If you are moving to Canada to work, study, or live, it is important to open a Canadian bank account to help you ease into your new life. It is not easy for non-residents to open bank accounts in Canada and your success could depend on your country of origin. It is important to contact your bank of choice about the possibility of opening a bank account as a foreigner. You can either visit a bank in person to open an account or you can open bank account online in Canada for non resident. However, online options are not plenty and may not be available to everyone.
Can I open a Canadian bank account for non residents?
- Yes, you can. For instance, you can open bank account online in Canada for non resident with Wise. You will get a Canadian bank account number and debit card in Canadian dollars.
- Non residents accounts are becoming quite popular around the world with online banks and fintechs such as Wise, Revolut, Payoneer, and Zenus.
- Depending on your needs, it is also possible to open a non resident account in the US as well as a Swiss bank account for non residents.
Contents
- 1 Can a Foreigner Open a Bank Account in Canada?
- 2 Types of Canadian Bank Accounts for Non-Residents
- 3 Documents Needed to Open a Bank Account in Canada for Non Resident
- 4 Canadian Bank Accounts for Foreigners and Non Residents
- 5 Common Bank Account Fees
- 6 Opening a Bank Account in Canada for Foreigners
- 7 FAQ
Can a Foreigner Open a Bank Account in Canada?
Yes, you can open bank account in Canada as a foreigner for individual or business purposes. The easiest option for you is to open a bank account online Canada as a non resident so you don’t have to travel to the country. Opening a bank account in Canada for non residents you need to provide sufficient documents and identification. Several options are available to open bank account in Canada for non residents include the following:
- Use a bank in your country that has a relationship with a Canadian bank (correspondent bank). The bank in your home country may help you with its corresponding bank in Canada. It is not always guaranteed that you will be allowed to open an account a non resident bank account in Canada with this option. If you live in a country where HSBC operates, you can open a Premier or Advance chequing account as a non resident.
- Some Canadian Banks may not have information about opening a bank account in Canada for non resident. It it therefore advisable to ask a Canadian bank of your choice about opening an account as a non-resident.
- If you are a high-net-worth individual you can open an International Account in Canada. You will need to deposit huge amounts of money in your account and maintain high balances.
Types of Canadian Bank Accounts for Non-Residents
The most popular types of bank accounts foreigners can open in Canada are savings accounts and chequing accounts. Savings accounts allow you to save over a set period of time as you earn interest. Chequing accounts work like current accounts allowing you to receive payments, transfer funds, and pay for your bills. To open an account type that earns interest, you will need to have a Social Insurance Number (SIN) but some banks may not ask for it. You can apply for a Social Insurance Number using a study permit or work permit with your passport.
Documents Needed to Open a Bank Account in Canada for Non Resident
All financial institutions will need you to provide current documents/papers that contain your full name. Before opening an account, ask your designated financial institution what additional documents you may need to present and when presenting your documents, make sure you provide original documents.
Opening a bank account for non residents in Canada will definitely require specific documents that may differ significantly from documents needed to open an account for residents. For instance, foreigners will not be required to provide permanent resident card when opening a Canadian bank account for foreigners. The documents (type and number) you need to provide depend on the financial institution, since different institutions have different requirements.
Canadian Bank Accounts for Foreigners and Non Residents
You can open a bank account in Canada with several institutions (banks, credit unions, trust companies, and Caisse Populaire. It is crucial to carefully research the credibility of the bank or financial institution before you open an account. Your choice of bank will also depend on the functions you want for your account, fees and charges, interest on your savings, or if there is insurance on your deposit. Some of the most common local banks you can go to include the following:
Wise
Wise is one of the easiest options for opening a Canadian bank account for foreigners online. The account comes with Canadian bank details without Canadian ID. It is a multicurrency account that supports over 40 currencies, including CAD, USD, EUR, GBP, AUD, NZD, and SGD. When you open your Wise account, you’ll be able to quickly and easily open a currency balance in any of 10 major currencies and accept payments with local bank details. Wise saves you money on currency exchange fees when you make purchases in supported currencies.
