Banking & Finance

International Banking

For ease of use, transfer of existing credit and maintaining established banking relationships then the obvious choices are HSBC, Lloyds TSB and Barclays International. We highly recommend HSBC who not only offer great banking services but they can also assist high net worth clients (net assets of at least $800,000 CAD) through the immigration process. Contact Jenny Perez at HSBC for more information Jenny_F_Perez@hsbc.ca or call her at 1 604 722 6554.

Banking in Canada

If you are intending to spend a significant amount of time in Canada or if you intend to purchase property here, then it is going to be helpful if you open a bank account as soon as possible. The major banks in Canada are:

TD Canada Trust www.tdcanadatrust.com

Scotiabank www.scotiabank.com

Royal Bank of Canada www.rbc.com

CIBC www.cibc.com

Bank of Montreal (BMO)www.bmo.com

To establish a credit history you should apply immediately for a credit card – you’ll probably have to pre-pay the card with a minimum limit available. Use it regularly and pay it off in full each month. Establishing credit is vital for many future transactions you may wish to make – from arranging your mortgage to setting up utilities or leasing a car.

In addition to banks British Columbia also has a number of Credit Unions (a bit like building societies). They are smaller organizations, usually with just a few branches concentrated in a specific geographical area. They generally seem to offer friendly service, convenient locations and sometimes have lending policies and banking systems that cater more specifically to their local community, workers, property types and so on. You feel you are not just a number and can actually call the branch to chat with someone.

To find your nearest credit union visit http://www.credit-union.com

Mortgage financing

There are several ways to arrange mortgage financing in Canada. You may use a bank or credit union or you can enlist the services of a Mortgage Broker. In general a mortgage broker will not charge you a fee for their services (they receive commission from the lender). It can be argued that using a mortgage broker will save you time and money (because they review your file, research the best product and lender to suit your needs and have access to discounted rates from a wide range of banks and financial institutions). They will also guide you through the entire mortgage process. So, you could end up saving money as well as taking the hassle out of arranging your mortgage.

We recommend the services of British Ex-pat Mortgage specialist Storm Smyth. Storm worked in the UK mortgage industry for 5 years before moving to Canada in 2006. She is a broker with Garibaldi Mortgage and is able to accept your mortgage application online via the company website at www.garibaldimortgage.com . You can email your questions or call Storm with mortgage enquiries at storm@garibaldimortgage.com 1 604 848 5560.

Financial Planning

There are many companies across BC, in fact across Canada, who can offer help and advice in Financial Planning. As it is often important to build a good relationship with your financial planner to establish your needs and personal financial goals, it is probably a good idea to ask friends in your local community, or your realtor, for personal recommendations. Failing that you can try any of these major financial planning firms to locate a specialist near you:

Sunlife financial www.sunlife.ca

Dundee Securities www.dundeewealth.com

Standard Life www.standardlife.ca

Edward Jones www.edwardjones.ca

Of course your bank or credit union will also offer a full range of financial services such as insurance, Registered Retirement Savings Plans (RRSP’s) and investments.