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How to open a chequing account online in Canada as a non-resident

New to Canada

Figuring out how to open a chequing account in Canada as a non-resident isn't as complicated as you might think.

Whether you plan to move to Canada temporarily for school or permanently for a new job or other opportunities, getting your finances in order before you move will save you a lot of trouble. One of the top smart money moves you can make is to open a Canadian bank account. While this is not required by most schools or places of employment, it will make it much easier to receive your paycheque and pay taxes, as well as build up your credit history and use your debit card locally.

Figuring out how to open a chequing account in Canada as a non-resident isn't as complicated as you might think.  As long as you have the proper documentation, you should be able to open up an account today.

1. Check your options for opening an account in Canada

There are a few different routes you can take to open a chequing account online or in-person. The method you choose might depend on how much paperwork you have available. For example, if you are still waiting for your employment ID card, setting up your Canadian bank account through a correspondent bank could be faster.

Here are the different options to consider:

• Use a correspondent bank:  Correspondent banks are authorized to provide financial services on behalf of another bank. A correspondent bank will process payments and complete wire transfers to your existing bank from your origin country. This option is best for individuals who are staying in Canada temporarily or university students who just need funds wired occasionally.
• Open an international account:  Some banks operate all over the world. Other banks have regional branches in Canada, making it easier to conduct your banking business in your home country and Canada. It will be easier to set up your bank account before you move. An international bank account can make it easier to obtain a Canadian bank account.
• Talk to a Canadian bank:  The top Canadian banks have different services and help available for non-residents. Talk with your desired bank to find out what their process is for non-residential accounts. Scotiabank’s  newcomer program  can help you get your bank account started before your move date.
• Open an account when you are present in Canada:  While each bank will have its own requirements, typically you will need to present your passport, immigration papers, and temporary resident, work, or student permit. While it is possible to obtain a bank account this way, it is best to try to set up an online bank account before you move.

New to Canada? We’re here to help you to be financially ready for the future.

2. consider how you will use this account .

Canada is home to many banking options. While asking, “What do I need to open a chequing account in Canada?" also consider what you need this account for. Knowing how you will use your account will help you chose the right one for you. Other factors to consider:

• Location:  Is the bank easy to access on your daily journey to work, school, or errands? If you have to drive 30 minutes to the closest branch, it is going to be a pain to manage your money and any issues you might run into with paycheques or bills. If you want an open chequing account online that is easy to use virtually anywhere, make sure to test out the bank's online and mobile options.
• Accessibility:  Think about what you need your bank account for and how you want to use it. If you want a combined chequing and  savings account , look for banks that specialize in those accounts. If you just want a bank account that can hold your paycheque and give you a debit card so you can shop locally with ease, look for a bank that offers low account fees.
• Fees:  Canadian bank accounts typically have fees for holding an account and for different tasks performed, such as money transactions. You want to choose the bank and account that will give you the most mileage for your money. Don't opt for a low-fee chequing account that limits your debit transactions if you do more than 20 per month. Similarly, look for accounts that line up with how you save and spend.

3. Learn about different bank account types

Whether this is a permanent relocation or a temporary stay for a few years, you will probably want your money to do more than just sit in an account. Different types of banking accounts will help you with your financial goals. Here is a brief overview of the different  chequing accounts  and  savings accounts  you can access in Canada.

Types of Chequing Accounts

• Standard chequing:  This type of chequing is the most common and allows you to spend your money through a debit card, paper cheques, and online bill pay.
• Interest-earning chequing:  Select chequing accounts will earn a small amount of interest on account balances. Expect to need a Canadian Social Insurance Number (SIN) for tax purposes on interest earned.
• Student/teen account:  Using a student chequing account while you are enrolled in university is ideal and available for non-residents. This chequing account typically offers little to no monthly account fees and reduced overdraft and transaction fees.
• Senior package:  Senior chequing accounts can also have lower fees but also limited free transactions.

Types of Savings Accounts

• High interest-earning savings account:  You will need to provide a SIN for tax purposes on interest earned.
• Tax-free savings accounts (TFSA):  Non-residents who have a SIN through employment are eligible to open a TFSA. However, non-residents will be subject to a 1% tax for each month the contribution stays in the account. This account is not taxed in Canada if you withdraw from it, though your home country might have other tax laws in place if you plan to withdraw and use the money later. Also, your savings will not grow if you leave Canada. 1
• Foreign currency savings accounts:  This allows you to easily do transactions in U.S. dollars or Euros without large exchange rate fees.

Different accounts will come with its own unique fees. Some accounts waive certain fees while other accounts are better suited for one type of consumer. It is important to know these fees upfront so that your bank account doesn't cost you more than you expect. Some common banking account fees include the following:

• Monthly chequing account fees:  These may be waived on some accounts if your account minimum stays above $3,000 to $4,500 CAD.
• ATM fees:  Pulling out money from your bank's ABMs will not result in a fee, but accessing your account through a different ABM often will.
• Interac e-Transfer fees:  Many accounts allow a few free Interac e-Transfer ƚ transactions per month and then charge a minimal fee for transfer requests over the limit.
• Foreign transaction fees:  If you use your debit card outside of Canada, you may incur a foreign transaction fee in addition to the foreign currency exchange rate.
• Cheque book fees:  A flat cost to order cheques.
• Debit transaction fees:  If your account comes with a monthly debit transaction limit, then you will pay a minimal fee for all transactions over the limit.
• Non-Sufficient Funds (NSF) fees and overdraft fees:  If your account total cannot cover debit transactions or scheduled payments, you will receive a fee for every transaction that is covered.

Look for special banking offers for non-residents to avoid fees for the first year in the country.  Scotiabank  offers an account to newcomers that waives the chequing monthly account fee for one year as well as unlimited no-fee foreign money transfers. 2 Offers like these help you to establish your chequing account without being bombarded with fees.

4. Check the list of documents required

In order to open a bank account in Canada, you will be asked to provide proper identification. You don't need to wait until you are in the country to start either⁠—you can open a chequing account online.

What do I need to open a chequing account in Canada?

• Gather the necessary documents.  Each bank can vary on what documents they require, but typically you will need to provide a Canadian SIN (if you want to open an interest-bearing account), valid work, student or residential permit, your passport, and immigration papers. If you currently have a Canadian debit or credit card from a different bank, these are also useful to present when signing up for your new account.
• If you are under 18 years age, identify your custodian.
• Complete an application.  Save yourself time by completing your banking application online. Have all of your important documents, employee ID and bank account numbers nearby to help you fill out your application.
• Fund your account.  Even if you are opening up your chequing account to receive paycheques from your new job seamlessly, it is a good idea to put down a deposit. This can help with your account approval. If you set up your chequing account online, you will be able to wire transfer the money from your non-Canadian bank.

New to Canada? Speak to a Scotia advisor to get your finances on track in your new country

† Interac and Interac Flash are trademarks of Interac Corp. Used under license.

1 https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/who-open-a-tfsa.html.

2 Foreign currency exchange rates apply. For Ultimate Package customers and customers onboarded as a part of the Scotiabank StartRight® Program, we do not charge a service fee for the transfer, however, foreign currency exchange rates apply. Subject to daily limits and additional terms and conditions as set out in the Scotiabank International Money Transfer Agreement found at www.scotiabank.com/international-money-transfer.

Legal Disclaimer: This article is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.

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How to Open a Bank Account for Foreigners in Canada

February 2, 2024

Sinethemba Phongolo

With its reputation for stability, diversity, and opportunity, Canada is an attractive destination for individuals seeking to establish financial roots in a new country. Newcomers to Canada might find it hard to understand how banks work here.

To ease your financial integration in Canada, we will explore the essential steps and considerations involved in opening a bank account as a foreigner in Canada, empowering you to navigate this important milestone confidently.

Discover the streamlined process and essential steps for foreigners to open a bank account in Canada successfully!

Things to Consider Before Opening a Bank Account as a Foreigner in Canada

Several essential factors must be considered before taking the plunge and opening a bank account in Canada as a foreigner. These factors include:

• Which purpose will you be using the account, e.g., saving or making payments,
• Number of charges or fees due on the account,
• Earnings potential from the interest accumulated from the money in your account, and
• Having a clear understanding of the terms and conditions of your account,
• Receipt of your account agreement, and
• If you have deposit insurance to protect your deposits.

The Right to Open a Bank Account in Canada

In Canada, the right to open a bank account is fundamental and protected by law via the Financial Consumer Agency of Canada , ensuring all residents' access to essential financial services, regardless of their citizenship or immigration status. Therefore, you can open a bank account ( deposit or personal account) or other savings accounts at a bank.

This includes federal credit unions, authorized foreign banks, provincially regulated financial institutions, or other federally regulated financial institutions offering bank account services. You can open a bank account even if you are unemployed or bankrupt and can’t immediately deposit cash into your account.

As part of your rights, after you have opened your account, your bank should provide you with information about your account, including:

• A Copy of the account agreement,
• A List of all charges due on the account,
• Interest rate information (if applicable),
• maximum cheque hold periods information,
• Policies for when maximum cheque hold periods don’t apply, and
• Electronic alert circumstances.

How To Open a Bank Account in Canada

Here are the streamlined, step-by-step processes to open an account in Canada as a foreigner at the bank and online.

At the Bank

To open an account at the bank, you must:

Step 1: Choose a Canadian Bank Account That Caters to Foreigners

The first step in opening a bank account at a physical branch in Canada is to research and select a bank that offers accounts specifically designed for foreigners. Major Canadian banks that offer bank account services to foreigners in Canada include:

• Royal Bank of Canada (RBC),
• Toronto-Dominion Bank (TD),
• Bank of Montreal (BMO),
• Canadian Imperial Bank of Commerce (CIBC), and
• Scotiabank .

These accounts often come with features such as multilingual customer support, waived fees for newcomers, and assistance with the documentation process.

Step 2: Visit Your Chosen Bank's Local Branch With the Required Identification Documents

Once you've chosen a bank, the next step is to visit a local branch in person. Be sure to bring the required identification documents, which typically include:

• Document indicating your name and address,
• Document indicating your date of birth,
• identification issued by the Canadian government or provincial or territorial government,
• Tax assessment notices issued by the provincial, territorial, or federal Canadian government,
• Benefits statements from the provincial, territorial, or federal Canadian government,
• Canadian public utility bill,
• Credit card statements, and
• Foreign passports.

It's essential to verify the specific requirements of your chosen bank to ensure you have all the necessary paperwork.

Step 3: Speak With a Bank Representative About Opening An Account as a Foreigner

Upon arriving at the bank branch, inform a bank representative that you are interested in opening an account as a foreigner. The representative will guide you through the process and assist you in choosing the right type of account based on your needs and eligibility.

They may also provide information about any special offers or promotions available to newcomers, such as waived monthly fees or bonus incentives for opening a new account.

Step 4: Complete and Submit The Required Application Forms And Documents

Once you've selected the type of account you wish to open, the bank representative will provide you with the necessary application forms to fill out. These forms will require you to provide personal information such as your name, address, contact details, and employment status.

Step 5: After Your Application is Approved, Deposit the Minimum Required Fee

After submitting your application forms and documents, the bank will review your information and assess your eligibility for opening an account. Once your application is approved, the bank will notify you, and you can deposit the minimum required fee to activate your account.

You can open a bank account online by following these steps::

Step 1: Choose an Online Bank or Financial Institution

The first step in opening a bank account online in Canada is to choose an online bank or financial institution that meets your needs and preferences. Several reputable online banks in Canada, such as Tangerine , EQ Bank , and Simplii Financial , offer various banking services tailored to different customer needs.

Step 2: Visit Your Chosen Online Bank’s Website and go to Its Account-Opening Service

Once you've selected an online bank, visit its official website and navigate to the section dedicated to account opening or new customer enrollment. This section may be labeled "Open an Account," "Get Started," or something similar.

From there, you'll typically find information about the types of accounts available and instructions on how to proceed with the application process. Follow the prompts to begin the account-opening process.

Step 3: Complete the Online Application Form With The Necessary Information

The next step is to complete the online application form with the required information. This form will typically ask for personal details such as your:

• Passport,Contact information,
• Date of birth,
• Social insurance number (SIN) or individual tax identification number (ITIN).

You may also need to provide information about your employment status, income, and citizenship or residency status.

Step 4: Upload The Required Digital Documentation

In addition to completing the online application form, you must upload digital copies of the required documentation to verify your identity and address. This documentation may include a valid passport or government-issued identification, proof of address (such as a utility bill or rental agreement), and, in some cases, additional documents related to your immigration status or financial history.

Step 5: Wait For the Approval of Your Application

Once you've submitted your online application and uploaded the required documentation, all that's left to do is wait for the approval of your application. The processing time may vary depending on the bank and the application volume, but you can expect to receive a decision within a few business days.

Can a Bank Refuse to Open an Account For You?

A bank may refuse to open an account for you as a foreign due to the following circumstances:

• If they reasonably believe your account will be used for fraudulent or illegal purposes,
• Find out you have a history of fraudulent or illegal activity with financial service providers(in the last seven years),
• If you made false statements in the information you provided,
• If they think you may cause physical harm to, harass, or abuse its employees or customers,
• The bank only offers accounts linked to an existing account with another bank, which you don’t already have,
• You are not allowed to verify the identification information you presented is valid, and
• If you don’t agree to become a financial institution member, it is a federal credit union.

Benefits of Opening a Bank Account in Canada as a Foreigner

In today's interconnected world, the benefits of establishing a bank account in Canada as a foreigner extend far beyond mere convenience. Here are some of the more prominent benefits:

Can Conduct Seamless International Transactions

Opening a bank account in Canada empowers you to conduct international transactions effortlessly. Whether sending money to loved ones abroad, investing in global markets, or receiving payments from overseas clients, having a local Canadian bank account streamlines the process and minimizes associated fees.

Access to Canada’s Diverse Banking Services

Canadian banks offer a wide array of financial services tailored to meet the diverse needs of their clients. From basic savings and checking accounts to specialized products like investment accounts, mortgages, and credit cards, you can access comprehensive banking solutions to help you achieve your financial goals.

Learn more with Canada’s Job Bank .

Enhances Your Credibility and Trustworthiness in Canada

Having a local bank account in Canada enhances your credibility and trustworthiness, especially when conducting business or applying for rental accommodations. It demonstrates your commitment to integrating into the Canadian financial system, which can bolster your reputation and open doors to various opportunities.

Builds a Strong Credit History in Canada

Establishing a bank account in Canada lays the foundation for building a strong credit history, which is crucial for accessing credit cards, loans, and other financial products with favorable terms and conditions. A positive credit history facilitates your current financial endeavors and paves the way for future opportunities, such as purchasing a home or starting a business.

