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 getting a non resident bank account. 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.
- 1 Can a Foreigner Open a Bank Account in Canada?
- 2 Types of Canadian Bank Accounts for Non-Residents
- 3 Can a Non-Resident Open an Investment Account in Canada?
- 4 Documents Needed to Open a Bank Account in Canada for Non Resident
- 5 Canadian Bank Accounts for Non Residents
- 6 Common Fees to be Aware of when Opening a Bank Account in Canada as a Non-Resident
- 7 Final Thoughts on How to a Canadian Bank Account for Non Resident
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. Wise multicurrency account is one of the options you can use. 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.
Open a Wise Multi-Currency Account. This is the easiest option for opening a Canadian bank account for non-residents. You will get a dedicated Canadian bank account number, transit number, and institution number. However, it does not come with all the functionalities of a regular bank.
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.
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 chequing account, Registered Retirement Savings Plan (RRSP), Tax Free Savings Account (TFSA), Registered Education Savings Plan (RESP), and non-registered accounts.
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 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:
Scotiabank Non Resident Account
Scotiabank Startright is an international account in Canada that allows you to open A Canadian bank account online non resident. It is basically a bank account to newcomers in Canada that waives the chequing monthly account fee for one year as well as unlimited no-fee foreign money transfers to help you to establish your chequing account without being overwhelmed with fees. Moreover, having an international account in Canada while you are still in your home country, reduces the need to carry large amounts of cash while travelling. Once you arrive in Canada, you can transfer funds from your Scotiabank international account to your chequing account in Canada.
Can a non resident open an investment account in Canada. Yes, with the Scotiabank Startright Program you can apply for a Scotiabank Investment Account and transfer up to $50,000 CAD before moving to Canada.
Bank of Montreal Non Resident Account
With Bank of Montreal, 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.
Can a foreigner open bank account in Canada? Yes, Bank of Montreal allows foreign workers in Canada to open bank accounts.
Royal Bank of Canada Non Resident Account
The Royal Bank of Canada does not have non resident bank accounts as such. What the bank offers is a bank account for new comers. This means, for instance, you can choose the Royal Bank of Canada to open a bank account for international students in Canada.
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 new comers. In addition, it offers non residents account in Canada, which is 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 Non Resident Account in Canada
You can open a Canadian bank account online for non resident with National Bank of Canada. However, you are eligible to open the non resident account from your home country up to 90 days before you arrive in Canada.
Canadian online banks for non residents: Simplii is a Canadian online bank. The bank allows you to open a Canadian bank account for foreigners if you’re within 12 months of your arrival date. Once you submit your application online, Simplii bank will get back to you within 2 business days to confirm your account details and one-time transfer instructions. You can transfer between $1,000 and $50,000 from an account in your name.The Simplii account for newcomers in Canada has no monthly fees and no minimum balance account.
HSBC Non Resident Account in Canada
If you live in a country where HSBC is located, you can open a Premier or Advance chequing account by completing an application online or over the phone. You can open bank account online in Canada for non resident from the comfort of your own home, or visit an HSBC branch in your home country to open an unrestricted account with full banking access. International Student GIC Program participants are able to open their Canadian Bank account with student discount before arriving in Canada.
Common Fees to be Aware of when Opening a Bank Account in Canada as a Non-Resident
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.
Final Thoughts on How to a Canadian Bank Account for Non Resident
It is possible to open a non-resident bank account in Canada. However, it is important to know that different banks and different accounts have different fees, withdrawal limits, interest rates, and different perks. Take your time and do some research to find the best bank for your financial needs.