10 Things That Will Shock You About Canada Banks | Canada Couple
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- Опубліковано 2 жов 2024
- This video is about some differences that we found about Canada Banks and Indian banking system. There are few pros and cons of this system. Let us know which one you found to be very different from your home country. Do like and comment if you like the video.
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What was shocking for you?
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Very useful information Bro. 💕💕👍🙏
Hi
Plz mojh say raba kren 03368661923
Very informative Harmeeet 🙏. Thank you very much for this wonderful video 🙏☺️
@Dipen Das Yes. Because unlike India, Canada is a very low inflation economy. Hence the low rate of interest. In India, banks used to offer very attractive rates of interest earlier because economy was conservative and GOI wanted to encourage people to save more. However, over a period of time, savings interest rates were slashed with most banks offering a mere 4% savings account interest. GOI's focus changed from conservative to spending economy wherein they want you to spend more than save as they want people to invest in economy directly be spending. However, the worse part in India is that inflation does not get controlled. So the poor man who was habituated to savings account is in worse state than before. Canada is also a spending economy but a low inflation one. Government over here wants people to invest in market directly through spending, stock market etc. rather than routing that money into market through savings accounts and industrial loans.
Hallelujah!!!! The daily Jesus devotional has been a huge part of my transformation, God is goodes LS, after years of addiction to drugs and sins God chased me down as I earn $112,500 monthly. My life and family has changed, Thank you Jesus!!!..
Hello how do you make such monthly?? I'm a born Christian and sometimes I feel so down of myself because of low finance but I still believe in God
It's a great idea to have a conversation with financial advisors like Naomi Dean to reshape your portfolio.
I spread out my $25k portfolio across various markets to diversify my investments.
That woman is a genius
So you guys know her? Her Success story is everywhere
I feel sorry for you, why didn't you open online bank account (Tangerine Bank, Simplii Financial, Motus bank etc) They don't have monthly fee and no minimum balance requirement unlike all other major banks in Canada. You should have done your research before falling for Canadian bank trap.
if you are a new immigrant then you should probably start with online banks as they don't run hard inquiry on your credit unlike other banks which will decrease your score. They also have free cheque books (could have avoided the fight with your wife lol) and no minimum monthly fee or minimum balance requirement.
You got scammed brother, now after 12 months you will pay monthly fee of 15 - 30$ only for having a bank account or you have to maintain a hefty sum of CAD 4000 - CAD 6000 always at end of every day.
I suggest you close and move to Tangerine bank (subsidary of Scotia Bank)
Hats of to you For putting so much efforts to explain the process. Indeed this is really helpful and much needed for new immigrants 😎
There is no need to go to the Bank or to an ATM to deposits the cheques, you can take a picture and upload the image from your mobile and money is immediately credited to your account
Nice
lol. 😂 that's funny as well as easy. I find Canada is having smooth customer services. it feels good. and things are super quick.
You don’t get it do you there will be no cheques or cash, it will all be digital
In india, UPI is skilling all other payment method.
Super easy. Super convenient
Such an informative video. I really wish we could have had this information when we landed. Did all these mistakes and were charged by the bank, it was so shocking. You guys are sooo Good. Awesome content. 💓 Thank you guys 😇
in India, 1st cheque book is free and 2nd cheque book is chargeable (especially in the private banks) and here per cheque leaf cost 5rs which most of the people don't know
That is true. Also, most banks including nationalized ones charge debit card fees.
Sir what is the duration to pay the bill as Compare to India like here I'm used to spend from credit card within 1st week of very month and pay it on 15th of next month...
Some of the important safety features in Indian banking system which I miss in Canada. A credit card transaction in India goes through MFA (multi-factor authentication) which is not the practice in Canada. Any credit and debit card transactions in India generate a SMS which is not the practice in Canada.
Few more points related
- there is no bank charges if u r student n have student account
- there is no bank charges if u balance is more than some amount. Eg in my case its 4000. If i have more than 4000, there is no charge.