Seamless Integration into Canadian Society

Beyond finances, opening a bank account in Canada facilitates your integration into Canadian society. It provides you with a tangible connection to the local community. It fosters a sense of belonging, enabling you to participate more actively in daily life, from shopping and dining to philanthropic endeavors.

Find the 5 things you need to know about moving to Canada .

Opportunity for Long-Term Residency in Canada

A local bank account is often a prerequisite for those considering long-term residency or eventual citizenship in Canada. It demonstrates your commitment to establishing roots in the country and showcases your ability to adapt to its financial landscape, which can positively influence immigration and citizenship applications.

Learn about the 7 benefits of long-term residency in Canada .

What Should I Do if I Encounter Difficulties or Have Questions During The Account Opening Process?

If you encounter difficulties or have questions while opening a bank account in Canada, don't hesitate to contact the bank's customer service team for assistance. They can provide guidance and support to help you navigate the process smoothly.

Can I Transfer Money to My Canadian Bank Account From Abroad?

Yes, most Canadian banks offer international wire transfer services, allowing you to transfer funds from your foreign bank account to your Canadian bank account. However, be aware of any associated fees and currency exchange rates.

Do I Need a Social Insurance Number (SIN) or Individual Tax Identification Number (ITIN) to Open a Bank Account in Canada?

A SIN or ITIN can facilitate the account opening process, but it is not always required. Many banks offer options for foreigners to open accounts using alternative forms of identification.

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As a newcomer, we understand you have a lot on your mind. Opening a bank account is an important first step when you arrive in Canada. With convenient hours, accessible locations and same-day appointments, it’s simple to walk into your nearest TD branch and get started.

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Here are some of the accounts and services that can help you get settled in:

Explore chequing accounts for convenient everyday banking.

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What to bring to TD

Ready to open an account or speak to a banking specialist?

Bring 1 of these documents:

Permanent Resident card

Confirmation of permanent residence (e.g., IMM Form 5292)

Temporary Permit (e.g., IMM Form 1442, 1208, 1102)

And bring 2 of these documents:

Valid passport

Canadian driver’s licence

Government of Canada ID card

Note: Other ID documents may be acceptable or required. Please visit a TD branch for details.

TD wants to help you understand your finances. Visit us at a branch, and we’ll answer your banking questions and walk you through your options.

Together, we can explore convenient features like TD MySpend, the TD app, TD Mobile Deposit, Direct Deposit,  Apple Pay ,  Google Pay  &  Samsung Pay  We help make it easy for you to pay bills, send money and manage your accounts on the go.  See how .

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A good credit score is important if you want to borrow money to buy a house or a car, or to make any other big purchases. It can also help you qualify for phone and internet services, and rental unit.

Establish good credit by paying your bills on time and avoid exceeding your credit limit. It can help you get lower interest rates in the future.

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See how we’re celebrating the impact volunteers like Rizwan Kalim can have in our communities.

How to spot the Canada Revenue Agency (CRA) scam

Protect your finances. Be aware of this common phone scam that often targets new Canadians.

How one program helps Canadians handle a mid-career job switch

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How to Open a Bank Account

Almost anyone can open a bank account at a bank or credit union across the country . 

Even for non-residents living, working or going to school in Canada, banks offer a variety of bank accounts that can be opened in person or online, in a few steps.

How to open a bank account in person

The traditional way of opening a bank account is to go to the financial institution in person. Although, banks may ask you to book an appointment before you visit a branch. 

You don’t need to have a job or the money to deposit right away, but you’ll need to keep the required ID and documents with you. After you’ve answered some necessary questions regarding your name, date of birth, address, etc. the bank representative will help you open an account in just a few minutes. 

Once your account is open, you will receive a debit card which you can start using right away.

How to open a bank account online

Like most online banks , many traditional banks now allow you to open a bank account online . The process is very similar to what you would do in person. You will need to answer personal questions, upload the required documents, and verify your identity either online or in person as per the bank’s policy. 

Once you’ve completed the process and your account is active, the bank will mail you your debit card.

What do I need to open a bank account?

To open your bank account in Canada, you will need to provide two forms of identification as verification. The most commonly accepted types of identity documents to prove your name, address, age and nationality include:

• Valid Canadian driver’s license.
• Valid Canadian passport.
• Canadian birth certificate.
• Old age security card.
• Certificate of Indian status.
• Provincial or territorial health card.
• Certificate of Canadian Citizenship or Certification of Naturalization.
• Permanent Resident card or an Immigration, Refugees and Citizen Canada form IMM 1000, IMM 1442, or IMM 5292. Some banks may also accept form IMM 5688.
• A document card with your photo and picture issued by select provincial and territorial authorities (find the list here ).

If you only have a single piece of ID from the primary list, you can use one of the following as your secondary document:

• Record of employment in Canada
• Canadian debit or bank card with your name and signature
• Canadian credit card statement
• Client card from the Canadian National Institute for the Blind with your photo and signature
• Current foreign passport

Note that you must show the original documents to open a bank account. Photocopies will not be accepted.

If you’re opening an account where you’ll earn interest, such as a high-interest savings account (HISA) or registered retirement savings plan (RRSP), you are required to provide your Social Insurance Number (SIN) . Because the interest you earn on these accounts is taxable, the financial institution needs your SIN to report that income to the Canada Revenue Agency.

Best High Interests Savings Accounts in Canada

Compare all different saving accounts side-by-side and find out the highest rate that make your save more

What to consider when opening a bank account

When opening your first bank account, think about how you would use it. If you want an account to handle day-to-day transactions, choose a chequing account . If you’re planning to save up for a special expense, a savings account may be ideal.

You’ll see that most banks offer these standard account options. However, the bank and account fees, interest rates, withdrawal limits and perks may vary. So, take your time to do some research and find the right account type and financial institution to best suit your specific needs.

What’s the minimum age to open a bank account in Canada?

Different banks have different age limits for children, youth and student accounts . For example, suppose you’re under the age of majority in your province or territory. In that case, you might not be able to open an account online. For some accounts, like the CIBC Youth account , you need to open the account with a parent or legal guardian.

In most cases, anyone with a valid government-issued ID and supporting documents can open a bank account in Canada. However, each bank has its own age restrictions and qualification rules for these accounts, so it’s a good idea to look at a few options before choosing an account.

About the Authors

Siddhi Bagwe is a content management specialist at NerdWallet Canada. Treating content marketing as an educational medium for readers, Siddhi believes in empowering them with the knowledge of personal finance…

Hannah Logan is a freelance writer and blogger who specializes in personal finance and travel. You can follow her personal travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.

DIVE EVEN DEEPER

How Direct Deposit Works and How to Set It Up in Canada

Direct deposit is a fast, convenient alternative to waiting for a paper cheque to arrive in the mail, and it requires no work on your end after the initial setup.

How Does CDIC Deposit Insurance Protect Your Money?

The Canada Deposit Insurance Corporation (CDIC) may protect your money in the unlikely event that your financial institution fails. The CDIC will cover up to $100,000 per eligible account, per member bank.

How to Switch to a New Bank or Credit Union in Canada

Unhappy with your bank? Switching to a new bank doesn’t have to be hard — using a checklist can make for a smooth transition to your new institution.

What Is an Overdraft and How Does Overdraft Protection Work?

An overdraft drops your bank account balance below zero, and can result in fees and interest. Overdraft protection prevents a non-sufficient funds fee.

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How to Open a Canadian Bank Account From USA without Leaving Home

If you’re a US resident who wants to work and study north of the border, it’s worth knowing how to open a Canadian bank account before you relocate to Canada. You can get your finances in order, transfer money over and have everything ready to go when you want to make the move.

Although US and Canadian banks have close ties, most Canadian banks do require you to visit in person to open a full feature account. That’s not always the case though, you can explore online options like Wise and Revolut – so read on for all you need to know about how to open a Canadian bank account while you’re in the US.

Learn more about Wise Learn more about Revolut

Quick Summary: Canadian bank account for US Citizens

• Yes, it’s possible to open an account to hold, send, spend and receive CAD from the USA
• Banks usually require proof of address in Canada, but non-bank providers like Wise and Revolut allow you to open an account with a proof of address from the USA
• Some banks let you start the account opening process online before you move to Canada, but this service isn’t always available to US citizens
• For a flexible option you can open a Canadian dollar account with Wise online and get CAD account details

Can a US citizen open a bank account in Canada?

Americans can open a bank account in Canada , but if you don’t open an account in person at a Canadian bank branch, things do get more complicated. You have a few different options:

• Several US banks have Canadian branches or a partnership with banks in Canada. You can contact your US bank to ask them about the possibility of opening a Canadian bank account. In many cases, having an existing account with a US bank will be necessary before they will consider opening a Canadian bank account for you.
• If you’re going to be a Canadian resident , you can visit a Canadian bank when you’re there and provide documents proving your intent to immigrate, together with your identity and proof of address. There are several documents you will need to have before you’re allowed to open a Canadian bank account in person. Learn more about how to open an international bank account .
• Open an online multi-currency account with a specialist provider like Wise or Revolut , to access CAD bank account details and low cost currency exchange, before you move to Canada. We’ll cover this option in more detail later – and you can also get a full Wise review here.

Learn more about Wise Learn more about Revolut  

What documents do you need to open a bank account in Canada?

The Financial Consumer Agency lists the documents that a bank will typically ask for. The documents usually requested include several options which US citizens are unlikely to have – like a Canadian passport or birth certificate.

Instead, to open a CAD bank account with a Canadian bank as a US citizen, you’ll probably need to provide a couple of pieces of ID taken from a list which includes:

• A current US passport
•  An employee ID card with your picture on it
•  A debit card, bank card or Canadian credit card
•  Temporary Residence Permit
•  Work or study permit
•  Confirmation of Permanent Residence

In some cases, if you can’t provide the specific documents requested you may be able to have someone in good standing with the bank or in the local community confirm your identity.

If you’re opening an account that will earn interest and be liable to tax, you must also provide a Social Insurance Number (SIN). You can obtain an SIN from the Canadian government.

Identification and account opening requirements do vary from bank to bank, so it’s always worth contacting a bank where you want to open an account to see what their specific needs are.

Save the paperwork with alternative solutions like Wise or Revolut

Canadian banks usually require customers to provide a proof of residence document showing a local Canadian address. That can make it tricky if you’re not a resident yet – or even if you’ve just moved to the country and don’t yet have bills and household paperwork in your name.

Want an easier option? Specialist services like Wise or Revolut can help. These online alternatives have been built with international customers in mind, and can accept a proof of address from the US or a range of other countries. Verification is done by uploading images of your paperwork online or in the provider app. Just use your proof of address from your country of residence, to open a Wise or Revolut account online, and open up a CAD balance.

Go to Wise Go to Revolut  

Once you’re all set up you can receive, hold, and spend CAD easily before you even arrive in Canada – a great solution for expats, non-residents and digital nomads who want to hit the ground running.

How to open a bank account in Canada as a non-resident

If you’re already in Canada, or you’re about to move there for the long term, you may decide to open a bank account with a bank there. Typically most Canadian banks will require you to either be a resident or have immigration papers that show you are going to be a resident before you open an account.

If you’ve chosen a bank which allows you to start the process of applying for an account online before you relocate, you’ll normally need proof of ID, and your Canadian Visa/Landing Document Number. You may then need to visit a branch to finalize your application and get full account features.

If you’re not intending to move to Canada, you may still find that some banks will let you open your non-resident account online – or at least get started on your application online – but it’s pretty common to need to visit a branch to show your paperwork and get your account up and running.

Can I open a bank account in Canada before arrival?

If you’re planning to move to Canada in the near future you can go some way towards setting up a local account with a global provider like HSBC . However what you’ll actually have to do is set up an international account which has limited functionality initially, and then convert it to the account package you prefer once you can attend a branch in person. That can be a hassle.

Alternatively, or if you’re not actually moving to Canada at the moment, you can choose a specialist service like Wise or Revolut instead.

Go to Wise Go to Revolut

1. Cross-border account opening between the US and Canada

Several US banks have Canadian branches or close partnerships with Canadian banks. In these cases, you may be able to open a Canadian bank account without leaving the US. You should contact your US bank and ask them about the possibility of opening an account in Canada.

Many of these banks will have a cross-border account opening process. Find the contact details for your bank, get in touch and ask them if they have provisions for opening an account in Canada from the US. In every case, you’ll need your immigration details as you can’t open an account without them.

2. Visit a Canadian bank with the right documentation to open an account

The easiest way to open a Canadian bank account is to visit a Canadian bank. While you can’t do that from home or remotely, in some cases it may be your easiest option. Before you visit a Canadian branch, contact the bank and ask them about the account opening process as a US citizen. They will talk you through all of the rules, requirements and documentation you will need to open a bank account in Canada.

3. Open a bank account online in Canada

If you can’t open a Canadian bank account using the options above, you have another choice—an online account from a specialist. These are digital accounts that you can access from anywhere and that give you a bank account in a variety of countries.

Online specialist services offer the option to open a multi-currency account which can hold both USD and CAD, and may even provide local bank details so you can get paid in CAD as easily as you can in US dollars. The providers we’ve picked out below offer accounts with no ongoing fees, which can hold, send, spend and exchange multiple currencies – for more flexibility with transparent, low fees.

Wise multi-currency account : Hold and exchange 40+ currencies and get local bank details to be paid in USD, CAD and up to 8+ other major currencies. You can also get a linked debit card to spend in 150+ countries, and send low cost payments with the mid-market exchange rate to 160+ countries.

Revolut multi-currency account : Hold and exchange 25+ currencies, with a linked international debit card and some no-fee currency exchange which uses the mid-market exchange rate. You can choose a plan with no monthly fee – or upgrade to an account with monthly charges for full feature access.

Next, we’ll look at some of the best account options in general, then we’ll look at Wise and Revolut more in detail, so you can compare and see which approach might suit you.

Which account is best in Canada for foreigners?

To help decide which account might work for you, let’s look at 2 online providers – Wise and Revolut – alongside a couple of newcomer account packages from traditional Canadian banks.

As you can see, if you’re opening an account before you move to Canada – or if you love to travel and need ways to hold CAD alongside USD or other currencies – online specialist accounts may offer a more flexible option compared to Canadian banks. Here’s the topline on the providers we picked and what’s great about them:

Wise – 40+ currencies, and ways to get paid conveniently in foreign currencies, including USD and CAD. All currency exchange uses the mid-market exchange rate

Revolut – 25+ currencies, including USD and CAD, with some no-fee currency exchange depending on the account plan you select

TD Bank – large, established bank in Canada, which offers some USD products alongside its standard CAD accounts. Good if you need a branch network for face to face service

Scotiabank – reliable and familiar banking services, where you can get all your financial needs met under one roof

We’ll take a look at Wise and Revolut in more detail, next – and there’s more on TD Bank Canada and Scotiabank a little later, too.