You will get a dedicated Canadian bank account number, transit number, and institution number. Additionally, it supports Interac e-Transfers, which helps you send and receive money using your Canadian bank account from more than 75 countries.However, Wise account does not come with all the functionalities of a regular bank, such as cheque writing or overdraft protection.
Wise offers one of the cheapest and fastest money transfer services because it uses a different model than traditional banks. It uses its own local bank accounts for transfers. This allows Wise to offer lower fees and faster transfer times. In addition, Wise uses the mid-market exchange rate when converting currencies, which is the best exchange rate available. Traditional banks typically add a markup to the exchange rate. In comparison to a traditional bank, Wise can save you up to 2% on your money transfer, which means that you would receive $996 US dollars instead of $980 US dollars if you were to transfer $1,000 from Canada to the US.
Scotiabank Non Resident Account
Scotiabank Startright is an international account that allows foreigners to open a Canadian bank account online. It is designed for newcomers to Canada, and it waives the monthly chequing account fee for one year and offers unlimited no-fee international money transfers.
Having a Scotiabank international account while you are still in your home country can also reduce the need to carry large amounts of cash while traveling. Once you arrive in Canada, you can easily transfer funds from your international account to your chequing account.
The Scotiabank StartRight Program offers foreigners in Canada access to credit cards, mortgages, and vehicle loans designed for those with no or limited credit history. You can also use the Scotiabank international account to transfer money and show proof of funds before arriving in Canada.
The Scotiabank Student GIC Program helps foreign students plan for their education and meet the requirements of the Citizenship and Immigration Canada guidelines for showing proof of funds. This program is available to students from India, Egypt, Nigeria, Pakistan, and Kenya.
Bank of Montreal Account for Foreigners
With Bank of Montreal (BMO), you can open a bank account in Canada for non residents. Unlike Wise multicurrency account, this account is for non residents who intend to relocate to Canada.
If you’re coming from China or India in the next 12 months and have your work permit or visa, you can open a non resident account in Canada online and send up to $75,000 CAD before you move. If you’re coming from elsewhere, you can complete forms to open a non resident bank account in Canada by mail before you arrive.
Its BMO Family Bundle plan allows you to add up to 4 family members to your chequing account for a single monthly fee. This can save you a lot of money on bank fees, especially if you have a large family.
BMO only supports wire transfers to a limited number of countries. If you are an immigrant, it is important to check this before you open an account with BMO to make sure that you can send money to your home country.
Royal Bank of Canada
The Royal Bank of Canada (RBC) offers a variety of banking solutions for newcomers, including the ability to open a Canadian bank account from overseas. This account is designed for international students and other foreigners in Canada. It has no monthly fees for the first year, a credit card limit of up to $15,000 with no credit history required, two free international money transfers per month for the first year, and free Interac e-Transfer transactions.
TD Bank Account for Non Residents in Canada
Similar to the Royal Bank of Canada, TD bank (Toronto-Dominion Bank) offers a number of products for foreigners, including a bank account for international students in Canada. This account allows international students to apply for a Canadian bank account before arriving in Canada and prefund their required Guaranteed Investment Certificate (GIC).
National Bank of Canada
National Bank of Canada (NBC) allows non-residents to open a Canadian bank account online up to 90 days before arriving in Canada. The account has no fixed monthly fee for up to 3 years and comes with a Mastercard credit card with no credit history required. You can also send international transfers online to 19 countries in the European Union and more.
Simplii
Simplii is a Canadian online bank that allows foreigners to open a Canadian bank account within 12 months of their arrival date. To apply, simply submit your application online and Simplii will get back to you within 2 business days to confirm your account details and one-time transfer instructions. You need to transfer a minimum of $1,000 from an account in your name, excluding virtual banks such as Wise.
