Canada: Banking

JonSnuuu

I'm in Toronto now for the whole summer on an IEC. Just wondering what would you think would be the best option for me reagrding banking:

1. Continue to use my AIB account while I'm over here, and get my eventual employer to lodge my wages to that account or...

2. Set up an account in one of the Canadian banks? Is it difficult to set up an account over here? Would the be likely to give one to a student who is only here for 3 months?

ciaran67

Blimey, had to reread that title

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I would imagine it would always be cheaper to get paid into a Canadian account then transfer from your Canadian to your Irish. Everytime you use you Irish card over here you'll pay for its usage and the rate would be crap. I would be surprised if a Canadian employer would do that anyway.

bil

Slightly o/t but do you reckon it'd be better to change euros to cad here in Ireland or in Canada after i open an a/c?

DaveDaRave1

Thats a good question. I was thinking about bringing some cash over with me but if it's cheeper to get your dollars there I'll wait.

I googled aib exchange rate but couldnt find any figures, you might have to go in to the bank

Helix

you'll get the best rate out of an atm

Princess Peach

Taking money out of an Irish bank account at an ATM is expensive, I was paying about €11 fees when I was taking out $500 at a time, I'm with Bank of Ireland.

I found it very easy to open an account once I had an address, but I've heard of people who got accounts while staying in hostels also. Easy to transfer your money from your Irish bank account then if you have online banking set up from home. Definitely much easier for an employer too, I think you will have a hard time getting your employer to go to the hassle of setting up regular international transfers.

retalivity

one of the banks (CIBC?) has a newcomer account package, just basic, no/low fees etc

krochford

im a week in vancouver now and set up with Scotia bank. went in while i was still on a tourist visa and they had no problem setting up the account but said they would have to freeze it until i could prove my address but all i wanted was somewhere safe to keep my cash. they have a new arrivles deal free account for a year unlimited trasactions

Wardie23

What way is best to put money in so, exchange it hear and just physically lodge it in when I get over, or transfer it from AIB when I get over?

Princess Peach

Wardie23 wrote: »

What way is best to put money in so, exchange it hear and just physically lodge it in when I get over, or transfer it from AIB when I get over?

If you don't want to carry a whole lot of cash you can do a bank transfer, which can take a little bit of time but not too much hassle. Or you could get a bank draft from AIB before you leave and lodge that once you open your account. Check with AIB for the charges on these before you decide.

Helix

Princess Peach wrote: »

Taking money out of an Irish bank account at an ATM is expensive, I was paying about €11 fees when I was taking out $500 at a time, I'm with Bank of Ireland.

im with aib and it cost me €1.50 per transaction, regardless of how much i took out iirc