Wise account

Open a multi-currency Wise Account online or in the Wise app for free , to hold and exchange 40+ currencies with the mid-market exchange rate and low fees from 0.43%. 

You’ll be able to order your linked international debit card for a low one time fee, to spend in 150+ countries. Wise accounts can be topped up in around 20 currencies, and also come with local bank details for up to 9 currencies so you can get paid by others conveniently.

Key points about Wise account:

• The Wise Account is a multiple currency account that lets you hold money in more than 40 currencies, including US dollars and Canadian dollars.
• You can get local bank account details for 9+ currencies including USD, CAD, AUD and GBP. 
• You can use your Wise account to send payments to 160+ countries, and exchange currencies using the mid-market exchange rate with low, transparent fees.
• You also get a linked Wise debit card , so you can spend money from the account. The debit card is free to use if you’re spending money in the local currency.
• Spend from your CAD balance using your Wise card – and if you don’t hold enough in CAD, the card will auto convert from another currency balance using the lowest available fee.
• There’s a Wise mobile app where you can easily check your spending, balances and limits. 
• Wise is safe , fully licensed and regulated for all its activities in the US around the world.

Go to Wise  

Account types: Wise accounts can be opened by people resident in many countries around the world, including both the US and Canada. Open on arrival, or before you head out, to hold, exchange, send and spend in 40+ currencies

Eligibility: Use your home proof of address to get your account open and access a CAD balance. The exact account services available may vary based on location, so check the Wise website for more information.

Is it safe? Wise is registered and regulated in the US – and also covered by FINTRAC in Canada, and a range of other global bodies in the other countries it trades in.

If you want to learn more, check our detailed review: Wise account review

Wise CAD account details

Once you’ve opened your Wise account you can open a CAD currency balance and get local CAD account details so other people can pay you conveniently.

Just log into Wise on the app, and tap on the CAD currency balance to see your bank details, which you can then give to anyone needing to send you a payment in Canadian dollars.

Here’s what you’ll get:

Fees for the Wise account

There are no minimum account amounts, no monthly fees and no maintenance fees on the Wise account .

The key Wise fees you’ll pay are:

• Fees from 0.43% for switching between currencies and sending international payments
• 9 USD one off charge to get a Wise debit card
• 1.5 USD + 2% for ATM withdrawals over 100 USD/month
• Receiving USD wire payments – 4.14 USD – getting paid by ACH is free
• Receiving CAD SWIFT payments – 10 CAD – no fee to get paid by local payment methods

Revolut account

Revolut accounts have multi-currency functionality for 25+ fiat currencies including both USD and CAD, a linked debit card for spending and withdrawals, and extra perks like budgeting and saving tools. Revolut customers can provide a proof of address from the US or any of the other regions they operate in. It’s worth noting, though, that Revolut can’t be opened using a Canadian proof of address – so this is one to set up before you travel.

Standard Revolut plans come with no monthly fees and an array of features including some no-fee currency exchange. Or you can upgrade to a different account tier, where you’ll pay a monthly fee to get higher levels of no-fee transactions and extra benefits.

Account types: Personal and business accounts available. Standard plans don’t have monthly fees for both personal and business customers. Or you can upgrade to a paid plan for up to $16.99/month as a personal customer.

Eligibility: Available to customers with addresses in regions including the UK, EEA, Australia, Singapore, Switzerland, Japan, and the US.

Is it safe? Yes. Revolut is fully authorized and licensed for all the services it offers.

Go to Revolut

Fees for the Revolut Account

The fees you pay for a Revolut account will depend a lot on the account tier you pick. Here’s a rundown of some key costs:

• Monthly fee – no monthly fee for standard accounts; Premium account plans cost 9.99 USD/month and Metal account plans cost 16.99 USD/month
• 2% fee once you’ve exhausted your plan limit for no-fee ATM withdrawals
• 1% fee for currency exchange out of hours
• 0.5% fee when exchanging currency above your plan’s no-fee limit

More information: Best Canadian Dollar accounts in the US

Canadian Banks for US Citizens

Canadian banks in the usa.

There are quite a few Canadian banks which have branches in the USA, or global banking brands which have branches in both Canada and the US. Here are a few you may consider:

• BNP Paribas

If you already have a bank account with one of these banks, that may be a good starting point. However, these accounts may have high minimum one-off or ongoing deposit requirements and there can be significant ongoing fees for holding these accounts.

US banks with Canadian branches

Canada has US branch and office locations of several major US banks, some of which may be able to help you as an immigrant. Bear in mind though that some US banks only offer specific services in Canada, such as wealth management or business banking. You’ll need to shop around a bit to see whether any suit your specific needs. Here are a few to consider:

• Bank of America
• Wells Fargo

Here’s a bit more detail about the 2 banks we picked out in the comparison table earlier – TD Bank and Scotiabank. We’ve also looked at another popular Canadian bank – RBC.

TD Bank is one of the largest banks in Canada, and a familiar name to many US citizens, too. There’s a specific newcomers service which allows residents from certain countries  to start account opening before traveling, and complete on arrival. If you’re coming from certain regions you can also call on free local numbers to get advice and support in arranging your account. At the time of writing this service is not promoted to US residents looking for a standard account, so you’ll need to call the bank to check if it’s on offer at the time you want to apply.

TD Bank has a wide range of account products, but suggests the Unlimited Chequing account as a good option for new arrivals. In this account you’ll pay a 16.95 CAD  monthly fee, which can be waived if you meet a minimum balance requirement, for unlimited free transactions and TD Bank ATM withdrawals. Fees apply to send and receive international payments.

Account types: There are a few different accounts on offer to newcomers – you’ll be able to pick from checking and saving accounts, as well as student accounts aimed at international students.

Eligibility: You’ll need to provide ID including your passport and proof of legal residence in Canada

Is it safe? Yes. TD Bank is one of the largest banks in Canada, with a significant presence internationally, too. It’s a fully regulated provider, trusted by millions.

Scotiabank lets customers from selected countries open international accounts online. At the time of writing this is not available to US residents, so you may need to wait until you arrive to get your account arranged. Scotiabank offers a range of account options, with the most popular – the Preferred account – being eligible for the newcomer international application process.

The Preferred Package costs 16.95 CAD a month but comes with unlimited free transactions, interest on your balance, and overdraft protection. If you hold a 4,000 CAD or more minimum balance for the month your monthly fee may be waived.

Account types: Scotiabank has a good range of chequing and savings accounts, including a couple which can be opened online in advance or arrival by people from selected countries

Is it safe? Yes. Scotiabank is FINTRAC registered and fully licensed to trade in Canada

Royal Bank of Canada

Royal Bank of Canada – often shortened to just RBC – has a newcomer package which is aimed at new residents and international students. You can get some fees waived when you first arrive, and there are also easier ways to get a credit card which don’t rely entirely on having a local credit history. Once your fee free period is over you’ll pay 11.95 CAD a month for a standard package, or more if you have the VIP service.

Account types: RBC is a large bank with a full suite of checking and savings accounts, credit cards, loans and more

Is it safe? Yes. RBC is large, trusted and fully licensed to trade in Canada

What do I need to know before opening a bank account in Canada?

As a foreigner in Canada you’ll usually need to provide a suite of documents to support your application if you want to open an account with a bank. Generally, full service accounts are only available to full Canadian residents, so if you’re not living in Canada yet you’ll probably only be able to access a more limited account type with banks.

Can I open a bank account in Canada with only my passport?

You can not usually open a bank account in Canada with only a passport. You’ll normally need 2 pieces of ID which confirm your name and address. In some cases you may be able to present only one piece of ID, but this is usually only an option if you can also have someone locally – who is in good standing in the community, or holds an account with your preferred bank already – visit the bank with you to vouch for you.

What is a bank account in Canada needed for?

If you’re moving to Canada you’ll need a CAD account to pay for rent, utilities, everyday essentials and services, as well as to allow others to pay you. If you’re not a resident all year round you may still like a CAD account if you spend time in Canada often or if you’re a frequent visitor there.

Benefits of opening a bank account in Canada

Opening a CAD account can bring a few benefits if you need to transact in CAD often:

• Make payments in Canadian dollars without incurring currency exchange costs
• Hold a balance in CAD, and access preferential exchange rates
• Get paid a salary, benefits or other payments in CAD without needing to convert back to USD
• Get a Canadian credit card and build your credit history

How much does it cost to open a bank account in Canada?

It’s usually free to open a bank account in Canada. However accounts from traditional banks will often have monthly fees, which can only be waived if you maintain a set minimum balance all month. There are also transaction costs to consider, which can quickly mount up. 

Is it possible to open a fee free account in Canada?

It’s not usually possible to get a completely fee free account in Canada. However, many banks offer accounts which waive certain costs if you hold a high enough balance or if you’re a new customer. It’s worth comparing a few options to see which may suit your needs. Don’t forget to also look at non-bank alternatives like Wise and Revolut which have low cost accounts which are flexible and easy to open.

What are the additional costs?

Transaction costs are the most common extra fees you’ll pay. Some banking packages come with a fixed number of free transactions a month, some have unlimited transactions for free, and some come with charges for every transaction you make within your account – make sure you read all the details carefully before you sign up. 

Here’s what to look out for:

• Account maintenance costs
• ATM withdrawal fees
• Overdraft or credit card interest charges
• Inactivity or closing fee
• International transfer fees
• Foreign transaction fees

Tips for transferring money

One of the most common transactions you’ll need to make as an expat is probably moving money across currencies with international transfers – this can also be a costly thing with traditional banks. Here are a few things to watch out for:

• Check the exchange rate you’re offered against the rate you find on Google to see if a markup – and extra fee – has been applied
• International transfer fees may vary depending on the value of the payment, and whether you arrange it online or in a branch
• Third party fees may be deducted as the payment is processed, and can mean your recipient gets less than you expect

Using a specialist service like Wise to send your international payments can mean you get less complicated fees – with no hidden costs added to the exchange rate.

Related: Best travel cards for Canada

How to open a business account in Canada?

If you’re interested in opening a business bank account in Canada you may need to follow a slightly different process. While some banks offer online opening options for personal accounts, it’s far more common to open a business account in person by visiting a branch. That means it’s trickier to open a business bank account with a traditional Canadian bank as a non-resident. If you’re not planning on moving to Canada you might find that choosing a multi-currency account with a specialist online provider is a simpler option.

No matter how you decide to set up your Canadian business bank account you’ll need to provide your personal ID documents plus a suite of business documentation, based on entity type – business licenses, registration numbers, partnership agreements or articles of incorporation for example.

To learn more, check our detailed guide on How to Open a Business Bank Account in Canada .

Conclusion: Can you open a bank account in Canada from the US?

Yes. You can open a bank account in Canada as a US citizen. However exactly how you get started will depend on whether you’re planning to move to Canada or need an account as a non-resident.

Usually it’s far easier to open a bank account with a traditional Canadian bank if you’re a resident there. If you’re not planning on making the move to Canada, you can still get a CAD account with Canadian banking details from a specialist provider like Wise or Revolut. Wise offers both personal and business account options for US citizens, with CAD bank details, a linked debit card and no ongoing charges. Revolut accounts can be opened from the US, to hold and exchange CAD and USD, and access some no-fee currency exchange, depending on the account type you pick.

FAQs on opening a Canadian bank account

1. Can I open a bank account online in Canada from the USA?

Some Canadian banks do offer online account opening services, but it’s pretty common to need to visit a branch in person to get your account fully up and running. If opening your account online is essential you might be better off choosing a specialist provider like Wise, which offers a fully digital account opening service.

2. Can a foreigner open a bank account in Canada online?

Some Canadian banks do offer online account opening, but you may find it tricky to provide the required identification and residence documents. As a US citizen the easiest way to open your Canadian account is probably to choose a specialist online account provider which can accept your US identification documents.

3. Which US banks have branches in Canada?

Key options for banks which have branches in both the US and Canada include:

4. Can I open a Canadian Bank Account from the US?

You’ll be able to open a Canadian bank account from the US with a specialist provider, or in some cases, with a traditional bank in Canada. Use this guide as a starting point to research which banks and account providers might suit you.

5. Can you open a bank account in Canada as a non-resident?

As a Canadian non-resident you might be able to open an account with a traditional bank, but many regular accounts aren’t available to non-resident customers. Learn more about how to open a Canadian bank account as a non-resident – or take a look at specialist international account providers which tend to be more flexible with non-resident customers.

Open a Bank Account Before Arriving in Canada

by Corinna Frattini | Aug 26, 2020 | Banking & Financial First Steps in Canada

Opening a bank account before you arrive in Canada offers many benefits including transferring funds before you travel to Canada. Also, when you land in Canada, immigration officials may ask you to show proof of funds. When you open a bank account before you arrive, you can easily prove that you have available funds.

Canadian banks are among the most solid, secure financial institutions in the world. The Canada Deposit Insurance Corporation (CDIC) provides insurance to protect eligible deposits made to CDIC-member banks. And for Canadians, knowing their money is CDIC-protected is reassuring!

How to Choose a Bank in Canada

It’s necessary to open a bank account in Canada. Most Canadians rely on their bank to:

• Receive paycheques
• Save money and earn interest.

To select a bank, you can visit the bank’s website to compare services and fees. While many banks have national branches and automatic banking machines (ABM) networks, it’s best to select a bank that has branches in the community where you will live.

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Also, when you open a bank account you will receive a statement with your new mailing address. You can use your statement as identification when you apply for:

• G overnment services
• A provincial health card, or
• A driver’s license.

Open a Bank Account with the Right Features

Banks offer a wide range of accounts to choose from, and that can be overwhelming. But keep in mind that most newcomers will require a chequing account to deposit funds, write cheques, and pay bills. You will also need a debit card to deposit and withdraw funds from an ABM or branch. You may also want a higher-interest savings account and credit card.

Related Posts:

Building Credit History in Canada as a Newcomer

How Much Money Will I Need to Move to Canada?

Move to Canada | Transferring Cash & Valuables

Types of Bank Accounts to Save for Your Future

Banking and Finance in Canada: Your First Steps

Banks offer banking service packages at low-cost monthly fees. For example, The Scotiabank StartRight ™ Program for Newcomers*¹ offers a number of low-cost options to meet your banking needs.  To help you make your important banking decisions, Scotiabank can explain your options in the language that you prefer and provide personal support at the bank branch. 

Feel free to ask for an explanation if there is anything you don’t understand. The role of the bank employee is to provide quality customer service and any questions you may have. So you don’t need to worry about asking questions or taking up too much of their time.

