
$15.00 (cheque issuer) - $20,00 (cheque recipient)
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Car Loan
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Facility to obtain car loan with no credit historyYesNoYesYes
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Car loan downpaymentMinimum 25%N/AFlexibleMinimum down payment and credit approval required, including acceptable income
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Car loan financing term8 yearsN/A6 yearsFinancing is available for a new or used vehicle up to 6 model years and a maximum of 60 months (5 years) amortization
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Car loan maximum amount$75,000N/A$10,000$50,000
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House Mortgage
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Facility to obtain mortgage with no credit historyYes, with RBC Homeline PlanNoYesYesYes - Limited to newcomers to Canada who have been permanent residents of Canada for one year or less.
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Mortgage - down payment< 20% of property value5% (an additional down payment is required for Stated Property Values greater than $500,000)https://tinyurl.com/y576zmkbhttps://tinyurl.com/y35hcuxmFlexible
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Mortgage - amortization periodup to 30 years25 years1 year - 10 yearsunder or over 25 year25 year
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Investments
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GIC - preferred interest ratesYes, with a min. term of 1 year and a balance of $1,000+100 days - less than $10,000 - 1,10%
Minimum investment of $500 ($5,000 for monthly interest payments) - term of 5 years or less and are payable in CanadAYes - Minimum investment of $1000. Rate 2% (18 months)Yes
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Forex & Overseas Money Transfer
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International Money Transfer Program NameRBC International Money TransferVisa DirectWestern Union Money TransferWestern Union Money TransferCIBC Global Money Transfer
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Forex in-branch transactions preferred ratesYes, for first yearNoNo
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Cost effective way to send money overseasYesYesYesYesNo
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Free transactionsNo1 per month (for 6 months)UnlimitedUnlimitedYes
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International money transfer fee$13.5 per transaction< $10k = $8.95 ; $10k+ = $12.95$9 + 1% of money sentcan send up to either $2,500.00 or $3,000.00 per 24 hours, $10,000.00 per seven days, or $20,000.00 per 30 days. You can receive up to a maximum of $10,000.00 per 24 hours, $70,000.00 per seven days or $300,000.00 per 30 days.$0
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International money transfer - limit$2,500 per dayNo limitup to $1,000No limit
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Outgoing Wire transfer chargesStarting by $45< $10k = $30 ; 10k - 50k = $50 ; 50k+ = $80a percentage cut of 0.15% from your total payout but have a minimum charge of $25 and a maximum of $100.a percentage of 0,20% (minimum charge: $15,00 - maximum charge: $125,00) + $10,00 of communication charge< $10k = $30 ; 10k - 50k = $50 ; 50k+ = $80
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Incoming Wire transfer chargesFree$17,50$15,00$14,00
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Safe Deposit Box
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Availability of safe deposit boxYesYesYesYesYes
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Safe deposit box charges (annual)S - $60, M - $90, M/L - $200, L - $350, XL - $500S - $60, M - $85, L - $125Waived for 1-year, $55 thereafterWaived for 1-year, $55 thereafter$55 cash back
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Bank Statistics
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Bank presence in IndiaNoNoYesNoNo
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Number of bank branches in Canada1,355+1,165+1,040+900+1,100+
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Number of employees79,000+85,000+89,000+47,000+42,000+
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Book online appointmentYesYesYesYesYes
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Number of ATMs across Canada4,200+4,000+4000+
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