In Australia or Canada, where do you do your banking?

[nicolewong]

Yes, it's true, my dear Singaporeans. In Canada, not only you face high crimes, out-of-control gun violence, high income taxes, high taxes (yes, the HST will kick in next year in BC), job discrimination, high properties prices in major metropolitan areas, poor employment prospects, poor government, you also need to pay bank fees.


Yes, you better love DBS and POSB while you enjoy free banking in Singapore. Once you step into Canada, you need to pay for every withdrawal, cheque you write, ATM you use.


No, never let a person like kingrant fudge the bank fees in Canada. Canadian banks charges by debit transactions and not type of account. Don't let these people deceive you into thinking savings accounts are free. They are no different and will incur a charge.

In fact, they will charge you a higher fee for withdrawing on a savings account. A good example is the CIBC Bonus Savings Account. This account pays you interest but each withdrawal will costs you $5. Yes, I repeat, five dollars in bank fees for a withdrawal on a CIBC Bonus Savings Account.


No, never let a person like charlie9 make you think there are $2 flat fee accounts. Those are in the past, as Charlie9 said it was in 1981 at the BMO (Bank of Montreal). Today is 2009. In 2009, all bank will charge you a fee so high that you Singaporeans will sing song. By the way, if you choose to have a bank book with BMO, BMO will charge you a monthly fee for the bank book. BMO calls it record keeping fee!


Yes, take a look at this fee schedule from Royal Bank. See how much you will need to pay for bank fees. On average, the Canadian pays about $15 in banking fees a month. Are you willing to pay bank fees?

 

[Hock]

Yes, it's true, my dear Singaporeans. In Canada, not only you face high crimes, out-of-control gun violence, high income taxes, high taxes (yes, the HST will kick in next year in BC), job discrimination, high properties prices in major metropolitan areas, poor employment prospects, poor government, you also need to pay bank fees.


Yes, you better love DBS and POSB while you enjoy free banking in Singapore. Once you step into Canada, you need to pay for every withdrawal, cheque you write, ATM you use.


No, never let a person like kingrant fudge the bank fees in Canada. Canadian banks charges by debit transactions and not type of account. Don't let these people deceive you into thinking savings accounts are free. They are no different and will incur a charge.

In fact, they will charge you a higher fee for withdrawing on a savings account. A good example is the CIBC Bonus Savings Account. This account pays you interest but each withdrawal will costs you $5. Yes, I repeat, five dollars in bank fees for a withdrawal on a CIBC Bonus Savings Account.


No, never let a person like charlie9 make you think there are $2 flat fee accounts. Those are in the past, as Charlie9 said it was in 1981 at the BMO (Bank of Montreal). Today is 2009. In 2009, all bank will charge you a fee so high that you Singaporeans will sing song. By the way, if you choose to have a bank book with BMO, BMO will charge you a monthly fee for the bank book. BMO calls it record keeping fee!


Yes, take a look at this fee schedule from Royal Bank. See how much you will need to pay for bank fees. On average, the Canadian pays about $15 in banking fees a month. Are you willing to pay bank fees?

According to United Nations, Canada is the 4th best country in the world
to live in; Singapore is 23rd.

RBC Day to Day banking at $4/month with 15 free transactions sounds like
a good deal, although it's double of what I paid for my DBS/POSB account($2/month).

I remember many moons ago, when I was a student in Vancouver, I made
only one withdrawal per month(rental, transport, food & miscellaneous items).

 

[whistler]

well i dont agree that banks in SG do not charge any fees.....there's no free lunches in SG as well. even our old man lee ever said that.....

there's a monthly fee for savings a/c if your average daily balance fall below a minimum sum. there's also a monthly fee for checking account and fee for cheque book. i believe cash withdrawal via other bank's atm are not free too (though with dbs/posb atm network, i dont need to). fees are also charged for cash withdrawal under "PLUS" network. so who says SG banks dont charge?

i've been banking with dbs/posb since young and they way they treat longtime loyal customers are not much better. take for example when shopping for a housing loan....do you really get a better deal from your long time bank always? sadly no.

 

[kakowi]

ok guys, thanks for all your feedback.

It is true that banks in canada and australia charges fees BUT it is not true that you, a migrant, need to pay them.

I refer you to http://www.citi.com/canada/citibankcanada/english/pdf/rates_fees.pdf

which lists the lists of account related fees. These rates and fees are effective September 24, 2009.