Most importantly, get answers to your questions and only sign a contract when you’re confident you understand the terms.

Documents You Need to Open a Bank Account

To open a bank account in Canada, you will require the following documents: 

• Permanent Resident Card or Confirmation of Permanent Residence
• One piece of government identification such as your passport or driver’s license

If you’re an international student, you will require a letter of acceptance from a Canadian educational institution and a study permit. 

If you are a foreign worker, you will require a current valid passport and work permit.

To open a bank account, you need to go to a local branch in person and have two original pieces of identification. You will have an interview with a bank employee who will:

• Discuss different banking options
• Suggest the right bank account based on your needs
• Explain your rights and responsibilities, and
• Help you complete the paperwork.

*¹ – The Scotiabank StartRight Program, created for Canadian Permanent residents from 0-3 years in Canada, International Students, and Foreign Workers.

• Learn the basics of banking in Canada

Corinna Frattini is the content marketing strategist at Prepare for Canada and contributes articles related to working in Canada. With a background in human resources and leadership development, her articles focus on what Canadian employers seek and how newcomers can continue their careers in Canada.

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Can a Foreigner Open a Bank Account in Canada?

• BY GlobalBanks Team
• Updated Nov 16, 2023

In this article, we’re going to answer the question “can a foreigner open a bank account in Canada?”.

So, if you’re looking to start an account as a foreigner in Canada, you’re not alone. A bank account in Canada has proven to be a safe and secure international bank account over the last few decades.

And with a recession looming, it’s not surprising that foreigners and non-residents are interested in opening bank accounts here.

In fact, it’s a common question we get asked by entrepreneurs, especially those who own an online business.

KEY TAKEAWAYS

• Opening a bank account in Canada as a foreigner is difficult
• Most banks will require you to show up in person to open
• Banks in Canada offer CAD and USD accounts
• Banks strongly prefer opening bank accounts for Canadian residents
• Business accounts may be easier to start (in-person opening)
• Int’l money transfers may be better served outside of Canada (send money abroad)

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

What Are the Benefits Offered By a Canadian Bank?

What do i need to open a canadian bank account as a foreigner, what are the challenges of opening a canadian bank account as a foreigner.

• How Do I Know Which Canadian Banks Best Suits My Needs?

Frequently Asked Canadian Banking Questions

Do you want help opening bank accounts.

To open an account in Canada as a foreigner you will need to provide proper documentation, meet the bank’s standard due diligence requirements, and be able to clearly communicate your reason for requiring a Canadian bank account. In most cases, you will be required to show up in person.

Of course, opening a non-resident bank account in Canada can be frustrating and time-consuming without the right information. This is especially true if you are trying to open an account from your home country or online.

That’s why our team of banking experts has analyzed all of the Canadian banks that allow foreigners to open bank accounts. And, we’re happy to report that it’s very much possible to do so. In some special cases, you might even be able to start an account without visiting Canada.

In this article, we provide you with the information you need to know when applying. So, if you’re a foreigner and opening an account in Canada is something you’re interested in, keep reading!

Do You Want to Explore All Your Offshore Banking Options?

After the 2008 global financial crisis, Canadian banks were (at the time) hailed as some of the safest and best-managed in the world. Today, Canada is still seen as a stable banking jurisdiction when compared to other countries like the United States and Mexico .

But, with so many other options to choose from, why do foreigners and non-residents want to open a Canadian bank account?

Firstly, opening an account here as a foreigner has many perks. These include both personal and business perks. For instance, banking in Canada can form an important part of your international banking and tax strategy as this country offers an efficient structure, known as the Canadian LP, which offers efficiency and privacy.

Additionally, when opening payment processing relationships in Canada, businesses are able to access both CAD and USD. Meaning, if your business is primarily selling to customers in the US, you will be able to save on foreign currency fees while still using low-cost payment processing outside of the US. That said, with foreign currency fees fluctuating, it’s important to consider which currency your business wants to prioritize.

Here are eight benefits foreigners can expect when opening bank accounts in Canada.

• Access to CAD and USD payment processing
• Saving on foreign currency transactions
• Accounts are easily accessible
• Reduced foreign exchange rates and fees
• Stable banks
• Strong online banking platforms
• English-speaking bankers
• ATM availability

Now, we don’t recommend opening a bank account with just any Canadian financial institution. This is especially true because issues can arise when choosing the wrong bank.

Additionally, if you already have an account in here, you shouldn’t automatically choose your personal bank for your business bank or vice versa. Not only could you be limiting yourself to a bank that doesn’t fit your business needs, but you could also end up paying unnecessary fees.

Unfortunately, there can be a lot of confusion over how to open a bank account in Canada as a foreigner.

Canadian banks require specific documentation and have multiple identity requirements when it comes to opening a bank account, especially for non-residents and foreigners.

That said, even if you’re not a Canadian citizen, you still have the option to start a bank account as long as you have the proper documentation and can overcome the bank’s onboarding procedures. Of course, some banks here do require you to show up in person when opening a bank account. However, this isn’t required in all cases.

Whether you’re looking to open a personal bank account or a business bank account, you’re required to provide proof of specific documents. These documents can vary from bank to bank.

What documents do you need to open a Canadian personal account?

Banks may request the following five documents when you apply for a personal bank account.

• Your valid, current/unexpired passport
• A copy of your driver’s license
• Other identifying documents issued by a governmental agency
• Verification of your residence or physical address (having a Canadian address makes this process run smoothly, but it’s not always a requirement)
• Financial reference documents or bank statements

What documents do you need to open a business account in Canada?

Since there’s a lot of misinformation out there, here’s an overview of the most common documents that are needed in order to open a business bank account here as a foreigner.

Firstly, to set the record straight, you do not have to be Canadian, nor physically live in Canada in order to start a Canadian business bank account. In fact, most banks do not have any residency requirements when it comes to opening a Canadian business bank account. Of course, it does require different documents than if you were to start a personal bank account.

Below is a list of required documents for each type of business.

Corporations

• Business Number & License
• Certificate of Status/ Profile Report / Existence / Compliance
• Articles of Incorporation/ Association
• Corporate Annual Government Filing
• Notice of Assessment for Income
• 2 pieces of Government ID for the signing authorities

Partnerships and Limited Partnerships

• 2 valid forms of ID for the business owner
• Registered declaration of partnership
• Copy of partnership agreement
• Trade name registration

Sole Proprietorships

• Master business license

Regardless of what type of document you provide to the bank, banks do need to ensure these documents are authentic. So, don’t be surprised if the bank requests further verification of the documents submitted.

Bottom line: With the right information and knowing which banks are most open to accepting foreigners, along with understanding what their account opening quirks are, foreigners can start bank accounts here without too much hassle. That said, a few challenges come with opening bank accounts as a foreigner in Canada.

To make sure you have all the facts and are well prepared before opening an account, let’s take a look at the most common challenges foreigners face.

Below is a list of challenges foreigners may face when opening accounts here. That said, each bank is different. So, make sure you prepare by understanding the specific challenges each bank presents before applying.

Challenges When Opening Accounts in Canada

• Personal visit is sometimes required
• Intense identification process
• Explaining why you need a Canadian account
• Limited banks to open a Canadian account with
• Higher fees may be applied depending on the type of account
• Social Insurance Number (SIN) is required by some banks
• Canadian banks sometimes place holds on your money
• Difficult to access credit products and cards
• Chequing accounts often have high fees
• You may be asked to go back to the bank to verify the documents
• Can be expensive to manage from your home country

Again, not all banks will present these challenges. But, some banks here do make it more difficult for foreigners to open bank accounts than others. Especially when you’re not able to do so in person or are not planning on living in Canada. However, it’s not impossible.

That said, if you’re planning to move to Canada permanently, then it becomes a lot easier for a foreigner to open an account here. This is a topic we will be discussing more in other articles.

Important Considerations

It’s worth noting that Canada is a signatory to both CRS and FATCA. This means, if you open an account here, your account information will be shared with your country of tax residency and possibly your country of citizenship as well. Furthermore, the Income Tax Act of Canada does require banks to ask you for your Government issued Social Insurance Number (SIN) when you are opening an interest-bearing account. However, if you’re looking to open a non-interest-bearing account as a foreigner, then a Social Insurance Number is not required.

Needless to say, there are challenges to overcome when opening an account here as a foreigner and we provide proven strategies on how to overcome these challenges within GlobalBanks IQ & GlobalBanks Insider. That said, the bank you choose will likely consider the amount you want to pay in fees and which account opening requirements you can meet.

How Do I Know Which Canadian Bank Best Suits My Needs?

Now that we’ve discussed what is required when opening an account as a foreigner and the challenges you’ll likely face, let’s take a look at how a foreigner can find the best bank in Canada to open bank accounts with. Depending on your needs and reason for wanting to open a bank account in Canada, both the bank and types of accounts available to you can vary.

Firstly, when choosing a bank, you need to ensure that they offer the services you need. Likewise, you need to be able to meet the bank’s deposit levels and account fees. To help you with this, here is a list of questions that you should ask yourself before applying for an account. This will help you decide which bank will best suit your needs.

Questions to Ask Before Opening Accounts in Canada

• What are the account fees for transactions?
• Is there a limited number of transactions per month?
• What are the monthly fees for the account? Can you deposit a fixed balance to avoid it?
• Do you need to visit the branch in person to access any banking services?
• Does the account come with a debit card?
• Is mobile banking available?
• Do you require a multi-currency account?
• Do you require to have a certain amount in your account?
• Can you access your account information online?

It’s important to ask yourself these questions as certain banks may have some limitations, hidden fees, and other limiting factors that do not align with your banking needs. It’s also important to note that not all banks will accept you.

Not surprisingly, with more than 88 banks and over 6,000 branches in Canada, knowing which bank (and branch) to approach and which strategies to use can be a very daunting task for non-residents.

In fact, while most people think that one of the “Big 5” Canadian banks is more likely to open for non-residents, the reality is actually the opposite. With so many branches and so few accepting non-residents, opening an account with one of these banks can be extremely costly and time-consuming.

Virtual Bank Account (Bank Account Online)

Virtual bank account options exist in Canada. But these are typically harder to access and tend to be a resident bank account option. In other words, to open a digital account with a Canadian financial institution you need to actually live in Canada.

With this in mind, you may find that international banking options or international money transfer options are better suited to your needs instead those of a Canadian bank if you want to open a bank account online.

Of course, if you would like to better understand how you can obtain a digital bank account number in Canada, this is something we can help you with. It’s just important to recognize that the vast majority of options available at a Canadian online bank are targeted toward local individuals.

Additionally, in almost all cases, foreigners will not be able to access credit or credit cards from a Canadian online bank. This is because foreigners won’t have the necessary documents demonstrating taxes locally, which these platforms will require.

For all of the reasons mentioned, an account with a digital financial institution in Canada may be better suited to those foreign non-residents who are in the process of moving here and making it their home.

Below are a few of the most common questions we receive from people exploring if a foreigner can open a bank account in Canada. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Can I Open a Bank Account in Canada With a Tourist Visa?

The short answer is: It depends. Certain banks will allow foreigners to open an account on a tourist visa if they have the required documents and identification to support account opening. However, you may also be asked for proof of a Canadian address and a Canadian phone number.

Can a Foreign Open a Bank Account in Canada Online?

In most cases, foreigners and non-residents will not be able to open an account online in Canada. This is due to the online onboarding process that foreigners will need to complete through Canadian banking apps. The process of opening an account online often requires you to be located in Canada at the time of completion and requires you to have a Canadian phone number, despite being a fully online application.

Which Bank is Best for Foreigners in Canada?

The best bank for foreigners in Canada should be determined on a case-by-case basis. In other words, it depends on the account opening objectives, desired services, and preferred location for account opening.

If so, you can get access to GlobalBanks IQ in just a few clicks.

GlobalBanks IQ is our flagship international account opening solution. It gives you instant access to the…

+ Expert insights on which banks to choose & why

+ Step-by-step reports to open accounts in the best banking hubs

+ GlobalBanks international bank database & detailed bank profiles

+ Tried & tested banks for high-risk, offshore, & non-resident clients

+ Plus, get YOUR most pressing account opening questions answered by our team!

And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.

In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.

To learn more about opening accounts with GlobalBanks IQ , just click here now. Or, contact us directly with any questions!

GlobalBanks Team

The GlobalBanks editorial team comprises a group of subject-matter experts from across the banking world, including former bankers, analysts, investors, and entrepreneurs. All have in-depth knowledge and experience in various aspects of international banking. In particular, they have expertise in banking for foreigners, non-residents, and both foreign and offshore companies.

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Best International Banks in Canada in 2024

Expats living overseas, digital nomads moving around while working, International business owners, frequent travellers and online shoppers could all find that an international bank account can make it cheaper and easier to manage their money across borders.

Some international bank accounts offer ways to hold and exchange foreign currencies, and cut the costs of international transactions. However, international accounts from banks can come with fairly high fees and restrictive features.

Join us as we walk through some of the best international banks in Canada , and also look at some alternatives which can be cheaper and more flexible, like Wise and the Canada Post Cash Passport.

4 Best Banks for International Travel

Here’s a quick summary of our picks for the top 4 banks or non-bank alternative options for international travel, for business owners, expats and digital nomads in Canada.

Wise Account : best for anyone looking to hold 40+ currencies, spend with a linked debit card in 150+ countries, and receive convenient payments with local bank details in 10 currencies

Canada Post Cash Passport: best for people who need to collect a card instantly to hold and exchange 7 major currencies, which are used in common vacation destinations

RBC Foreign Currency Account: best for personal customers looking to save in USD, GBP, EUR or HKD, with no minimum balance and no monthly fees to worry about. Accounts do not have cards, but you can deposit and withdraw in a branch

Scotiabank Foreign Currency Account: best for business customers who need to hold and receive GBP, EUR or JPY - there’s no interest paid on accounts, but it can be a convenient way to set money aside for future business payments

What is the best international bank in Canada?

The best international bank account for you will depend on your specific preferences and needs. Here we’ll look at an overview on each provider  - and then later we’ll explore more in detail so you can see if any may suit your needs.

Not sure how to pick? Don’t worry. We’ll also cover what to consider when choosing an international bank.

*Details correct at time of writing - 22nd April 2024

As you can see, the accounts we’ve picked are a mix of bank and non-bank alternative options, with some for business and personal customers, and some serving only one or other customer type. Here’s a summary - we’ll take a deeper look at each provider and their account, next.