- if u use credit card n couldnt pay it back, there are interest charges.
Ye toh har jagah hi hai india mein bhi
Peace, mercy and blessings of God I am your brother Abu Musab from Gaza Married and I have 3 people I was injured by an Israeli bombing, which resulted in a fracture of my ribs, pelvis, and right hand, and deformities I live in a house for rent and my financial situation is difficult I ask God to bless your livelihood, God Amen My mobile number 00972597919631
That's $4000 blocked. Just to avoid fees? Does not make sense. $4000 in a tfsa, invested on a dividend stock or etf or mutual fund, would probably grow more than you would save on fees. Talk to a certified advisor for opinions and make your own decisions.
Very nice video 👍. I’ll tell you the 11th shocking experience. You visit Brampton or Mississauga branch of SBI Canada and you will get the same feeling of entering SBI in India 🤪🤪
lol
Amazing Information! Please make a video on how to manage Taxes and save money in Canada. And what all ways can there be to do savings! 😍
sure
These UA-cam videos is what will pay off your credit card bills! Great collaborative sponsorships! And amazing content as usual!
After living here almost 5 year I would say keeping 50/60 bucks cash is more than enough. 2 Credit cards is must. Visa and MasterCard preferably. Always use the mobile app and link your all cards. Incase you lost or misplaced the cards you can block it in a second through your app. Once you found it you can unblock it again. I love this app feature. E transfer with just email address is awesome for sure. Lastly, tapping the card is way better than insert and slide, which I didn't find in India.
Well interest rates in India is 9% so the banks are able to pay 6% on balance. In Canada the interest rates are low so they are not able to pay you much interest on your balance.
Dear Sir/Madam, Do you advise to join 2 different banks? For example RBC & BMO? And how will it affect my credit history if you have a VISA ar RBC and Mastercard at BMO for example? I was thinking that one Bank account at RBC for myself and one for my wife (BMO). Please advise? Thanks and keep up with the good work
What I like most abt Canada Couple is their narration style, simple and very articulate. Even the complex topics they describe in so simple way which makes their clips so watchable
True that
You did not mention the criteria for eligibility to get selected that money. pre authorized deposits like payroll etc., pre authorized debitsonline bill pmts etc every month. People, most of the large 6 banks have similar bank accounts and rewards. Use a bank that provides good advice and build a banking relationship with that advisor.
Get updated with your info..
Here in India, now we can transfer money to anyone in seconds..!!!
Have you heard of UPI anytime..!!!
Hello Canada Couple. I have been following you guys for so long and love the ott suggestions you couple provide. Thus I am requesting you to please make a video on home insurance for first time home buyers and what traps to avoid etc.Thanking you in advance.👍🏼
Hi pallu
Holy moly I lived in Canada 57 years and never saw a company who only accepts Visa or MasterCard but NOT both
In india you just need mobile number to transfer money and its doesn't require 2 to 3 hour it's just on click.
In india is also there is single window operation concept but we don't know about it
HI, can you please tell where did you get your coat from and what brand is that ? It looks very nice and I want to buy the same.
I was about ask same lol
Veerji, what about american express card, the best card in the world... Can we use credit card from India while tying up with Canada bank!!!
It was really helpful veer ji. And much needed. Also I would like to suggest you to make one video about what are options for investments there in Canada in order to save money. Like we do in India mutual funds policy n fd etc.
Now In india upto 1 lakh can be transfered by using just phone number in 5 seconds. Bingoo. (Using UPI) MERA DESH MAHAAN
I think you were living in India 15 yrs or ignorant .....you can add account number with in half an hour !!! In India nobody fills form any more.... representative comes home directly....
Bhai yaha bhi 2 saal se india me bi UPI id , jo email jesa hota hai, wo maang ke hmlog transfer kr re ab. This happened recent in 1-2 years.