The Simplii account for foreigners in Canada has no monthly fees and no minimum balance requirement. You will need to provide a valid passport and port of entry letter. Proof of income or work permit is not required.
The entire process takes 2-3 business days. Your debit card will be mailed to you at your tentative arrival date. To apply for a credit card, you will need to provide proof of income, port of entry letter, and your actual work permit or student visa.
HSBC Non Resident Account in Canada
HSBC Canada is a good option a Canadian bank account from abroad before moving to Canada or to start investing in Canada. You can open an account online by providing your passport, proof of address, employment details (if applicable), annual income details (if applicable), tax residency information (if applicable), and digital proof of your authorization to enter Canada (if applicable).
Once you have opened an account, you need to wire up to $30,000, which you can access as soon as you activate your account in a Canadian branch. You will use your deposit confirmation letter to show proof of funds to immigration.
If you have an HSBC account in your home country, you can open one in Canada as a foreigner even if you are not relocating there. Moreover, International Student GIC Program participants can open a Canadian bank account with a student discount before arriving in Canada.
Common Bank Account Fees
One of the most important things to consider when choosing a financial institution in Canada is the fees. Different institutions may offer different fees but the most common fees you need to know about include the following:
- Monthly fees. Most Canadian banks will charge a monthly fee for holding a bank account with them. To avoid this fee, hold a certain amount of money in your bank every month (not possible in all banks though).
- Foreign transaction fees. You could incur some fees when you use your debit card overseas.
- ATM transaction fees. Some banks offer a limited number of free ATM transactions. When you exceed the limit, you pay for the extra transactions. Also, some banks charge a fee for non-network ATM transactions.
- Debit transaction fees. Some accounts come with monthly debit transactions fees and exceeding this limit will require you to pay for each extra transaction.
- Interac E-transfer fees. The Interac E-transfer service allows you to send funds across different banks or financial institutions in Canada. It is advisable to ensure that your bank of choice has no limits or charges associated with this service.
- Overdraft fees. If you happen to use more than you have in your bank account when making payments, some banks will cover the payment for you and ask for an overdraft fee afterward (it may cost you more than you should pay). To prevent this, you can request your bank to set up direct deposit which allows your account to be charged automatically. This helps to maintain your account’s minimum balance and prevent overdraft fees.
Opening a Bank Account in Canada for Foreigners
Opening a bank account in Canada is an important step for any foreigner who is planning to live, work, or study in the country. A bank account will allow you to receive money from your employer, pay your bills, and access your money through ATMs and debit cards.
Different banks and different accounts have different requirements, fees, withdrawal limits, interest rates, and perks. Some banks, such as HSBC, allow you to open an account in Canada even if you don’t intend to live there if you have an HSBC account in your home country. Other banks, such as Wise, allow you to open a multicurrency account with Canadian bank details without Canadian ID. And still other banks, such as Simplii, offer accounts with no monthly fees and no minimum balance requirement.
As we have shown you, there are a number of different banks in Canada that offer accounts to non-residents. When choosing a bank, it is important to compare the fees, withdrawal limits, interest rates, and perks that are offered by different banks and different accounts.
FAQ
Is there EQ Bank non resident account?
Unfortunately, not at the moment. All EQ Bank customers must be Canadian residents in order to open and maintain an account.
Can a Non-Resident Open an Investment Account in Canada?
Yes, foreigners are allowed to open investment accounts in Canada. The most common bank accounts in Canada are checking account, Registered Retirement Savings Plan (RRSP), Tax Free Savings Account (TFSA), Registered Education Savings Plan (RESP), and non-registered accounts.
Can I open a Canadian bank account from Nigeria?
Although it is not very simple, it is possible to open a Canadian bank account from Nigeria. Explore the possibility of opening an account from Nigeria with the banks we have listed in this article.
Can a tourist open a bank account in Canada?
It is extremely difficult for a tourist to open a bank account in Canada. Canadian banks have strict requirements for opening bank accounts, and tourists typically do not meet these requirements.
