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Italian Canadian CU (Ontario)
May 18, 2015
7:25 am
Loonie
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This credit union has done a lot of advertising lately for their 3yr Escalator GIC, which is not a particularly good deal.

They are offering a chequing/savings account with minimum rate of 1.75 guaranteed to Dec 15.
https://www.icsavings.ca/Banking/PersonalBanking/Perfetto/

They offer a full slate of products including RESPs and RDSPs.

They also offer accounts denominated in Euros.

Probably only available to Ontarians.

Not to be confused with ICICI Bank.

June 16, 2024
7:23 am
landmark_dog
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Not so relevant reply (well, it's hard to post something 'relevant' after almost a decade)

I found that Italian Canadian CU might be the only CU in ON that provides both in branch service and a free chequing account.* Although I'm a big fan of online banking (EQ, tangerine, etc), I realized that in branch service may be necessary in some cases, including getting a bank draft to buy a new car.

I've applied an account at ICCU and I'll share my feedback if anyone interests.

* First Ontario provides a no monthly fee, pay-as-you-go chequing account.

June 16, 2024
8:37 am
Norman1
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Buduchnist Credit Union still provides a mostly-free chequing account with branch service.

Up to 100 free branch-printed cheques each year. But, point-of-sale Interac debits are 25¢ each and $25 to close membership.

June 16, 2024
9:28 am
moneyhelp
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landmark_dog said
Not so relevant reply (well, it's hard to post something 'relevant' after almost a decade)

I found that Italian Canadian CU might be the only CU in ON that provides both in branch service and a free chequing account.* Although I'm a big fan of online banking (EQ, tangerine, etc), I realized that in branch service may be necessary in some cases, including getting a bank draft to buy a new car.

I've applied an account at ICCU and I'll share my feedback if anyone interests.

* First Ontario provides a no monthly fee, pay-as-you-go chequing account.  

May be needing to open an account here. My Dad is selling property in Italy and will need somewhere to park the Euro's, but unfortunately, IC Savings does not pay interest on foreign currency, so essentially, it would be a simple parking lot, but at least they don't charge any fees.

Now, I wish there was a Norbert's Gambit for Euro's, that would be a game changer because I don't know what their exchange rates are like.

June 18, 2024
6:18 am
here2day2
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landmark_dog said
Not so relevant reply (well, it's hard to post something 'relevant' after almost a decade)

I found that Italian Canadian CU might be the only CU in ON that provides both in branch service and a free chequing account.* Although I'm a big fan of online banking (EQ, tangerine, etc), I realized that in branch service may be necessary in some cases, including getting a bank draft to buy a new car.

I've applied an account at ICCU and I'll share my feedback if anyone interests.

* First Ontario provides a no monthly fee, pay-as-you-go chequing account.  

I'm a member and the only complaint that I have are the low ATM purchase/withdrawal limits and the automatic 10 day hold on every dollar deposited through the ATM. Aside from that, friendly service and easy to use app/web banking.

June 18, 2024
6:19 am
here2day2
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moneyhelp said

May be needing to open an account here. My Dad is selling property in Italy and will need somewhere to park the Euro's, but unfortunately, IC Savings does not pay interest on foreign currency, so essentially, it would be a simple parking lot, but at least they don't charge any fees.

Now, I wish there was a Norbert's Gambit for Euro's, that would be a game changer because I don't know what their exchange rates are like.  

RBC now offers Euro accounts. I believe Scotia also does as well.

June 18, 2024
10:28 am
moneyhelp
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here2day2 said

RBC now offers Euro accounts. I believe Scotia also does as well.  

Scotiabank does not pay interest, however, RBC does, granted poor rate but better than zero, at 0.05% regardless of amount.

Scotia bank says they charge $15 CAD/USD for incoming wire transfer fees, but do also mention that its in the same currency of the account, so that would be in Euros, but does not mention whether the fee changes depending on amount transferred.

RBC incoming wires on the other hand, charges fees "starting at" $12 EUR, so it looks like there are tiered fees, and just says "ask us for further details".

June 18, 2024
11:42 am
Lodown
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moneyhelp said

Now, I wish there was a Norbert's Gambit for Euro's, that would be a game changer because I don't know what their exchange rates are like.  

Lowest cost direct way to exchange Euros that I know is thru Wise. Another way is thru Interactive Brokers to see if you can buy a dual listed stock Euro/Cad to do a Norbert Gambit with it.

If you use either service, let us know the results.

Links below:

https://wise.com/ca/

https://www.interactivebrokers.ca/en/whyib/overview.php

June 18, 2024
1:42 pm
Lodown
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Magna International may be a candidate for Euro to Cad conversion thru Interactive Brokers.

Euro
https://www.boerse-frankfurt.de/equity/magna-international-inc

Cad
https://ca.finance.yahoo.com/quote/MG.TO/

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