Rates and Fees for the Citibank Chequing Account:

Minimum Opening Deposit: None

Monthly Account Fee: waived if monthly balance > $5,000

Transaction Fee (include cheques, pre-authorized debits, in-branch withdrawals, ABM withdrawals, POS direct payment purchases, funds transfer and non-branch bill payments) - Nil
​

Rates and Fees for the Citibank Savings Account:

Minimum Opening Deposit: None

Monthly Account Fee: None

Transaction Fee: None

​

Banking Fees and Charges are a hygiene factor.

All you need is savings and checking account which allows you to do the following without cost: cheques, pre-authorized debits, in-branch withdrawals, ABM withdrawals, POS direct payment purchases, funds transfer.

Citibank Canada fits the bill perfectly.










The next criteria is the accessibility:

Citibank has only one branch in Toronto.

It has a nation-wide call centre. The quality Citi-phone centre is no stranger to us singaporeans.

The funds can be withdrawn from 2,000 ABMs located across Canada.

<TABLE border=0 cellSpacing=0 cellPadding=0 width=496><TBODY><TR><TD vAlign=top>Where can I do my daily banking?</TD></TR><TR><TD vAlign=top>

</TD><TD vAlign=top>Daily banking at your fingertips, in fact you never have to stand in line at a branch again.

<TABLE border=1 cellSpacing=0 cellPadding=3 width="100%"><TBODY><TR><TD></TD><TD>Citibank Online</TD><TD>THE EXCHANGE Network of ABMs in Canada</TD><TD>ABM</TD><TD>POS</TD><TD>CitiPhone Banking Centre</TD><TD>Mail</TD></TR><TR><TD>Check account balances</TD><TD align=middle>X</TD><TD align=middle>X

</TD><TD></TD><TD></TD><TD align=middle>X</TD><TD></TD></TR><TR><TD>Withdraw cash from your chequing or line of credit account</TD><TD></TD><TD align=middle>X</TD><TD align=middle>X</TD><TD align=middle>X

</TD><TD></TD><TD></TD></TR><TR><TD>Pay bills

</TD><TD align=middle>X</TD><TD></TD><TD></TD><TD></TD><TD align=middle>X</TD><TD></TD></TR><TR><TD>Transfer Money Between Your Citibank Canada Accounts</TD><TD align=middle>X</TD><TD align=middle>X</TD><TD></TD><TD></TD><TD align=middle>X</TD><TD></TD></TR><TR><TD>Transfer Money Between Your Citibank Account and your Account at another Canadian FI</TD><TD align=middle>X</TD><TD></TD><TD></TD><TD></TD><TD align=middle>X</TD><TD></TD></TR><TR><TD>Transfer Money to another Citibank Canada client's account

</TD><TD align=middle>X</TD><TD align=middle></TD><TD></TD><TD></TD><TD></TD><TD align=middle></TD></TR><TR><TD>Transfer Money to a Citibank client's account abroad

</TD><TD align=middle>X</TD><TD align=middle></TD><TD></TD><TD></TD><TD></TD><TD align=middle></TD></TR><TR><TD>Deposit Money</TD><TD></TD><TD align=middle>X</TD><TD></TD><TD></TD><TD></TD><TD align=middle>X</TD></TR><TR><TD>Review your transactions </TD><TD align=middle>X</TD><TD></TD><TD></TD><TD></TD><TD align=middle>X</TD><TD></TD></TR><TR><TD>Banking Services (request drafts, wires etc)</TD><TD align=middle>X</TD><TD></TD><TD></TD><TD></TD><TD align=middle>X</TD><TD align=middle>X</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD colSpan=2>source: http://www.citi.com/canada/citibankcanada/english/faq.htm#access



Therefore the three criterias are satisfied:
(1) Checking Account free
(2) Savings Account free
(3) Ease of transacting


To the helpful people here, I would like to say that we are not trying to reform the Canadian banking system.

Rather to see what are the preferred banking choices for a migrant.

In some cases, they are better than Singapore banks and in others less so. That is to be expected. But the banking experience as the above shows, is in the main, the same.




</TD></TR></TBODY></TABLE>

 

[scroobal]

Banks are pretty much the same. Just do a bit of homework. There are 3 types
1) Local with very good distribution of branch and ATM networks
2) International Banks
3) Credit Unions and Savings Cooperatives which are known for cheapers fees etc but limited capabilitites including lack of many features.

Always open an account with a local bank ( not credit unions) and an International Bank. Ensure that you have Internet to both to allow transfers. Local banks can't fullfill your international needs and International banks can't full fill local needs. All banks have various acct features ranging from fee incurring to absolutely free. You need to do your homework.

