How to open a bank account in Canada?

73% of transactions in the country are made non-cash. Without an account and a card linked to it, it is difficult for an immigrant to pay for housing, car rental, make purchases in stores, and pay for services. If you have immigration plans, you should think in advance about opening a bank account in Canada.

Who can have a Canadian bank account and why?

The state does not oblige immigrants, students to have a bank account. But its presence facilitates financial relations with the employer, allows the owner to make financial transactions with a smaller commission than in money transfers. From a personal account, you can pay taxes, receive wages, social benefits on it. A Canadian bank account will form a credit history that can be useful when buying a property.

A foreigner who is not a resident and is not even in the country can open an account. Creating an account is also possible if you are a citizen who does not work in Canada, does not have the funds to replenish a bank account, or has gone through bankruptcy proceedings in your country.

Non-residents provide:

• not expired passport;
• immigration documents: temporary residence permit, study permit, work permit, permanent residence card;
• Social Insurance Number (social insurance number), requested only when opening deposits, not required for current savings accounts;
• confirmation of the actual address of residence (utility bill, certificate of ownership of real estate, etc.)

The documentation package is different in different financial institutions. The exact list is on the website of the bank whose client a citizen wants to become. An important issue is the choice of a banking institution.

Which financial institution should I contact?

The largest Canadian banks:

• Royal Bank of Canada (RBC). The institution supports clients in two hundred languages. There are 1,400 branches and about 5,000 ATMs. A package of services for new immigrants has been developed. There is a student package without a monthly commission;
• Toronto-Dominion Bank (TD Bank) also offers a free six-month service package for newcomers to the country, a free credit card with a limit of 1000 CAD, a preferential program for students;
• Scotiabank serves 20 million customers and has 4,000 ATMs. There are special offers and programs for opening and maintaining business accounts. There is a cumulative system of bonuses for completed transactions that can be spent at retail outlets;
• The Bank of Montreal (BMO) works with private and corporate clients. There are profitable programs for students, employees, businessmen;
• The Reichsbank Commerzbank (CIBC) opens and maintains immigrant accounts free of charge for a year, then at general rates.

All financial institutions are supporters of a conservative investment policy, which is why they were able to survive the 2008 crisis with minimal losses. Before deciding on any option, you need to find out the availability of branches, ATMs in the place where you are going to live, the terms of service, make sure that you fall into the category of clients of a particular financial institution, and you can take advantage of preferential offers.

Account opening procedure

You can apply for opening remotely, on the official website of the selected bank. Users are provided with step-by-step instructions. It is required to answer the questions of the questionnaire and upload the documents listed above in the specified way. They must first be translated into English and certified by a notary. The information provided is verified, so it must be reliable.

Some financial institutions schedule a prospective client for a remote interview.

The verification process takes several days, after which a positive response or a justified refusal comes. Outside of Canada, an open account can only be used as a savings account, i.e. send money to him. Access to all operations opens after arrival in the country and a personal meeting with a bank manager.

The opening algorithm is quite simple, but requires care. Not all applicants manage to create a financial account the first time.

Maintenance costs

Rates vary from bank to bank. Most offer free service to new immigrants for 6-12 months. Other possible costs: fees for exceeding the number of allowed transactions per month, for international transfers from your account, fees for cash withdrawals from ATMs of another bank.

You need to familiarize yourself with the tariffs and all preferential offers before entering into financial relations with the bank.