Wise Account : hold 40+ currencies, spend with a linked debit card in 150+ countries, and receive payments in 10 currencies - business and personal account options

Canada Post Cash Passport: travel card to hold, spend and exchange 7 major currencies good for leisure use

RBC Foreign Currency Account: saving account for personal customers in USD, GBP, EUR or HKD

Scotiabank Foreign Currency Account: business account to receive, hold, and send payments in GBP, EUR and JPY

Wise Account

💡 Great for: People travelling or shopping online internationally, looking for flexible and low cost currency conversion

Personal customers can open a Wise account for free, to hold and exchange 40+ currencies and spend with the Wise debit card in 150+ countries. Wise is not a bank, but a financial technology company - it’s regulated and safe to use.

When you open an account you’ll also get local bank details which makes it easy to get paid in 10 common currencies.

Wise currency exchange used the mid-market rate - the one you find on Google. You’ll only pay a low conversion fee which is from 0.43%, with no fees to spend any currency you hold in your account.

Wise account & card: Order a card for a one time low fee, spend around the world - and if you don’t have the currency you need the card can convert for you using the lowest possible fee. Spend in 150+ countries

International fees: Currency conversion from 0.43%, no fee to spend currencies you hold in your account

International ATM withdrawals: Free to make 2 withdrawals per month to plan limits, with low fees after that

Learn more: Wise Account review and Wise card review

Canada Post Cash Passport

💡 Great for: Travellers looking for instant access to a card to hold and spend 7 major currencies

The Mastercard Cash Passport, which you can get in person or online from Canada Post is not issued by a bank, but does offer easy ways to hold, withdraw and spend 7 currencies which are used in popular tourist destinations. This makes it a strong pick for travel use, particularly if you need to get a card instantly as you can collect one in person without needing to wait for it to be delivered by mail.

Various fees apply to use your card, so you’ll need to review the fee schedule carefully. There may be a charge to add money, make withdrawals or to spend a currency you don’t already hold in your account for example.

Cash Passport account & card: Order your card and top up your digital account online or in person at a Canada Post location, then spend and withdrawal anywhere Mastercard is accepted

International fees: No fee to spend currencies you hold in your account, 3.25% foreign transaction fee for unsupported currencies

International ATM withdrawals: Fee varies by currency, around 3 CAD per withdrawal

RBC Foreign Currency Account

💡 Great for: Savers who want to set aside funds in foreign currencies for future use or to invest

RBC offers personal customers foreign currency accounts in USD, GBP, EUR or HKD for saving purposes. There’s no minimum balance and no monthly fee which can make this a flexible way to set aside money in foreign currencies if you know you’ll need it in person. You don’t get a card with your account but you can withdraw and deposit funds over the counter in the currency of the account.

Although there are no ongoing charges with these accounts, there are some transaction fees - such as when making a wire transfer.

RBC Foreign Currency account & card: No card offered, accounts can hold one of either USD, GBP, EUR or HKD

International fees: Fees apply for making payments - including variable wire fees set by currency, 33 EUR or 27 GBP for example

International ATM withdrawals: Not available

Scotiabank Foreign Currency Account

💡 Great for: Business customers who need to receive, hold or send foreign currency payments regularly

Scotiabank business customers can open a foreign currency account product to send and receive payments conveniently in GBP, EUR or JPY. There’s a monthly fee for the account but with that you get a few free transactions before you need to pay any additional service fees.

RBC Foreign Currency account & card: No card offered, accounts can hold one of either GBP, EUR or JPY

International fees: 16 CAD monthly fee. Fees also apply for some transactions and payments

What is an international bank account?

International bank accounts can have a pretty broad selection of features, from accounts for daily use which let you hold foreign currency balances and get international travel cards, to accounts aimed at international investors.

As well as international accounts from banks, there are also a few non-bank alternatives which have powerful international features - such as the Wise account and the Canada Post Cash Passport. By contrast, the accounts available from banks can have fairly limited features and higher fees.

Here’s a rundown of some of the features you may get from an international account:

Hold a select of foreign currencies and convert between them

Send payments overseas with low or no fees

Access preferential exchange rates

Spend internationally with a linked debit or credit card

Invest internationally in foreign currencies

Receive personal or business payments in foreign currencies

Can you open an international bank account?

Some local and regional banks offer international bank accounts, although these do tend to have relatively limited features compared to international accounts from specialist services.

Providers like Wise offer flexible accounts which can hold multiple currencies and which can be used easily for everyday transactions. Or if you’re specifically looking for a non-bank travel card, the Canada Post Cash Passport may provide a decent pick instead.

What are the advantages of international banks?

So why bother with an international bank account at all? Here are some key advantages to know about:

Hold and exchange multiple currencies so you don’t need to switch back to CAD unnecessarily

Spend overseas with a linked card - which can mean lower costs and no foreign transaction fees

Manage your money on your phone with transaction alerts and an instant overview of all your currency balances

Open local receiving accounts to get paid easily and with no or low fees, in a selection of currencies

How to choose the best international bank account for your needs

There’s no single best international account, so you’ll need to review a few, looking at features and fees, to pick the one that suits you best.

Here are a few key points to consider when choosing the right account for you:

Availability of Foreign Currencies: Check that currencies you use frequently are supported for holding, exchange and spending

• Monthly charges: Accounts are available with no monthly fees - although some accounts do have an ongoing maintenance charge or inactivity fee
• International fees: Check for foreign transaction and foreign cash fees, and ATM charges when you travel - these can mount up steeply depending on the account you select
• Currency conversion rates: Ideally look for an account which uses the mid-market exchange rate with no hidden charges. This is transparent and makes it easier to assess what you’re actually paying for overseas transactions 
• International travel cards: If you’ll be travelling it’s worth checking you’ll have a linked debit or credit card, issued on a major global network 
• Overseas transfers: See how much you’ll pay to send money overseas, and how many countries are available for transfers - handy for sending payments to friends and family or covering overseas bills
• Ease of use: Choose an account with easy mobile and online access, so you can use your account wherever you are
• Extra features: Different accounts have their own features, like investment options and local bank details to get paid for free from overseas

Safety: Finally, pick a reputable provider which is licensed and regulated in Canada and internationally

How to open an international account

The process can vary widely for opening a digital bank account offered by a bank, and a multi-currency account from an alternative provider like Wise . Some banks may ask you to visit a branch to get started, or you may also need a linked account with the same bank in order to apply for an international account.

In either case you’ll normally need the following documents to open an international account:

Proof of ID, such as a passport

Proof of address, such as a utility bill in your name

How to open international bank account online

If you choose to open an international account with a non bank provider like Wise you can get everything done in an app or online, including verification.

Here’s how to open an international account with a specialist provider:

Download the provider app or head to their desktop site

Register an account using your email address and add your personal information

Get verified by uploading images of your documents

You’ll receive a physical card in the mail, and can often access a virtual card as soon as your account is verified

What are the best international banks with no fees?

It costs to offer international services. That means that while some banks may look like they have no fees, the chances are that they’ll have transaction and service fees, and exchange rate markups which can be tricky to spot.

Here is fee the structure of the providers we’ve explored in this article:

Wise Account : Accounts are free to open, there is no maintenance fee, there are low transaction fees.

Canada Post Cash Passport: 15 CAD card order fee, 3.25% foreign transaction fee for unsupported currencies , fees of around 3 CAD for ATM use

RBC Foreign Currency Account: No monthly fee, variable wire fees set by currency, 33 EUR or 27 GBP for example

Scotiabank Foreign Currency Account: 16 CAD monthly fee. Fees also apply for some transactions and payments

What is the safest international bank?

All of the providers we feature on Exiap are regulated and licensed providers, with industry level security measures.

Here’s a look at how the providers we have featured which offer international spending keep you safe when you spend:

Wise Account : Get transaction alerts in the app, freeze and unfreeze the card easily when you travel

Canada Post Cash Passport: Manage your card in the app - you’re also covered by Mastercard Zero Liability policies

Best ways to withdraw money when travelling abroad

Sometimes you can’t manage with digital payments and need to get some cash. Here are some ways to cut the costs of cash withdrawals overseas:

Always check your banks foreign transaction fees so you know if you’ll pay a premium when abroad

Check which ATMs you can use for no extra fee when you travel - providers like Wise offer some fee free international withdrawals every month

Always withdraw in the local currency wherever you are, to avoid dynamic currency conversion

Avoid withdrawals with a credit card as these have extra fees

How to avoid foreign transaction fees

But what about when you spend with your card overseas? Here are some ideas to keep down costs:

Check your bank’s foreign transaction fees and exchange rates - you may be better off with a specialist like Wise or Canada Post’s Cash Passport

Pay in the local currency to avoid dynamic currency conversion

Look at multi-currency accounts from Wise to keep your money in local currencies to avoid paying high conversion fees with bad exchange rates

Conclusion on best international bank for expats

There are a few different options for international accounts for expats - either from banks or specialist online services. What’s right for you will depend on how you intend to use your account, whether you need a card, and whether you’re a registered business owner, among other things.

For many customers bank foreign or multi-currency account options can be somewhat limited, with a focus on businesses, payments and saving products rather than day to day spending. As an alternative, look at specialists like Wise , which can be handy for easy everyday use, and to hold a broad range of currencies all in the same place.

FAQs on Best Banks for International Travel

Should you have a separate bank account for travel.

Having a separate account to hold, spend and exchange foreign currencies can make setting your travel budget easier and also keep down your costs. Choose an account with no ongoing fees and flexible multi-currency features if you can, to make sure you make the most of your account.

Can you open an international bank account online?

You may be able to open an international bank account online if you’re already a verified customer of the bank you’ve picked. However, the process is often easier and quicker if you choose a specialist digital provider like Wise instead - apply online or in app without needing to leave home.

How can you avoid bank charges when travelling internationally?

Double check your own account’s terms and conditions carefully before you head overseas, looking for foreign transaction fees and international ATM costs. You may find you’re better off with a specialist international account for when you’re abroad.

What bank does not charge international ATM fees?

Your own bank may have some fee free international ATM options with partner banks - or you can check out options like Wise which offers an account with some fee free overseas ATM withdrawals every month.

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Banking for International Students: A Helpful Guide to Picking the Right Bank Account and Credit Card in Canada

Welcome to Canada – your new home during your studies as an international student!

You'll soon be making important decisions of whether to open a Canadian bank account and apply for a credit card.

If you're wondering where to begin, here's the good news—it's probably easier than you think, and there are many helpful resources available. Whether your goal is to build your credit history, manage your finances, or make purchases during your studies in Canada, having a Canadian bank account and credit card comes with many advantages for students like you. In this article, you’ll find some helpful information to guide you through the process, answer your questions, and help you confidently choose the right Canadian bank account and credit card.

Learn more about TD International Student Banking Package

1. Understanding Canadian Bank Accounts

There are two main types of personal deposit accounts that international students can open in Canada:chequing and savings.

Chequing accounts : For your everyday transactions, such as bill payments, cash withdrawals, and purchases, a chequing account is useful. The good news is that many Canadian financial institutions provide student chequing accounts with no monthly fees, making them an affordable choice for you. With a Canadian chequing account, you can easily withdraw money when you need it, send money transfers, and even shop online. [1]

Savings accounts : If you're looking to save money for the future, a savings account is also a good choice to have. When you have extra funds, you can simply deposit them into a savings account to earn interest on your balance. Your money can grow over time - and you can easily transfer funds to your chequing account whenever you need it. [2]

When selecting a bank and the right bank accounts, it's important to compare the pros and the cons. Ask about fees, features, and benefits that best suit your needs as a foreign student. And importantly, look for a bank with low or no fees for students, and useful features like easy online banking and mobile apps that can help make managing your money easier.

2. Canadian Credit Cards for Students

Getting a credit card while you are a student in Canada can be a great way to build your credit history and make purchases easily. By establishing a good credit history for yourself early in life, you’ll make it easier to borrow money in the future. [3] Many credit cards offer rewards such as travel/rewards points or cash back , often with no annual fee. When choosing a credit card, consider your spending habits and choose one that suits your needs. [4]

Important tip: it's helpful to use credit cards responsibly and pay off your balance on time and in full each month. This way you will avoid late payment fees and interest charges while you begin to build a good credit history.

3. Special Banking Packages for International Students

Good news: some banks in Canada offer special packages for students like you to make your financial life easier. TD, for example, offers a special international student banking package that combines both bank accounts and credit cards. This package provides a convenient and budget-friendly way to handle your finances while studying in Canada. The TD International Student Banking Package includes:

✔ a student chequing account with unlimited transactions and $0 monthly fee (until 23 years old or with proof of enrollment in full-time post-secondary education) ✔ a savings account with a bonus interest rate – so you’ll earn more on your savings, and ✔ a credit card (subject to approval) with no annual fee ✔ Plus, when you bundle all three products together, you get a $50 Amazon.ca gift card, Conditions apply.

Additionally, the package covers unlimited international money transfers, with transfer fees rebated for up to 12 months, when you send money using TD Global Transfer TM  with your TD Student Chequing Account. [5]

Picking the right bank account and credit card is important for international students in Canada. Find one that best suit your needs and lifestyle, and make sure you know all the details before you sign up. With the right financial tools, managing your money can be easy, and you can focus on enjoying your study experience in Canada to the fullest!

Why Choose TD?

150 years helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 150 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.

With over a thousand branches, a reputation for excellence in financial services, and the ability to also serve you in more than 80 different languages, TD has become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.

TD offers online support and resources of interest to newcomers on topics such as banking basics, moving to Canada, credit score essentials, and more. TD is open longer hours for your convenience and has thousands of ATMs across Canada to help you take care of your everyday banking needs quickly and easily.

Ready to Bank?

Learn more about TD New to Canada Banking Package today .

Book an appointment to talk with a TD Personal Banking Associate about the TD New to Canada Banking Package. You can book online right away or visit the TD website to learn more.

Legal Disclaimer: Information provided by TD Bank Group and other sources in this article is believed to be accurate and reliable when placed on this site, but we cannot guarantee it is accurate or complete or current at all times. Information in this article is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. This information is not to be construed as a solicitation to buy. Products and services of the TD Bank Group are only offered in jurisdictions where they may be lawfully offered for sale. All products and services are subject to the terms of the applicable agreement. The information in this article is subject to change without notice.