HSBC is the best governed bank in the world and very good reach.

Any arrangement must allow you to access your money anywhere in the world immediately around the clock.

I am sure many of you know that ACU accts held in Singapore by non residents are interest free, so know where to park the savings.

 

[american]

According to United Nations, Canada is the 4th best country in the world
to live in; Singapore is 23rd.

RBC Day to Day banking at $4/month with 15 free transactions sounds like
a good deal, although it's double of what I paid for my DBS/POSB account($2/month).

I remember many moons ago, when I was a student in Vancouver, I made
only one withdrawal per month(rental, transport, food & miscellaneous items).

Those must be the days where one withdrawal a month is enough.

RBC has all these calculated so that they will make some money from the Day to Day banking product. They give you 15 free transactions with the expectations, the average canadian will do more than 15 per month as follows:

* Most Canadians will use Interac these days instead of using cash. Every time you pay by Interac at the store, you use one transaction. The 15 transactions runs out quite fast for most Canadians using Interac. Some even use Interac to pay for a can of pop in 7-Eleven.

* Canadians don't normally carry cash, even if they do, it is little cash, maybe $20 for situations where the credit card or debit card is not usuable. The primary reason for this is Canadian are increasingly becoming cashless and to minimize the risk of being mugged.

For a person not to exceed the 15 free transactions, he would need to minimise his transactions, where exceeded pay with cash.

 

[american]

well i dont agree that banks in SG do not charge any fees.....there's no free lunches in SG as well. even our old man lee ever said that.....

there's a monthly fee for savings a/c if your average daily balance fall below a minimum sum. there's also a monthly fee for checking account and fee for cheque book. i believe cash withdrawal via other bank's atm are not free too (though with dbs/posb atm network, i dont need to). fees are also charged for cash withdrawal under "PLUS" network. so who says SG banks dont charge?

i've been banking with dbs/posb since young and they way they treat longtime loyal customers are not much better. take for example when shopping for a housing loan....do you really get a better deal from your long time bank always? sadly no.

You are not comparing apple to apple. If you bring in things like average daily balance fall, you are opening a can of worms as the Canadian banks do have hefty fees for that.

What we are talking about is the 3 general debit transactions that are FREE in Singapore:

- Withdrawal in person at the bank
- Withdrawal from the bank's ATM network
- Withdrawal/paying by cheque

The above 3 transactions are FREE in Singapore.

In Canada, the bank will charge you a fee for the above 3 transactions.

Ps. Using a ATM network other than the bank own network in incur higher fees.

 

[american]

ok guys, thanks for all your feedback.

It is true that banks in canada and australia charges fees BUT it is not true that you, a migrant, need to pay them.

I refer you to http://www.citi.com/canada/citibankcanada/english/pdf/rates_fees.pdf

I bet you must be pretty happy to find Citibank not charging transaction fees.

But here's the bad news. There is hardly a Citibank anywhere in Canada. You can walk down 20 city blocks and not see a Citibank anywhere. Citibank in Canada is probably a Direct banking bank where there is no branches and you bank by phone. That's why they don't charge a transaction fee.

If you are living in Canada, you need a major Canadian bank, and all Canadian banks charges bank fees for debit transactions.

 

[kakowi]

I bet you must be pretty happy to find Citibank not charging transaction fees.

But here's the bad news. There is hardly a Citibank anywhere in Canada. You can walk down 20 city blocks and not see a Citibank anywhere. Citibank in Canada is probably a Direct banking bank where there is no branches and you bank by phone. That's why they don't charge a transaction fee.

If you are living in Canada, you need a major Canadian bank, and all Canadian banks charges bank fees for debit transactions.

Which means you admit the validity that Citibank Canada bypass the disadvantages of the Canadian banks.

In the same way that Citibank Singapore bypasses the limitations of Singapore banks.

Their remote access facilities: online, ABM and call centre bypasses the geographical limitations.


The critical portion is the ABM and call centre. If their ABMs are geographically convenient (especially in the area you are staying in) and their call centre's personnel are polite and efficient, there is really no disadvantage since your income/salary can be instructed to be banked into Citibank Canada directly by your employer.

If you are living in Canada, you need a major Canadian bank, and all Canadian banks charges bank fees for debit transactions.

For Citibank Canada, there is no bank charges for ABM withdrawals and POS direct payment purchases. Meaning that they are FREE (see my post above).

Nonetheless, you are free to bank with local banks if you feel they are neccessary for your living needs.

