Canada - British Expat Forum

I was in my bank yesterday, and I noticed they have a new product aimed at immigrants. Check out the HCBC website for more details. But the highlights are free banking for 6 months (yes that right something free in canada!) and access to credit card from the get go.

Just for the record I have no ties with HSBC other than being a customer.

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I've just arrived in the country and have opened one of these accounts. The process was very straightforward although I haven't yet taken advantage of the Canadian credit card. A colleague of mine did tho' and it seems to be what they call a 'secure' credit card in that in order to get a limit of $750 on his card, he had to deposit $1500 into his checking account and keep it above that balance.
Quite whether this rule applies across the bank I'm not sure, we opened our accounts in different branches.
Anyway, hope this helps.

the secured credit card is typical of banks that have no details of your credit history

but once you build up a good rating, they'll increase your credit limit, if you want it

Hi
We also did the HSBC passport thing and they wanted a $1000 in a 'holding account ' so we could have a $500 credit card!

The also charged us $74 to set this account up, we have since moved to Presidents choice which has no charge banking, and has given us a credit card limit (much higher) without a hodling account.

HSBC account now closed.
Riddle89

I just opened a canadian HSBC account..... I am already a HSBC premier account holder here in the UK..... The whole thing was free to set up.

When we arrived we opened an account with HSBC and took out a secured credit card. We paid $2,000 deposit for a $1,000 limit (I know)! Anyway they hold the money for a year and when it was time to get our money back they had the audacity to tell us that we had to apply again by completing the same application form to HSBC Mastercard and they would do a credit check etc. If they decided our credit was good then we would get back our money. If not, then they would hold for another year.

Well I was livid when they explained this to me a year later and when I was due to get my money back. So I told them that I was not going to complete another application to get back monies that were mine. Furthermore if they had to do a credit check after banking with them and paying $2,000 deposit to secure this card then why in the hell did I put down a deposit! Finally I told them that I was taking my money and banking elsewhere.

Well the money was in my account the following day!

After being here over a year we have credit cards coming out our ears and no security deposit was needed on any of them and the limit was higher then HSBC!!