® The TD logo and other trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

[1] https://www.td.com/ca/en/personal-banking/solutions/student-advice/international-students-banking-services-in-canada?utm_campaign=PB_PNC_canadavisa&utm_source=canadavisa&utm_medium=CPC&utm_term=AW

[2] https://www.td.com/ca/en/personal-banking/special-offers/international-students-banking-package?utm_campaign=PB_PNC_canadavisa&utm_source=canadavisa&utm_medium=CPC&utm_term=AW

[3] https://www.td.com/ca/en/personal-banking/how-to/manage-my-credit-card/how-to-build-credit#:~:text=A%20good%20credit%20history%20and,borrow%20money%20in%20the%20future?utm_campaign=PB_PNC_canadavisa&utm_source=canadavisa&utm_medium=CPC&utm_term=AW

[4] https://www.td.com/ca/en/personal-banking/products/credit-cards?utm_campaign=PB_PNC_canadavisa&utm_source=canadavisa&utm_medium=CPC&utm_term=AW

[5] https://www.td.com/ca/en/personal-banking/special-offers/international-students-banking-package?utm_campaign=PB_PNC_canadavisa&utm_source=canadavisa&utm_medium=CPC&utm_term=AW

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Who can apply

On this page, who can get a visa, some people are not allowed to enter canada, minor children travelling to canada.

You must meet some basic requirements to get a visitor visa.

• have a valid travel document , like a passport
• be in good health
• have no criminal or immigration-related convictions
• convince an immigration officer that you have ties—such as a job, home, financial assets or family—that will take you back to your home country
• convince an immigration officer that you will leave Canada at the end of your visit
• The amount of money you will need depends on how long you will stay and if you will stay in a hotel, or with friends or relatives.

You may also need a medical exam and letter of invitation from someone who lives in Canada.

Check the list of documents you need based on your situation .

Some people are inadmissible to Canada, which means they are not allowed to enter the country. You can be inadmissible for several reasons, including being involved in:

• criminal activity
• human rights violations
• organized crime

You can also be inadmissible for security, health or financial reasons. Find out more about inadmissibility .

Make sure you know what to do if your minor children (children under the age of 18) will be travelling with you, with someone else, or alone.

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The Bank Account EVERY Canadian Traveler Should Have

• Post author: Kevin Gagnon
• Post published: October 20, 2018
• Post category: Travel Must-Haves / Travel rewards Canada / Travel rewards news / Travel tips
• Post comments: 9 Comments

Offer expired: see new $250 offer now

How would you like to get $50 completely free read on.

As you probably know, Flytrippers is an online travel media: our mission is to help you travel more, for less. We do that mainly by spotting deeply discounted flights on our flight deals page .

But the other way we help you travel more is by sharing useful travel tips on this blog . And today we have one of our best tips ever: a way to get $50 for free in a matter of minutes… and to save money on ATM fees internationally. Perfect for travelers.

If you are like most people, you probably have a bank account that charges you a hefty fee to withdraw money using foreign ATMs. The alternative is then to withdraw money before your trip, and carry large sums of money with you, which might not be a good idea, particularly if you are going to a less developed country. Another alternative is paying with a credit card, but they all charge a 2.5% fee for foreign transactions, and not all destinations are credit card friendly. And most of those bank account charge you a monthly fee on top of that. Did you know there is a much better option ?

I opened a checking account at Tangerine (a reputable Canadian bank that is owned by Scotiabank ) for many reasons, but the main benefit for me, as a frequent traveler, is the free access to their network of more than 50,000 ATMs throughout the world. The good news is that you don’t even need to be a nomad like me to enjoy the many benefits this account offers, it’s worth using even if you travel just a couple of times a year, because it’s completely free! And no need to switch all of your payments or anything like that: you can have this one just for your transactions abroad, it’s very easy to set up.

The great news is that you can get $50 for free , through a referral link I’ll share later in this article, when you open an account as a new client… an account that is entirely free by the way!

In addition to all the normal features all bank accounts have in 2018, here are the main advantages of the chequing account at Tangerine :

• No fees for all your daily chequing transactions
• Free access to all Scotiabank ATMs (and there is one in 7-Eleven and Quickie convenience stores)
• Free access to the Global ATM Alliance network , which includes more than 50,000 ATMs in 40 countries without any ATM fees (more details below)
• No minimum account balance required
• No recurrent payment or deposit required
• Easy and simple (and free) money transfers by email
• Deposit cheques with your smartphone
• Use Apple Pay to pay with your chequing account
• Order your first 50 che que s for free
• And many more perks , more details at the end of this article

Why is Flytrippers All of a Sudden Promoting Financial Services?

Obviously, we are not financial advisors. We are only sharing our experience, helping you save money along the way. As you may know, we’ve recently launched our Travel Hacking section , because there are ways to get free trips (flights and hotels) using credit cards… Our thinking is that if you like traveling cheap, you’ll most likely love traveling for even cheaper, and by cheaper we mean free! However,  Travel Hacking , as stated in all our Travel Hacking blog posts, is only for those of you who are truly financially responsible… while this chequing account is a much more accessible financial tip  that everyone can enjoy to get free money!

As our goal is to help you travel more, and this account allows you to make an extra $50 for free (not too bad for the very little amount of effort required), we wanted to share this promotion before it ends in July (EDIT: the promo has been extended until January 31, 2019).

THE single greatest advantage of this card is, as stated previously, the free access to over 50,000 ATMs in 40 countries while abroad… yes, without any fees. Those fees usually range from $5 (or more) to use the ATM in addition to another $5 charged by your bank! Tangerine will save you all those costs if you use one of their partner ATMs, where you’ll be able to withdraw for free. And if you use another international ATM, their fees are among the lowest of any bank, capped at only $2. See the full list of partner ATMs at the end of this article.

For this reason alone, if you travel oustide of Canada even just a couple times a year, this should be a no-brainer! And there is no need to cancel your current account if you don’t want to go through the hassle of changing everything, you can simply open a second chequing account (that’s what I did, and Andrew, Flytrippers’ other co-founder, even has 3 different free accounts to diversify his benefits and perks).

READ ALSO:   The Best Credit Cards In Canada

We often get questions about the best way to save on foreign transaction fees, this tip is definitely one of the best ways to get foreign currency . That being said, it’s the same as if you were going to get foreign currencies at your bank before a trip… you’re not getting the absolute best exchange rate… but it’s by far the most practical and simple option! And definitely cheaper than paying $5-$10 for an ATM withdrawal, and better than carrying $500 around all the time in foreign countries. Don’t miss our upcoming articles on money exchange tips that will published soon on this blog.

Since I’ve discovered Tangerine , I’m completely sold on this bank. In addition to the international withdrawals, that I didn’t even know about when I first opened my account years ago, their chequing account is entirely free… no transaction fees. And there is no minimum balance needed! This alone should already save you around $100/year in many cases! And this account probably offers all the same features that your current account offers… with an added bonus of a free $50…

How To Get the Free $50

Simply by using the following Orange Key referral code  55878505S1  when creating your account , and that’s it! This will give you $50 for opening the account, and will also give Flytrippers $50 for the reference, a great way to support us while saving for your next trip! But as is always the case, the main reason we are promoting this is that it’s a really good travel deal for you !

You’ll get the $50 deposited as soon as you deposit $100 into your account: don’t worry, it’s the only prerequisite, no need to send your paycheck to this account or keep a minimum balance, all you need is the first $100 in there. You can easily transfer that from your current bank account by email for free in a couple of seconds.

Here’s exactly where you need to input the code for the $50:

CLICK HERE and use the ORANGE KEY  55878505S1  to receive your free $ 50 !

Bottom line.

Do you want to have a no-fee account for all your daily chequing transactions? Do you want to be able to withdraw money abroad from more than 50,000 ATMs without paying any fees? Do you want to get 50 bucks for free? This account is for you!

Don’t forget to use the Orange Key above to get the $50 bonus. It will be deposited into your account once you transfer or deposit $100 into your new account (usually within a day). Tangerine might ask you to stop by a Canada Post outlet with a piece of ID to validate your identity, it’s very quick and painless to do (usually within 5 minutes).

You can read more about the advantages the Tangerine account here , and see the list of all the partner ATMs around the world here .

Any questions?

Want to see our current discounted plane tickets click here to see our flight deals, want more travel tips and inspiration click here to see the blog homepage, you’ll probably enjoy this article: travel hacking 101: start here, help us spread the word about our flight deals and travel tips by sharing this article and most importantly bookmark flytrippers so we can help you navigate the world of low-cost travel.

Advertiser Disclosure:  Flytrippers receives a commission on links featured in this blog post. We appreciate if you use them, especially given it never costs you anything more to do so, and we thank you for supporting the site and making it possible for us to keep finding the best travel deals and content for you. In the interest of transparency, know that we will NEVER recommend a product or service we do not believe in or that we do not use ourselves, as our reputation and credibility is worth far more than any commission. This principle is an essential and non-negotiable part of all our partnerships: we will never give any third-party any control whatsoever on our content. For more information on our advertiser disclosure, click here.

Travel Hacking Disclaimer:  Flytrippers does not give financial advice. You should ensure travel hacking fits your personal situation and obtain professional advice if you so desire. Flytrippers may receive a commission for referrals, however, our policy is to only recommend products or services we really believe in (and have ourselves). To read more about our disclaimer, click here.

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Kevin Gagnon

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The Free Bank Account Every Canadian Traveller MUST Have

This post has 9 comments.

I am travelling to Vietnam next month. I am sorry if this is a stupid question. Is it the Canadian dollars that I put into this account and when I am in Vietnam and withdraw money is it then converting the Canadian dollars in VDN dong? Does it actually have partners in Vietnam? I also go to the states for 6 months of the year. Just wondering which is the cheapest way to go. Get the money before I go or get money when I am in Vietnam

Hi, no unfortunately there are a couple dozen countries included in the Global ATM Alliance, but Vietnam isn’t one of them (full list below). In the US however Bank of America is included, but for such a long period it might not be the best option. We’ll have a more detailed article about paying abroad soon however 🙂 https://www.scotiabank.com/ca/en/personal/ways-to-bank/manage-accounts/global-atm-alliance.html

But yes to use it, you deposit your required amount (its Canadian Dollar equivalent) into your Tangerine account and then you withdraw abroad in the local currency without any ATM fees, when using the partner ATMs. With other ATMs, Tangerine caps its fee at $2, however ATMs themselves will charge a fee as well if they aren’t part of the alliance.

“Another alternative is paying with a credit card, but they all charge a 2.5% fee for foreign transaction”, note that the Tangerine debit card also charges this 2.5% foreign currency conversion fee.

Yes, which is why you shouldn’t use it to pay like almost all other Canadian cards, but rather to withdraw cash for free at ATMs 🙂

Do you know if I can open an account while overseas? I am on exchange in Spain and am hesitating between opening a bank account in Spain or a Tangerine account. Thank you!

Hi Lydia, I don’t think it will be possible to set up from abroad unfortunately, when I signed up I had to go verify my identity at a Canada Post Office since I had no relationship with Tangerine/Scotia. Enjoy Spain, I’m looking forward to my trip there this April!

Does the card work in thailand?

Hi Tyler, unfortunately it doesn’t have any partners in Thailand (the list in Asia is rather short as of now) but you will at least only be charged $2 on Tangerine’s end for the ATM transaction instead of $5 with regular banks. You can see the full list of countries here: https://www.scotiabank.com/ca/en/0 ,,8093,00.html

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How Much Bank Balance Is Required For A Canada Tourist Visa?

Published: November 8, 2023

Modified: December 28, 2023

by Stella Battista

• Plan Your Trip

Introduction

Canada, with its breathtaking landscapes, vibrant cities, and welcoming culture, has become an increasingly popular destination for tourists. Whether you’re planning to visit iconic landmarks like Niagara Falls, explore the vibrant streets of Toronto, or immerse yourself in the natural beauty of the Canadian Rockies, a tourist visa is essential for most travelers.

One of the key considerations for obtaining a Canada tourist visa is meeting the financial requirements. The Canadian government wants to ensure that visitors have sufficient funds to cover their expenses during their stay without becoming a burden on the country’s resources.

While the specific amount of bank balance required varies depending on various factors such as the duration of your stay and whether you have a sponsor, it is crucial to have a clear understanding of the financial criteria to increase your chances of obtaining a Canada tourist visa.

In this article, we will explore the eligibility requirements for a Canada tourist visa and dive into the details of the bank balance criteria and documentation needed to prove sufficient funds. We will also provide tips to help you meet the financial requirements and successfully obtain your visa.

Eligibility for a Canada Tourist Visa

Before discussing the specific financial requirements, it’s important to understand the general eligibility criteria for a Canada tourist visa. According to Immigration, Refugees and Citizenship Canada (IRCC), individuals who wish to visit Canada as tourists must meet certain requirements:

• You must have a valid passport to enter Canada.
• You must be in good health and be able to convince the immigration officer that you will leave Canada at the end of your authorized stay.
• You must have sufficient funds to cover your expenses in Canada.
• You should not have any criminal record and be admissible to Canada.
• You may be required to demonstrate strong ties to your home country, such as a job, assets, or family, to prove that you will return after your visit.

It’s important to note that meeting the eligibility requirements does not guarantee a visa approval. The final decision rests with the immigration officer reviewing your application.

Now that we have a basic understanding of the general eligibility criteria, let’s explore the financial requirements specifically related to the bank balance criteria for a Canada tourist visa.

Financial Requirements for a Canada Tourist Visa

When applying for a Canada tourist visa, you must demonstrate that you have enough funds to cover your expenses during your stay in the country. The Canadian government wants to ensure that visitors can afford the cost of accommodation, transportation, meals, and other necessities without relying on public assistance.

The specific amount of money required as proof of financial support may vary depending on various factors, including the duration of your stay and the number of family members accompanying you. However, as a general guideline, you should be prepared to show evidence of at least CAD $1,000 per month for your stay in Canada.

It’s important to note that this amount is subject to change and it is advisable to check the latest requirements when submitting your application. Additionally, it is important to have funds available not only for the duration of your stay but also for your return journey.

While having sufficient funds is essential, the Canadian government also considers other aspects of your financial situation, such as your ability to pay for your travel expenses and your financial ties to your home country. Having a stable income, employment, or other financial assets can increase your chances of obtaining a tourist visa.

Next, let’s take a closer look at the specific bank balance criteria for a Canada tourist visa and the documentation required to prove that you meet the financial requirements.

Bank Balance Criteria for a Canada Tourist Visa

When applying for a Canada tourist visa, one of the key factors is the bank balance criteria. This refers to the minimum amount of money you need to have in your bank account to prove that you have sufficient funds to support yourself during your stay in Canada. The exact amount required can vary depending on factors such as the duration of your visit and the number of family members accompanying you.

In general, it is recommended to have a bank balance that covers your estimated expenses during your stay in Canada. This includes accommodation, transportation, meals, health insurance, and any other essential expenses. The Canadian government typically suggests having a bank balance of at least CAD $1,000 per month for a single applicant. However, this amount may increase if you have dependents or if the cost of living is higher in the specific region you plan to visit.