 

[kakowi]

Citibank in Canada is probably a Direct banking bank where there is no branches and you bank by phone. That's why they don't charge a transaction fee.

I have a strong belief in direct banking but i will not delve into banking philosophy here.



Let it be known that i am not encouraging migration, especially asking people not to migrate because there are more banking fees in Canada.

I am also not asking people not to migrate because they can save a few dollars in bank charges by staying in Singapore.

The reasons for migration are complex.






It is however important to know your options if you want to migrate.

In this case, there is at least one option to bypass the limitations of the banking system.

One option is enough.

 

[Hock]

http://www.sanluisobispo.com/world/story/888108.html

These recent "migrants" must be crazy. They should head for Singapore.

 

[neddy]

What is new?

We have the same problem here. Consider that Singapore is "richer" per capita, these asylum seekers should just head for Singapore.




People smuggler among asylum seekers: Australia
(AFP) – 4 hours ago

SYDNEY — A convicted people smuggler has been found among a boat-load of Sri Lankan asylum seekers holed up on a wooden vessel in Indonesia, Australian Foreign Minister Stephen Smith said Monday.

The revelation came after Australian authorities said a new boat carrying more suspected asylum seekers had been picked up heading to Australia, the third such vessel detected in as many days.

The smuggler, Abraham Lauhenaspessy, known as "Captain Bram", was arrested after being found on the boat picked up by Indonesian authorities last week as it carried 255 Tamil asylum seekers towards Australia, Smith said.

"Abraham, or Captain Bram as he is known, has been taken into custody by Indonesian authorities," he told Australian public radio hours before travelling to Jakarta with Prime Minister Kevin Rudd for a visit that will include talks on people smuggling.

"I am advised that he was on the boat. He is now in their custody. He is of course someone who has previously been convicted of people smuggling offences and well known to Australian and Indonesian authorities," he said.

"He has been detained. Let's now leave that to the Indonesian judicial and legal processes to take their course," he said ahead of his trip to attend Indonesian President Susilo Bambang Yudhoyono's inauguration.

Fairfax newspapers alleged that "Captain Bram" had brought more than 1,500 asylum seekers to Australia since he emerged as a key organiser of Indonesia's people-smuggling operations in 1999.

A spokesman for the Sri Lankan asylum seekers, who at the weekend ended a hunger strike launched after they refused to disembark their vessel moored in an Indonesian port, confirmed Captain Bram was on board.

The spokesman, known as Alex, claimed the vessel was intercepted after Captain Bram had turned it back after failing to make a rendezvous with a smaller boat that would have returned him to Indonesia.

He insisted on turning everyone back to avoid being detained by authorities in Australia, where people smugglers can be jailed for up to 20 years, Alex claimed.

"The selfish move that he has made has cost 260 lives... a decision that he made... to save himself has ruined our families' lives as well.

"It has destroyed a dream that people were searching for freedom," Alex told public radio.

Indonesian officials were trying to negotiate with the Sri Lankans, who have threatened to set fire to their boat if they are forced to disembark in Indonesia and undergo asylum procedures that could take years.

Australian authorities said they had intercepted another boat carrying more than 30 people suspected asylum seekers, the 33rd vessel this year, off Australia's Ashmore Island late Sunday.

A second group of 79 asylum seekers was meanwhile transferred to an Australian warship after the vessel they were sailing got into trouble and sent out a distress signal, Smith said.

The boat had been intercepted by the HMAS Armidale on Sunday after Indonesian search and rescue authorities asked for help from Australia.

"Those people have now been placed onboard the HMAS Viking which was in the area," Smith said, adding that they were being taken to Australia's offshore detention centre at Christmas Island.

A third ship was reportedly in trouble in Malaysian waters.

Three Indonesian men were due to appear in court in the western city of Perth charged with people-smuggling offences after two boats carrying 146 people were intercepted on September 12.

The pair face up to 20 years behind bars or fine of 220,000 Australian dollars (200,000 US) if found guilty.

http://www.sanluisobispo.com/world/story/888108.html

These recent "migrants" must be crazy. They should head for Singapore.

 

[Charlie9]

I made several posts to provide information to would be immigrants. I am not trying to, and I do not provide misleading information. The $2 fee per month per account still applies to all my accounts, including any new trust accounts for bankruptcy files. For those who wish to quote me out of context, please be frank and forthright, to notify the rest of the readers where you reside, and for how long, otherwise, I will avoid posting. Thank you.

 

[axe168]

For Australia, try HSBC there is no account keeping fee, if you use internet banking. The T.T. over the internet is also cheaper.

