How to open a bank account in Canada as a foreigner

Many expats from around the world take advantage of Canada’s favourable immigration policies. One of the important aspects of relocation is getting familiar with the Canadian banking landscape. Which bank is the best in Canada for new immigrants? How to open a bank account in Canada? Read on to find answers to these and other questions and learn some useful tips for expats.

Canadian banking system

Although Canada has been trying to reduce the immigration levels, it still welcomes global talent through various programmes such as Express Entry or Global Talent Stream. As a result, opening a bank account in Canada for non-residents and newcomers is streamlined. In addition, there are many new bank account offers in Canada, and expats can save much money through those.

Let’s have a quick look at the main institutions for opening a bank account in Canada.

In Canada, 93% of all banking assets are controlled by only several institutions. The so-called Big Five are among the 100 largest banks globally and comprise:

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

These are the most obvious options for those in need of opening a bank account in Canada for non-residents. However, there are many smaller banks and credit unions as well, and if you are looking at how to open a bank account in Canada as a resident, it is a good idea to include those in your research.

Which bank is the best in Canada for new immigrants?

When exploring the Canadian banking landscape as an expat, pay attention to:

• Available services and applicable fees. Does the bank offer the services you need? Are limits and charges adequate? What fees apply to international money transfers? (Check the Profee’s online converter to see how much you can save.)
• Location and coverage. Is there a branch and/or ATM located along your daily routes? Are there ATM fees at your nearest ATM?
• New bank account offers. In Canada, banks often have special offers for newcomers. For example, Scotiabank runs a StartRight™ Program of opening a bank account in Canada for non-residents that waives monthly accounts fees, and the National Bank currently offers up to $550 cashback.

As you can see, the answer to which bank is best in Canada for new immigrants will depend on the specific needs, location, and so on.

PRO TIP

If you feel overwhelmed, there is a useful online Account Comparison Tool developed by the Financial Consumer Agency of Canada. To receive the best options, fill out a form indicating what you need to open a bank account in Canada.

Types of accounts

You can open an account for personal or business purposes, as a student or a senior. The main types of accounts are:

• Chequing (current) accounts. An optimal choice for everyday payments.
• Savings accounts. Allow you to deposit money and earn interest but withdrawal limits apply.

Some banks also offer hybrid accounts combining the convenience of a chequing account with earning interest on the balance, which might be an attractive option for expats opening a bank account in Canada.

Once you have selected a bank and type of account, it is time to submit your application.

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

Opening a bank account in Canada is available to non-residents and to foreign citizens provided they can confirm their identity. Importantly, the minimum age to open a bank account in Canada is usually 18 years old.

The identification procedure requires you to submit two documents that contain:

1) Your name and address 2) Your name and date of birth.

Examples include a Canadian ID, recent tax notices, public utility bills, bank statements, or a foreign passport.

If your focus is on how to open a bank account in Canada as a non-resident, you might be asked for additional papers such as your payslips or tax returns. In some cases, for example when opening a savings bank account in Canada, a Social Insurance Number (SIN) may be required. To a non-resident, some specific products such as loans or credit cards may not be available.

As a foreigner in Canada, you might do without a loan but you definitely need a trusted and cost-efficient international money transfer service. Try Profee to take advantage of far better rates than any bank can offer. Whether you are sending money to Pakistan, Nigeria, or dozens of other destinations worldwide, with Profee you get the best service, fastest delivery times, market-beating rates, and very low fees. Sign up via our website or get the iOS/Android app to unlock all the benefits.

FAQ: How to open a bank account in Canada?

Can you open a bank account in Canada as a foreigner?

Absolutely, provided you have valid proof of identity and address. Keep in mind, however, that the usual minimum age to open a bank account in Canada is 18 years old; for minors, parental consent is required.

How much money do you need to open a bank account in Canada?

Some banks, like CIBC, do not have a required minimum. Others may ask for an opening deposit of $25-$100. In some cases, maintaining a certain minimum balance ($3,000-$4,000) on your chequing account may waive monthly fees.

How to open a bank account in Canada online?

With most banks, this can be done through a bank’s website or app. Expect to submit documents proving your identity, address, and immigration and financial status. If it is a digital bank you are planning to apply to (no physical branches), you might be required to already have an account with one of the traditional banks.

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

It can be your foreign passport or an ID issued by the Canadian authorities. Your Canadian driving license is also accepted as proof of identity.

Do you need a SIN number to get a bank account in Canada?

It depends on the type of account you want to open. For example, it is not required for a simple chequing account but if it is an interest-earning one, then you need a Canadian SIN for taxation purposes.