In addition to having the required bank balance, it’s important to maintain this balance for a certain period of time before applying for the visa. The specific timeframe can vary, but generally, it is advisable to have the funds in your account for a minimum of three to six months. This helps establish that the funds are genuine and not a temporary deposit made solely for the purpose of the visa application.

Keep in mind that simply having a large amount of money in your bank account does not guarantee a visa approval. Immigration officers will assess various factors, including your financial stability, the source of the funds, and your ability to cover all expenses related to your visit.

Next, let’s explore the documentation you need to provide to prove that you meet the bank balance criteria for a Canada tourist visa.

Documentation to Prove Sufficient Bank Balance

When applying for a Canada tourist visa, you need to provide documentation to prove that you have sufficient funds to support yourself during your stay in the country. This documentation is crucial in demonstrating your financial stability and ability to cover all expenses related to your visit.

Here are some key documents you may need to provide as evidence of your bank balance:

• Bank Statements: You will need to submit your recent bank statements, typically covering the last three to six months. These statements should clearly show your name, account number, and transaction history. Make sure the statements are official and bear the bank’s logo or stamp.
• Proof of Income: If you are employed, you should provide documentation of your income, such as pay stubs, employment contracts, or tax returns. This helps establish that you have a regular source of income and can sustain your stay in Canada.
• Letter of Support: If you have a sponsor, such as a family member or friend in Canada, they can provide a letter of support. This letter should include details about their relationship to you, their financial ability to support your visit, and a commitment to cover your expenses if necessary.
• Investment or Property Documents: If you have investments, real estate, or other valuable assets, you can provide relevant documents to demonstrate your financial strength.

It’s important to ensure that all the documents you submit are clear, accurate, and in the required format. Additionally, if the documents are in a language other than English or French, you may need to provide a certified translation.

Remember, the documentation required may vary based on your individual circumstances and the discretion of the immigration officer reviewing your application. It is always a good idea to consult the official IRCC website or seek assistance from an immigration professional to ensure you have all the necessary documents in order.

Now, let’s move on to some tips to help you meet the bank balance requirement for a Canada tourist visa.

Tips for Meeting the Bank Balance Requirement

If you’re applying for a Canada tourist visa and need to meet the bank balance requirement, here are some helpful tips to increase your chances of success:

• Plan your trip and budget wisely: Before applying for the visa, carefully plan your trip, including the duration of your stay and the estimated expenses. Create a realistic budget that covers all necessary expenses and ensure that you have enough funds to support yourself during your visit.
• Start saving early: It’s advisable to start saving well in advance of your planned trip. This will allow you to accumulate the required bank balance over time and demonstrate a consistent financial history.
• Maintain a stable financial situation: Immigration officers are more likely to approve visas for individuals with a stable financial situation. If possible, maintain a steady job or income source, and avoid large financial transactions or debts that could raise concerns about your financial stability.
• Keep funds in one account: It’s recommended to have the required bank balance in one main account. This makes it easier to showcase your financial position and avoids confusion or questions about multiple accounts or transactions.
• Provide additional financial proof: If you have additional sources of income or financial assets, provide supporting documentation such as investment statements, property ownership documents, or any other proof that demonstrates your financial stability.
• Include a detailed cover letter: Along with your application, consider including a cover letter explaining your purpose of visit, your financial situation, and how you intend to cover all expenses during your stay. This can provide additional context and clarity to the immigration officer reviewing your application.
• Seek professional guidance: If you are unsure about the requirements or need assistance with your application, it’s advisable to consult an immigration professional who can guide you through the process and help you put together a strong application.

By following these tips and ensuring that you have the necessary funds and documentation, you can increase your chances of meeting the bank balance requirement and obtaining a Canada tourist visa.

Now, let’s wrap up the article with a summary of the key points discussed.

Obtaining a Canada tourist visa requires meeting certain eligibility criteria, including demonstrating sufficient funds to cover your expenses during your stay. The bank balance requirement plays a crucial role in the visa application process, as it shows your financial stability and ability to support yourself without relying on public assistance.

To meet the financial requirements, it’s important to have a clear understanding of the specific bank balance criteria and provide the necessary documentation, such as bank statements, proof of income, and sponsorship letters if applicable. Additionally, planning your trip and budgeting wisely, starting to save early, and maintaining a stable financial situation can increase your chances of meeting the bank balance requirement.

Remember to carefully review the requirements and guidelines provided by the Immigration, Refugees and Citizenship Canada (IRCC) and seek professional assistance if needed. Being thorough and organized in your application can significantly improve your chances of obtaining a Canada tourist visa.

Whether you’re planning to explore the picturesque landscapes, indulge in the diverse culinary scene, or immerse yourself in the vibrant culture, Canada offers a rich and unforgettable tourist experience. By meeting the financial requirements and successfully obtaining your tourist visa, you can embark on your journey with peace of mind and enjoy all that Canada has to offer.

Start planning your trip, gather the necessary documents, and take the necessary steps to meet the bank balance requirement for your Canada tourist visa. The wonders of Canada await!

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• Free Assessment

Can I open a bank account in Canada on a tourist visa

• Thread starter Krunal@017
• Start date Sep 3, 2023

Full Member

Can a visitor visa person get a sin number in Canada……. And any probability of opening an bank account in Canada on a tourist visa  

Krunal@017 said: Can a visitor visa person get a sin number in Canada……. And any probability of opening an bank account in Canada on a tourist visa Click to expand...

Naturgrl said: You cannot get a SIN number. You can try but I don’t know of the major banks as you need SIN, Canadian address. Maybe some fo the online banks. Why do yo need a Canadian bank account? Click to expand...

Krunal@017 said: In case i want some money in canada from my hometown so i can get it easily right that’s why i have to open an bank account Or how much cash i can carry in hand as a visitor you have any idea… Click to expand...

Naturgrl said: But if you are a visitor, you are only here for a few weeks/months. You don’t open a bank account (or cannot). When you visit, you use ATMs, credit or debit cards, traveller cheques and some cash. You can carry thousands of dollars but you declare over $10k. It will be one of the customs questions at immigration. Click to expand...

Krunal@017 said: Thank you Click to expand...

Star Member

Yes you can open. I know somebody who opened a bank account on visitor's visa because they wanted to invest in Canada.  

Copingwithlife

Faroosan said: Yes you can open. I know somebody who opened a bank account on visitor's visa because they wanted to invest in Canada. Click to expand...

The person I know who opened did provide multiple photo IDs (passport and Canadian driver's license) however no sin was required for them as they couldn't obtain it on visitor visa status.  

Champion Member

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Application for a Visitor Visa (Temporary Resident Visa - TRV)

You need to give your biometrics.

In most cases, you now need to give your fingerprints and photo (biometrics) after you apply.

Find out who needs to give biometrics and how the new application process works.

Biometrics and the application process

We refer to your fingerprints and photo as biometrics. We collect biometrics for most applications. Find out what happens from when you submit your application to when you get to Canada and where biometrics fits in the process.

1. Apply for your visitor visa, study permit or work permit

If you want to visit, study or work in Canada, make sure you’re eligible to apply. Use our application guides to help fill out your application properly, then submit your application.

Avoid processing delays by sending us a complete application .

2. Get your fingerprints and photo taken

If you’re between 14 and 79 years old, you probably need to give your fingerprints and photo (biometrics).You only need to give your biometrics once every 10 years to make repeat trips to Canada easier.

• You must pay the  biometrics fee   when you submit your application.  Otherwise you may experience delays.
• Get this done  as soon as you get the letter  from us that tells you to give biometrics.
• You have  30 days  to do this from the date on the letter.

Find out who needs to give , how to give , and  where to give your biometrics .

COVID-19: Biometrics deadline

Some biometrics collection sites are closed. If the site closest to you is closed, we’ll extend your deadline to give your biometrics. Find out how COVID-19 is affecting biometrics .

3. We process your application

After we get your biometrics, we start processing your application. See how long it takes to process your application.

If we need more information from you, we’ll contact you.

4. We make a decision on your application

When we finish reviewing your application, we let you know if you’re approved to come to Canada. If you are, we issue your documents.

If your application is refused, we send you a letter that tells you why.

5. You travel to Canada (if you’re approved)

Make sure you travel with the documents we gave you. This includes travel documents like a visitor visa, study or work permits or an eTA (electronically linked to your passport).

Airline staff and border service officers at ports of entry will ask to see your travel documents. If you don’t have them, you may not be able to board your flight to Canada.

Make sure children under 18 travel with the right documents .

6. We check your identity when you arrive in Canada

When you arrive, we check your identity to make sure that you are the same person who was approved to travel to Canada. We may use your biometrics to do this.

If we can’t verify your identity, you may be detained by a border services officer. These officers help protect the health and safety of Canadians.

If the officer determines that you’re not admissible to Canada, you won’t be allowed to enter Canada. If you came by air, you’ll have to take a return flight to where you came from.

7. You’re allowed to enter Canada

If you pass the identity check and meet the entry requirements , the border services officer stamps your passport and lets you know how long you can stay in Canada. You’re normally allowed to stay in Canada for up to six months.

Children under 18 must meet the same entry requirements as adults. The border services officer may ask minor children to show other documents depending on whether the child is travelling alone or with someone.

Basic entry requirements

You must meet some basic requirements to enter Canada. You must:

• have a valid travel document, like a passport
• be in good health
• have no criminal or immigration-related convictions
• convince an immigration officer that you have ties—such as a job, home, financial assets or family—that will take you back to your home country
• convince an immigration officer that you will leave Canada at the end of your visit
• The amount of money you will need depends on how long you will stay and if you will stay in a hotel, or with friends or relatives.

Some people are not admissible to Canada, which means they are not allowed to enter the country. You can be inadmissible for several reasons, including being involved in:

• criminal activity
• human rights violations
• organized crime

You can also be inadmissible for security, health or financial reasons.

Find out more about inadmissibility .

Biometrics fee

• Individual  applicant: CAD $85
• Families applying at the same time : maximum total fee of CAD $170
• Groups of 3 or more performing artists and their staff  who apply for work permits at the same time: maximum total fee of $CAD 255

You can apply online or on paper (in specific situations) for:

• visitor visas (also known as temporary resident visas)
• super visas (for parents and grandparents)
• transit visas

Apply online

Before you apply, make sure you need a visa to enter Canada. Find out what document you need to enter Canada .

You must have both of these to apply online:

• access to a scanner or camera to create electronic copies of your documents to upload
• a valid credit card to pay with

How you apply depends on what you apply for. Select the document you want to apply for to get instructions:

Visitor visa : Option 1 of 3

Apply for a visitor visa

Super visa (for parents and grandparents) : Option 2 of 3

Apply for a super visa

Transit visa : Option 3 of 3

Apply for a transit visa

Apply on paper (in specific situations)

Before you apply , make sure you need a visa to enter Canada. Find out what document you need to enter Canada .

Read the instruction guide to get all the details to apply on paper.

• Instruction Guide 5256

Once you have read the guide, you can prepare your application package. You must select the country or territory from which you will apply to get your local visa office instructions.

Permanent residents of Canada

We do not issue temporary resident visas (TRV) to permanent residents (PR). If you are outside Canada without a valid PR card, you must apply for a permanent resident travel document (PRTD) instead. If you meet the requirements for a PRTD, you can return to Canada as a PR.

If you no longer want to be a PR, or if you know you do not meet the requirements to keep your PR status, you can voluntarily give up (renounce) your PR status to apply for a TRV.

Application for Temporary Resident Visa

You can’t fill out and save the application form using your Internet browser. To use the form, you need to:

• Use your computer (Mac or PC). The form won’t open on mobile devices (iPads, tablets, mobile phones, etc.)
• Install Adobe Reader 10 (or higher)
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A guide to student bank accounts in Canada

Are you going to university in canada this year this helpful guide breaks down how to choose the best bank account for you.

Seeta Bhardwa

If you’re heading to university in Canada, one of the most important things you’ll need to sort out before you arrive is a bank account. Many Canadian banks offer great deals for students and can also provide advice on money management and budgeting. 

Whether you are an international or domestic student in Canada, check out our table below to help you find the best bank account for you. 

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1. choose a bank.

There are many banks in Canada, so the best way to narrow it down is to look at what the different banks offer students (see our handy table below). Most bank accounts in Canada will waive monthly fees for students and offer perks such as reward points or shopping discounts. 

It’s important to remember that in Canada you will be charged a transaction fee every time you use an ATM from a bank that is not your own, so a good way to choose a bank is to see which ATMs are on or near your university campus. 

The next thing to consider is what your bank is offering you. As mentioned above, banks will often throw in at least one offer or reward for signing up with them. Consider which of these are most attractive to you or will be most useful. Some banks provide specific discounts based on the degree programme you are studying so it’s worth checking if you are eligible for any of those.

Think about whether you would like a credit card or a savings account as well. If you are considering either then looking at what banks can offer you in these areas is a good way to narrow down your choice.

Studying in Canada

Scholarships in Canada for international students Best universities in Canada Vlog: A week in the life of a student in Canada The cost of studying at a university in Canada

2. Choose an account

There are two types of bank accounts in Canada: checking accounts and savings accounts.

Checking account:  this allows you to deposit and withdraw money as often as you like. Usually when you open a checking account you receive a chequebook and a debit card. Most international students will only need to open a checking account to pay for their living costs while studying in Canada. You may also be able to obtain a credit card through your checking account if that is something you are interested in.

Savings accounts:  this is a place to collect money over a longer term. You may consider opening one of these if you are working or want to save money for travel or emergencies. 

3. Breakdown of bank accounts

We’ve had a look around some of the major Canadian banks to see what they are offering students.

There are also smaller or regional banks such as Canadian Western Bank and Laurentian Bank so it is always worth researching which banks are closest to the university you are attending and what they could offer you. A number of online-only banks also offer great student bank accounts, such as Tangerine and Simplii Financial.

4. How to open a bank account

Although it is possible to open a bank account over the phone or online, if you are an international student it might be easier to open your account in person in case there are any complications. When you go to the bank to open your account you will need two forms of ID out of the following:

• Letter of acceptance
• Study permit
• Temporary permit (IMM Form 1442, 1208, 1102)
• Canadian or US driver’s licence
• Canadian government identification card
• Travellers’ cheques

These requirements may differ slightly between banks, so make sure you check what your bank requires before heading over. 

Read more:  Four tips for managing a student budget

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Digital Payments in Firm Networks: Theory of Adoption and Quantum Algorithm

We build a network formation game of firms with trade flows to study the adoption and usage of a new digital currency as an alternative to correspondent banking. We document endogenous heterogeneity and inefficiency in adoption outcomes and explain why higher usage may correspond to lower adoption. Next, we frame the model as a quadratic unconstrained binary optimization (QUBO) problem and apply it to data. Method-wise, QUBO presents an extension to the potential function approach and makes broadly defined network games applicable and empirically feasible, as we demonstrate with a quantum computer.