St George offers a better value in term deposit.. oh yes, Bankwest is good too..

Choose the bank which gives a better return (higher interest) less the running cost/account keeping fee.. Nvr approach service in counter, it'll comes will service charge

 

[neddy]

For Australia, try HSBC there is no account keeping fee, if you use internet banking. The T.T. over the internet is also cheaper.

St George offers a better value in term deposit.. oh yes, Bankwest is good too..

Choose the bank which gives a better return (higher interest) less the running cost/account keeping fee.. Nvr approach service in counter, it'll comes will service charge

Except for BankWest, if you are a Hero account holder. I need to verify if Zero account holder has zero fees as well.

 

[neddy]

What are the banks you banked with when you migrated to Australia or Canada?

Do they have a national bank, something like DBS/POSB?

To compare the various bank products, go to these 2 reputable sites.

http://www.infochoice.com.au/
http://www.ratecity.com.au/

Recommended by http://www.fido.gov.au/fido/fido.nsf

 

[chuckyworld]

JUst like everything else you have a choice to choose, if you think Canada banking fee is high, poor health care and crime ridden country, You do not need to emigrate there at all after all there is so many other countries for the picking.

As Charlie has point, it is all a matter of choice, there are no free lunch anywhere.

Canada has been pretty good to me, just a matter of adjusting one lifestyle.

You have a choice to choose no 1 is forcing anyone to emigrate to anywhere.

There will always be a different of opinions and we do respect other views.

There is achoice and it is all up to the person to decide where is best.

 

[Charlie9]

Emigration is not for every individual

Amongst others, I believe that emigration is suitable for those individuals who are independent, determined, resourceful, sometimes creative, do not accept no or the status quo as the preferred alternative, has perseverance [like the motto of the Outward Bound School: to serve to strive but not to yield], willing to build a better / more satisfying / balanced lifestyle for themselves or for their future family members.

Regardless of the opinions of others, I believe that it is better to try and failed (and learned from the experience) than not to try at all. Bank charges is one small factor in the overall environment, and in my opinion it is not a significant matter for any immigrant who with their efforts and a little luck, will be reasonably successful. I seldom advertise this but the social various programmes and free medi-care (for now, because I am unable to predict the future), but unfortunately, with the cocommitant relatively higher and progressive income tax rates, do provide a down side protection in case an individual falls ill or becomes disabled, or did not saved enough for retirement. I shall not elaborate on the several schemes of creative (but not so hard working) immigrants.

 

[Asychee]

Re: Emigration is not for every individual

Amongst others, I believe that emigration is suitable for those individuals who are independent, determined, resourceful, sometimes creative, do not accept no or the status quo as the preferred alternative, has perseverance [like the motto of the Outward Bound School: to serve to strive but not to yield], willing to build a better / more satisfying / balanced lifestyle for themselves or for their future family members.

Regardless of the opinions of others, I believe that it is better to try and failed (and learned from the experience) than not to try at all. Bank charges is one small factor in the overall environment, and in my opinion it is not a significant matter for any immigrant who with their efforts and a little luck, will be reasonably successful. I seldom advertise this but the social various programmes and free medi-care (for now, because I am unable to predict the future), but unfortunately, with the cocommitant relatively higher and progressive income tax rates, do provide a down side protection in case an individual falls ill or becomes disabled, or did not saved enough for retirement. I shall not elaborate on the several schemes of creative (but not so hard working) immigrants.

I was going thru the posts. I have to agree with you that if that few bucks matters so much. I think it is better to stay back in Sg and enjoy the "perks".
I see paying taxes, bank charges and cost of living as relative - if you are earning then you pay taxes. If you have $$, why be penny pinching. Why not adopt a "look for more $$ than try to save penny". The use of effort to look for money is the same. Just my 2 cents only

 

[southwest]

I made several posts to provide information to would be immigrants. I am not trying to, and I do not provide misleading information. The $2 fee per month per account still applies to all my accounts, including any new trust accounts for bankruptcy files. For those who wish to quote me out of context, please be frank and forthright, to notify the rest of the readers where you reside, and for how long, otherwise, I will avoid posting. Thank you.

It would make a lot of difference if you say, "I pay $2 fee per month for my bank account but this is long time ago and is no longer available".

A person not realizing that your bank account is no longer available may be misled into thinking he can get $2 accounts in Canada, when most bank accounts are on a pay as you use basis.

Anyone opening a bank account in Canada should expect to pay for each transaction they make.

It is good that you clarified