Good
Great 👌 Knowledge sharing video 👍👍👍👍👍 Super Paajiii 🙏❤️
Hi,
Thanks for making such informative video.... So, when u mention that debit cards are given by the bank. I was under the impression through other information that banks prefer to provide immigrants with credit card in the name of increasing credit score and as people have a tendency to spend more.
Is that true? Like should a new comer go for debit / credit card?
Hi Harmeet, Thank you so much brother, for a very well articulated & clearly informative presentation. Can you please help me in clarifying a few banking aspects. Firstly, how would you rate BMO versus Scotia Bank for new comers to Canada. Secondly, you must be aware about the latest Tax Collectible at Source (TCS) introduced in the Indian Budget in 2020, wherein any foreign remittance of 7 Lakhs or more, is taxable @ 5%. NRIs are exempted of this tax. However, if someone (COPR holder) has to wire their money in an international acct in a Canadian Bank before flying out to Canada, is such person also exempted / subjected to such TCS as he would be considered as an NRI only once they land. Lastly, what are the charges for wiring money at both ends. Will be grateful for your help🙏 Thank you 🙏🙂
Hi, can trabsfer 200,000 CAD to my son canadian account for purchaasing home in canada is it possible or difficult ? please advise
my son is on work permit after graduaation in canada , Mohd khaja dammam
credit unions have no fees. unlimited transactions. no minimum requirement. Highly suggest people leave big banks and go with credit unions.
Mere bhai UPI ke naam suna hay? We transfer money in India like chatting. Please don't bring down your motherland..
Thank you sir,
Your videos are very Informative....😊🙏🏼
Is there UPI type of payment in CA (eg. Paytm, Phoneph, Google pay, Apple pay, Samsung pay)
Is it just me who us following him and doesn’t agree on the credit cards points coz of Dave Ramsey??
does CIBC provide safety boxes for jewelry and how can we take and put it back after wearing it at an event?
India has the best UPI system in the world ,even better than US.. so long gone are those days where u need to add beneficiary and wait for 2 days..
But wudnt it be better to just use credit card for daily transaction? I dont see a point of savings acc unless they give 4% promo
There is nothing to shocking except getting traffic on UA-cam
I came here to watch how much time does it take to open a bank account because it takes 6 months in Malta
Bro we r waiting for ur next video on #1. How to improve credit history ?
#2. If U fail in paying ur credit card or bank loan then what will be punishment, jail or fine ?
#3. How much we can get maximum loans & credit cards from bank ?
#4. What about child future saving investment plans in canada ?
#5. Our old age retirement saving plans & what are profit returns ? For example, if we deposit 1000 $ / month for 100 months or 150 months then how much profit we will get ,?
Thanks bro, Love & respect for both of u guys🌹👏🌹👏
regardin #2 it is neither. if it is secured loan (say for car or house) they will just take away your car or house. You don't own these things until they are fully paid off. The bank owns them. Otherwise if its credit card debt you will just ruin your credit rating by not paying and they will keep calling you to pay and thats it. When you try to apply for card or loan in future you will be denied.
Just little confused. You are calling good facilities "shocking", but most of those are wonderful not bad at all! Most Indian banking with lack of security, slow -mo speed, is truly shocking. Just curious. Good Vlog. 😊 Points are good.
Yeah you are rights, this points are all good, in dubai also we have same as canada banking 😊 maybe he should say india bank vs canada bank
Icic bank now close credit card service
So now what should I do
For credit card I open account in another bank??
good content but in the spirit of transparency how much is BMO paying you to promote them?
Best !!!
Will you please make a video about Healthcare facility !!!
can you make a video on internet provider in CANADA ?
Here u missed the very important point.. if u use ur credit limit fully and even u pay the bills in time it will effect badly ur credit history..
Thanks
@@CanadaCouple for an ideal deal regarding house loan or car loan one must have to use 30-30% of credit limit every month..
Saving all this for credit score video :)
Improve your presentation skill...You need editing for single sentence there will be lesser chances see 3:45 one man was at your left and suddenly he is in your right..Even my 5 year kid can speak continuaslly and better than you
@@PK-eg8yy ask him to explain upload a video...haters everywhere
Awesome videos. Can you do one on mobile service companies, plans and devices like a comparison. Also for ISPs.
