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Which Bank Account is Suitable for Indian Expats in Canada?

Which Bank Account is Suitable for Indian Expats in Canada?

11 Jan 2023


When moving to a new nation, immigrants, those with student visas, and newbies from India will find it difficult to adapt to the local culture. In addition to other things, they need to figure out utilities, housing, schooling, and job. The challenges associated with a quick and secure money transfer to India from overseas and mastering a new banking system are also included!

Finding information can be challenging, even without considering the variations in methods. In Canada, where banking is simple but perplexing and not free, this is particularly typical. You'll need to conduct some research to choose the best bank for you. But don't gaze too far! The best bank accounts in Canada are listed below to assist you in beginning your financial journey.

Which Bank Account Should You Open in Canada?

Multiple bank accounts often confuse overseas workers as to which bank account they should open. Most expats from India, like people from other developing countries, move abroad to earn better and transfer funds back home for financial support that involves having a bank account. Let’s guide you on deciding the right bank account for you as an Indian expatriate worker.

But wait! Why Should You Open a Bank Account in Canada?

Financially speaking, opening a bank account in Canada can be advantageous. Due to strict supervision, Canadian banks were largely unaffected by the Global Financial Crisis in 2008, while the rest of the world suffered.

Someone opening a bank account in Canada would benefit from it due to the security and stability of the country's financial system. Here are a few more advantages of opening an account if you're relocating to Canada:

  • Simple access to your money thanks to the numerous ATMs accessible
  • You can use both Canadian (CAD) and American (USD) currencies if you're a business (USD)
  • Reliability of the bank to protect your money
  • High-paying dividends, long-term holding, and secure investment strategy

Top Canadian Bank Accounts Indian Expats Should Know 

Following is the list of top Canadian bank accounts that expats must know. You may choose one of these to send money to India from Canada whenever your family needs it.

Canadian Imperial Bank of Commerce (CIBC)

For savings accounts, CIBC offers an interest rate of 0.05% with monthly fees ranging from $0 to CAD 25; for checking accounts, the range is $3.90 to CAD 29.95. You can add a savings goal to each savings account online, automate your savings by setting up recurrent payments from your checking account to your savings account, and more.

With a CIBC US$ Personal Account, the transaction fee is USD 0.75, and it costs CAD 5 with a CIBC eAdvantage Savings Account. The minimum deposit for each of the additional savings accounts is CAD 25.

The bank also provides customised accounts for children and elders. For instance, seniors (those 65 and above) are entitled to free bank draughts, printed statements, and money orders, as well as two free money transfers each month. Additionally, customers are qualified for a CAD 5 discount on the yearly leasing charge when they use a safety deposit box.

CIBC provides three different types of checking accounts, some of which include free Interac e-transfers, unlimited cash withdrawals from CIBC ATMs throughout the world, and 12 to limitless transactions. 

Scotiabank

For a limited time, Scotiabank provides savings accounts with interest rates ranging from 0.01% to 0.50% with monthly fees of CAD 0 for savings accounts and CAD 3.95 to CAD 30.95 for checking accounts. The Bank of Nova Scotia, also known as Scotiabank, is the third-largest bank in Canada and is headquartered there.

Savings accounts from Scotiabank are excellent since they are designed with expats' various needs in mind. For instance, you can open a Savings Accelerator account, where your interest rate will rise in proportion to the sum if you wish to enhance the growth of your savings more quickly than usual. A Money Master Savings account would be the best option for daily access to your money.

However, almost all of Scotiabank's checking accounts provide free or limitless Interac e-transfer transactions. By keeping a minimum daily amount between CAD 3,000 and CAD 5,000 during the entire month, you can skip the monthly charges for checking accounts.

Fortunately, Scotiabank doesn't have a rigid policy on who can and cannot open an account. You can open an account with this bank online if you're at least 16 years old and a resident of Canada or if you've come to the nation for a job or school. Not many Canadian banks can also brag about offering a free credit score check as Scotiabank does.

Do you know which is the best way to transfer funds back home? Making an online money transfer to India from Canada via ACE Money Transfer is the top choice of several Indian expats. You can benefit from the most advanced services with economic and secure transactions.

HSBC Bank Canada

For savings and checking accounts, HSBC offers an interest rate of 0.05% and monthly fees ranging from $0 to CAD 34.95; at third-party ATMs in Canada, the fee is CAD 1.50. Suppose you already have an HSBC account in your home country. In that case, you can transfer your financial history to the new HSBC account in Canada, which is a significant advantage of opening a bank account with HSBC Canada.

Additionally, the bank provides Foreign Currency Savings accounts. There are no monthly fees or minimum balance requirements for any foreign currency accounts, yet all offer attractive interest rates. Regarding checking accounts, HSBC Premier and HSBC Advance offer special advantages and services, but only if you satisfy their requirements.

However, to open this account, you must have personal deposits and investments totalling CAD 5,000 with HSBC Bank Canada and its affiliates. Either that or you need to have a home mortgage with the bank for at least CAD 150,000.

However, not all checking accounts have these requirements. For instance, you can conduct unlimited transactions, get free mobile check deposits and Interac e-transfers, and pay no monthly charges with a student checking account.

Send Money to India Online with ACE Money Transfer 

Are you trying to figure out how to send money to India in the best way possible? A team of experts at ACE Money Transfer, an FCA-recognized money transfer operator, ensures that their valued customers can make swift global money transfers.

ACE’s primary goal is to provide its customers with competent teams that are dedicated to the firm’s vision. It takes the utmost care with clients and ensures there is no room for error. So, you get the ultimate peace of mind when you send money to India online via ACE Money Transfer, as you benefit from the most secure transactions, the highest exchange rates, and the lowest transfer costs.


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