DOI: https://doi.org/10.34989/swp-2024-17

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1 For Chase Secure Checking SM only: Early direct deposit is a service that comes with your Chase Secure Checking account in which we credit your eligible direct deposit transaction up to two business days early. You must set up direct deposit to your account. The timing of when these transactions will be credited is based on when the payer submits the information to us. This means when these transactions are credited could vary and you may not receive your funds early. Eligible transactions are certain ACH credit transactions such as payroll, government benefits or similar transactions.

2 We will decline or return transactions when you do not have enough money in your account to cover the charge. However, you could still end up with a negative balance if, for example, a transaction is approved for one amount, but then the actual charge is more than what you have in your account (like when you add a tip at a restaurant after the transaction for the meal was already approved). Even if you have a negative balance, we will not charge you an overdraft fee.

3 New and converted accounts will not be charged a Monthly Service Fee for at least the first two statement periods. After that the Monthly Service Fee will apply unless you meet one of the ways to avoid the Monthly Service Fee each statement period (if applicable).

IMPORTANT INFORMATION 4 Service Fee: Chase Secure Checking has no Monthly Service Fee when you have electronic deposits made into this account totaling $250 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNow SM network, or (iii) third party services that facilitate payments to your debit card using the Visa ® or Mastercard ® network. Otherwise a $4.95 Monthly Service Fee will apply. New and converted accounts will not be charged a Monthly Service Fee for at least the first two statement periods. After that, the Monthly Service Fee will apply unless you meet one of the ways to avoid the Monthly Service Fee each statement period (if applicable).

Product terms subject to change. For more information, please see a banker or visit chase.com/checking .

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7 Enrollment in Zelle ® with a U.S. checking or savings account is required to use the service. Chase customers must use an eligible Chase consumer or business checking account, which may have its own account fees. Consult your account agreement. To send money to or receive money from a small business, both parties must be enrolled with Zelle ® directly through their financial institution's online or mobile app experience. Funds are typically made available in minutes when the recipient's email address or U.S. mobile number is already enrolled with Zelle ® (go to enroll.zellepay.com to view participating banks). Select transactions could take up to 3 business days. Enroll on the Chase Mobile ® app or Chase Online SM . Limitations may apply. Message and data rates may apply.

Only send money to people and businesses you trust. Neither Chase nor Zelle ® offers a protection program for any authorized payments made with Zelle ® , or provide coverage for non-received, damaged, or not-as-described goods and services you purchase using Zelle ® , so you might not be able to get your money back once you send it.

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8 You may be charged fees for using non-Chase ATMs by both Chase and the ATM owner/network (Surcharge Fees). See the Deposit Account Agreement for details.

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12 Account Alerts: There's no charge from Chase, but message and data rates may apply. Delivery of alerts may be delayed for various reasons, including service outages affecting your phone, wireless or internet provider; technology failures; and system capacity limitations. Any time you review your balance, keep in mind it may not reflect all transactions including recent debit card transactions.

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Chase Mobile ® app is available for select mobile devices. Enroll in Chase Online SM or on the Chase Mobile ® app. Deposits made through the Chase Mobile ® app are subject to deposit limits and funds are typically available by next business day. Deposit limits may change at any time. Other restrictions apply. See chase.com/QuickDeposit or the Chase Mobile ® app for eligible mobile devices, limitations, terms, conditions and details. Enrollment in Zelle ® is required. Both parties need a U.S. bank account; only one needs an eligible Chase account. Funds are typically made available in minutes when the recipient’s email address or U.S. mobile number is already enrolled with Zelle ® (go to https://register.zellepay.com to view participating banks). Select transactions could take up to 3 business days. Enroll on the Chase Mobile ® app or Chase Online. Limitations may apply. Message and data rates may apply.

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Posthaste: The Bank of Canada should watch this 'hurdle' to rate cuts like a hawk

Today it is inflation south of the border that will be in the spotlight

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Posthaste: the bank of canada should watch this 'hurdle' to rate cuts like a hawk back to video.

The Bank of Canada ‘s June 5 interest rate call is looming ever closer, presenting the tantalizing possibility of a first interest rate cut in just over four years. But there are still hurdles to clear before the central bank can pull the trigger, one Big Six bank economist is arguing.

After blockbuster April jobs numbers left markets second-guessing the wisdom of calls for a June rate trim, many Bay Street number crunchers turned their attention to Canada’s May 21 consumer price index (CPI) report, describing it as key to the next rate decision.

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Bank of Montreal’s chief economist Douglas Porter called the back-pedalling on a June cut “kneejerk,” in a note last Friday, though he did acknowledge the surprise addition of 90,000 new jobs “will give the bank some pause.”

However, he said he is wary of placing too much importance on one “lone” CPI report, and argues that U.S. inflation lurks as a “hurdle” for the Bank of Canada and rate cuts.

U.S. inflation has recently accelerated, causing markets to erase almost all Federal Reserve interest rate cuts for 2024, except for possibly one in December.

Prices outside the volatile food and energy categories rose 0.4 per cent from February to March, the same accelerated pace as in the previous month. Measured from a year earlier, those core prices were up 3.8 per cent, unchanged from the year-over-year rise in February. The Fed closely tracks core prices because they tend to provide a good read of where inflation is headed.

“Another sour result there may well sink rate cut prospects overall, as it would reinforce the message that inflation truly is stuck at just above three per cent,” Porter said in his note.

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Three per cent is the top end of the Bank of Canada’s target range for inflation. The bottom is one per cent.

The U.S. Labor Department reports inflation for April this morning.

Bank of Montreal expects overall inflation to come in at 0.4 per cent month over month, matching last month’s results and that core inflation, which excludes food and energy, will rise 0.3 per cent in April from March.

Economist Claire Fan at Royal Bank of Canada expects to see some slowing in U.S. inflation calling for year-over-year core price growth to decelerate to 3.6 per cent from 3.8 per cent in March.

“Some signs of slower price growth (if materialized) would be welcomed by Fed officials, but the details of earlier price increases have been concerning,” Fan said. “It will take more than one softer price report to calm inflation fears.”

Looking at U.S. inflation through a wider lens, Derek Holt, an economist at Bank of Nova Scotia, said in a note that core, month-over-month U.S. inflation is running at a “too hot” four per cent annualized.

Even if U.S. inflation comes in cooler, the die might already be cast. In the 15 years up to 2021, the U.S. monthly core measure has never come in above 0.3 per cent — it was 0.4 per cent in March — Porter said.

“We have seemingly become inured to higher readings,” the Toronto-based economist said. “Suffice it to say that in such an environment of still-meaty U.S. inflation, BoC hesitancy is perfectly understandable.”

If, however, the Bank of Canada does decide to cut rates, Porter said it can possibly take comfort in the company of other central banks seemingly on the verge of taking the plunge.

The Bank of England (BoE) held rates last week, but nonetheless opened the door to a cut in June, the economist said, noting two members of the BoE’s monetary policy committee voted to cut next month.

“The ECB has been loudly hinting at a June cut as well, and we’re on board with that call,” Porter said.

If the Bank of Canada does decide to make a first cut in June, “at least (it) won’t be on its own,” he said.

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In the more than two years since Russia invaded Ukraine, sending energy prices soaring, Norwegian oil and gas giant Equinor ASA has quietly picked up the crown that once belonged to Russia’s Gazprom PJSC. Norway now supplies 30 per cent of the bloc’s gas; Gazprom provided about 35 per cent of all Europe’s gas before the war. And of the more than 109 billion cubic meters of natural gas Norway exported to Europe last year — enough to power Germany until 2026 — roughly two-thirds was marketed and sold by Equinor. — Bloomberg

Read the full story here.

• Greater Vancouver Board of Trade will hold an event on building B.C.’s energy future. B.C. Hydro chief executive Chris O’Riley will speak on the steps the utility is taking to increase electricity generation and the significant investments to expand the provincial grid, including the recently announced $36-billion 10-year capital plan.
• Today’s Data: Canada housing starts and existing homes sales for April, manufacturing sales for March; U.S. inflation and retail sales numbers for April
• Earnings: Lightspeed Commerce Inc., Aimia Inc., Birchcliff Energy Ltd., Northland Power Inc., Extendicare Inc.
• Bank of Canada risks recession if it waits to cut interest rates: Rosenberg Research
• Wealthy Canadians sour on state of economy in wake of capital gains tax changes, poll finds
• Canada home to 5 of the world’s 10 most attractive mining jurisdictions

The change to capital gains tax rates, proposed in the federal budget, has angered so many people that discussion about the topic remains alive and lively almost a month after the federal Liberals unveiled the plan. Kim Moody argues the controversial proposal should be delayed, if not scrapped altogether, as there remain many unanswered questions about the changes, leaving Canadians ‘planning in the dark’ with a June 25 deadline for the switchover looming. Read Moody here.

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you wondering how to make ends meet? Drop us a line at [email protected] with your contact info and the general gist of your problem and we’ll try to find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course). If you have a simpler question, the crack team at FP Answers led by Julie Cazzin or one of our columnists can give it a shot.

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Read them here 

Today’s Posthaste was written by Gigi Suhanic , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

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Mortgage lenders offering 'extreme discounts' behind the scene: Robert McLister

Would-be homebuyers are in limbo and only the bank of canada can free them, posthaste: canada's standard of living on track for worst decline in 40 years, cra denies taxpayer's medical expense credit for his visiting father's hospital stay, canada's home sales and prices fall as sellers return to market.

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• Metals and Mining Stocks What are mining and mineral stocks? Mining and mineral stocks represent partial ownership in companies that find, extract, and process minerals and materials. The mining sector makes up a large portion of Canadian stocks, with the TSX having more mining stocks than any other market in the world. Here are some minerals these companies extract:  Precious metals: gold, silver, platinum, palladium  Industrial metals: iron, ore, zinc, cobalt, lithium, nickel, copper, aluminum  Construction materials: sand, crushed stone, limestone Energy materials: coal, oil sands, uranium Fertilizers: boron, potash, phosphate  How can you find good mining stocks? 1. Know the mining industry  The mining industry is fairly complex. Not only do mining companies operate in a manner distinct from any other sector — they literally dig into the ground, not sit in swivel chairs — but also the vocabulary and industry terms can be complex, too.  From the mining process to machinery to the minerals themselves, mining investors will do well to know exactly what a mining company does before buying its stocks.  2. Analyze its financial strength  Investors should find mining companies that can withstand economic downturns and recessions. Two factors that will help you assess a mining company’s finances are production…
• Tech Stocks What are tech stocks?  Tech stocks represent partial ownership in companies that produce, distribute, manufacture, and research new technology. The sector is vast and ever-changing with plenty of exciting opportunities for growth. Some examples of tech companies include:  Artificial intelligence Blockchain Cybersecurity Computers and software Cloud services The internet The internet-of-things (IoT) Self-driving technologies Semiconductors Smartphones Why invest in tech stocks?  The tech sector isn’t as stable as, say, banking. But that’s not always a bad thing. Tech companies, from startups to big corporations, often promise significant growth. And with new technologies moving as fast as they have in the last few decades, that growth could be exponentially large.  Tech stocks can also help you diversify your investment portfolio. Investing in tech companies exposes you to a different sector in the market, helping you capitalize on gains, as well as minimize overall losses when market downturns affect other sectors. One example of diversification in action: tech stocks performed fairly well during the recent pandemic-induced recession, whereas other sectors, such as banking and energy, took a hit.  Finally, with the sheer amount of great Canadian tech companies, you have plenty of choices between value and growth. If you lean more on…
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Is it Too Late to Buy Royal Bank of Canada Stock?

Royal Bank of Canada (TSX:RY) stock is getting hot again, but is it too late to chase this banking beast?

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The big Canadian bank stocks have faced considerable headwinds over the past two years. But the headwinds haven’t proven insurmountable, with various bank stocks like Royal Bank of Canada ( TSX:RY ) finding a way to climb higher despite downbeat macro expectations. Undoubtedly, Canada’s economy doesn’t seem to be headed for a harsh recession.

At the same time, it doesn’t seem to be a loud roaring economy, either, as the TSX Index just begins to pick up traction in what could be the first innings of the new bull market. With the TSX Index just north of 22% from its lows, it does seem like the bull is back in the driver’s seat.

Don’t expect a June rate cut — not after the jobs data

That said, there seems to be an aura of uncertainty that could prevent investors from piling back into the bull trade. Indeed, the Bank of Canada (BoC) may cut interest rates sooner than the U.S. Federal Reserve, but that doesn’t mean a June rate cut is on the table.

Arguably, the recent jobs data has pushed out such a rate cut, I believe, to the late third or even fourth quarter of 2024. And if inflation proves just a bit too sticky, I would not be surprised if we escape 2024 without a single rate cut from the Bank of Canada, especially if the economy isn’t yet ready to pick up some serious traction.

With a bit of inflation at risk of sticking around for a while longer, pressure from past price increases (remember, just because inflation normalizes doesn’t mean the higher prices suddenly go away), and potentially flat growth for the economy, I’d argue the BoC has plenty of reasons to postpone the first round of rate cuts. Indeed, there may be less to lose if they choose to cut next year rather than running the risk of pulling back on rates too soon and giving inflation a chance to worsen.

Royal Bank stock: It’s been hot of late!

Now, back to Royal Bank of Canada: it’s proven an incredibly resilient financial over the past year, with shares now up close to 9% year to date and around 32% from its October 2023 lows.

The stock trades at 13.3 times trailing price to earnings (P/E), with a dividend yield that currently stands just shy of the 4% mark at 3.91%. Indeed, shares of RY remain attractively valued , but they’re not the same steal that they were two quarters ago. In any case, as RY stock leads the Canadian banking group higher, I’d not be afraid to be a net buyer if the dividend entices you.

I’m very enthused about Royal Bank’s acquisition of HSBC’s Canadian division, and I think it could give the $202 billion banking giant a slight edge over its rivals in the so-called Big Six. While I don’t think it’s too late to be a net buyer of RY stock, I think there’s more value to be had in one of its more pressured rivals. Indeed, some banks are close to multi-year lows, with dividend yields that are well above the 5% mark.

Bottom line: It’s not too late to buy RY stock

So, if you seek deeper value and fatter yields, it may be best to look elsewhere. However, if you seek rock-solid stability for the long run and aren’t afraid to pay a fair (rather than dirt-cheap) multiple, go ahead and pick up RY. It’s not too late to hop aboard the name. But I’d much rather wait for a pullback to around $130 before getting in.

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