Superb. Informative. Thank You.
Is not having last name will cause any issue for opening bank account in Canada ?
Sir i sent money from bank to bank in canada but name of recipient less 3 letters so the transfer will be denied or no problem at all
Hi Bro its possible to open new account while outside person.
U need to have sin no I guess not sure ✌🏻google it
Man said she doesn't like to fill forms cuz she bad at it with a straight face lmao.
Do you mean that a couple should have 4 number of credit cards on total?
What is the population status of india and Canada, poverty rate, economy . So comparing india and Canada is baseless
@Block Chain correct.
Which bank gives you more line of credit?
being a "student" helps alot w those fees but limits you to what you can spend
These are things that people know sitting in India:
1. There's low interest rate out of India, in developed nations. Some countries even have a negative interests rate. So no that's not shocking. You were less aware of the world around you.
2. No, there's no zero balance account in india. Well technically not. The transaction charges in those accounts are high. So you have to have a 10k balance account in a private bank.
3. You've left India 2.5 years ago. There's charges on cheques now in India too.
*all the new comments in Canada seem to only Indians.* haha
is there any fee for Online transactions? or online money transfer to other bank accounts ??
Very informative...rather than talking about which coloured vase to buy and the same old condo tour..u guys deliver quality information...thank you for the efforts 👍🏼👍🏼
For students, which bank credit cards u suggest, specially students leaving in Montreal. Pls suggest two banks and name of the cards. Thank you.
All information is readily available on the internet. There are 7 big banks in Canada. I would recommend choose a bank whose banking advisor makes you feel most comfortable and gives you advice based on your needs.
The Credit Card Rules are actually almost the same world over.
In india also they check credit score CIBIL Score to check eligibility for any Loan.
In india also many high value transactions get declined due to eligibility.
Credit Card ka importance almost same hai world over....
Indian Banks are on the path of Canadian Banks Terms and conditions
I am not sure which Private or Public sector banks give 6% interest on Savings Account in India. The average interest we receive from a savings account is 3% or 2.5%. Even nowadays FD's are only giving an average 6.5% interest in India.
YES Bank used to give maximum 6% interest for a savings account, same for small finance banks. And we all know what happened to these banks.
What year did you leave India? We have had BHIM transfer and PayTM since 2016-2017.
IMPS came in 2017. And all you needed to transfer was a UID or mobile number.
Can you people to an video about bank job opportunity in Canada
Very informative video.
Thx
Checking account and saving account Good to know 👌🏼
In india too credit history too matters...it's the CIBIL SCORE which get affected when people don't pay their credit card bills....so it's preferable in india to use debit card rather then credit cards if u dont wanna spoil ur credit history..cos lower is the CIBIL lesser is the chance for getting loan from any indian bank
Cheques in india too are chargeable...inSBI FIRST 25 chqeues after free .later per leaf bank charges for the same...though the charges are minimal...
Hello! I apologize for being all over the places. here is my question concerning this topic, I know that you will be questionned if you carry more than 10 000$ cash at the immigration at the airport. SO, what are the ways to transfer the money that we will carry to Canada including the Money in the proof of fund. Can we open a Canadian bank account virtually and ask our local bank to transfert the money to that new account in Canada? also when if that option exist when should be open that account? I guess the best move would be once we get the COPR right? thank you so much for everything. You guys are such a wonderful couple.
Amazing information very insightful hope it helped some1, but im not sure if your experience in India was bad but a lot has changed in India and some points you mentiined are not always practised in India (im nt discouraging anybody here) :
1.Online transaction is preliminary in India , with UPI payments , token cards for travelling , it is fairly easy to roam without cash.
2. Except Govt banks , Indian Private banks have very good service and there is no line whatsover I found.
3. People are now very aware of where to invest and how to get best out of investments. Gone are days of keeping piles of cash in savings account.
4. Credit cards are now as valuable as any card used for transactions. People do keep check of credit scores and keep multiple credit cards.
5. India has moved to cashless transactions very rapidly and use of cash is permitted. One eg is Indian railways is about to get cashless.
Im not saying Canada is bad or India is good...but both countries have their own unique ways of reaching masses with adavnt of new technologies
Respect🙏
Amazing... thanks a lot for the valuable information. It'll really help a lot to the new immigrants as well as the students. Hoping to meet you soon.. and to potato talkies couple's.
1 Question.. If someone is using a credit card & paying through CRED app on time & have a good credit score in India. Does that help in Canada with the same credit score.
Aah, very nice. These are some of my main questions about banking in every country, mostly the big country that has big currency. It can cause major problem with our INR currency. India me hota hai to aaram se solve ho jata hai. Outside of india is worse to happen with any person. Even for the wealthy people.
I have a question about credit cards and banks in Canada. In my country, with my bank, if I purchase something with my credit card over a sum, lets say 300 dollars, the bank will allow my to split the payment in 3 equal monthly payments with 0% interest, absolutely no extra charge. For some retailers they even have 6 - 12 monthly payments without extra charge. Have you ever heard of such benefits with Canadian banks?
Thanks for details, im using HSBC bank in dubai for more then 11 years, i have had checked with HSBC bank in canads they plan offered me for new immigrant 1000$ saving with credit limit 5000$ and more options, and i can open bank account from here in dubai and transfer all money to canada account, maybe this can help other people
i think you will need a Canadian SIN number to open a bank account with the Canadian Bank
@@sagarmeena0210 good question, you dont need canadian sin number, please check canada hsbc bank website and search for new immediate account offer, you will find they website first link in google, after opening your account from outside of canada, first land in canada you need to visit any HSBC branch with your passport and get all your bank documents... many people not taking about this i dont know why!!!
Here is link
www.hsbc.ca/chequing-accounts/offers/account-offer-ntc/
5.11 bro we use UPI in India its work with phone number also
Hello.What about students, will they get some benifts from bank specially Scotia Bank. Or they have a same charges as you said. And what about credit card. Should students open two bank account in canada and also they put two credit cards. Pls pls reply.
hi dear, mine is a Bachelor of physiotherapy which consists of 4 years and 6 months of compulsory rotatory intership from India.so what is the equivalency of Canada ?
Good information shared
Hii bro nice video but it's a responsibility of every Muslim to inform hole humanity that interest is prohibited not only for Muslims but also for other people's and it's a direct commendes of Allah(God).
I think Indian banking system is much better than any other country..
Better but not safe
@@dheerajverma4721 otp and other safety layers are included, as mentioned by this vider creators it is much safer than a static email id.
if you are in Vancouver open account at Khalsa Credit union , credit unions don't charge for debit card usage and interest rates are higher, specially personal service.
Is there any app for credit card that automatically pay off the card bills like 'cred' app in india.. please make a video on that..BTW love your videos 👍
You can setup autopay. Third party apps should be avoided
Very informative very nice.👌
Try Simplii - Free Banking, Free Cheques but no retail location
Very nice video although I feel its not only BMO, who offers welcome packages for banking products. All 5 major banks have some sort of programs for immigrants (new to Canada). I know for sure scotiabank offers start right programs for foreign workers, permanent residents and international students. You just have to ask right questions to the bank representative who is assigned to you. There are many different ways to get free banking.
Very very good n important information given by you sir.thank you very much sir.
Hi,
Please share the official website address of British council for IELTS exam application.
Best regards
Very shocking this person
Thank you so much video is so helpful for new comers and international students
Hi ..Can I keep my Indian bank account active even after getting my Canadian PR
We have UPI here which is very easy
ICICI bank online transfer takes only 30 mins to start transaction. Not 2 days
Do we have , online digital payment platforms, like in India Gpay, phone pe , WhatsApp pay, anything over there like that ?