Popular searches
Family & Kids
Food & Drinks
Opening a bank account in Canada

Opening a bank account in Canada

Planning to live and work in Canada for extended time? If Yes, you are advised for your convenience and comfort to open a Canadian Bank Account. 

As Canada is welcoming for immigrants to make the country a more vibrant and diverse place to stay in. Whatever your reason could be, when in Canada you will need a bank account here. 

To get you started,we’re here to help you open a bank account, step by step. 

What to consider before opening a bank account?

It is important to understand how you'll use the account for making payments or to save money before opening an account. Also, it is equally crucial to know all the terms and conditions related to charges and fees on the account. As well as, information regarding the interest you’ll earn on the money saved in your account. In addition, always discuss and research about anything that you don’t understand. To open an account, you usually have to go in person to a financial institution and provide an acceptable form of identification of self.

Keep a record of your accounts in your possession for any future confusion or query to consider. 

Identification before opening a Canadian bank account.

Documentation as well as combination of identification proof may vary from person to person depending on your status in Canada and the financial institution you choose to open your account in. In terms of status, it simply means that requirements might slightly differ on the basis of your citizenship, bank chosen for the same. Although, opening a Canadian bank account is easy, even if you’re a non-resident . 

However, according to the bank the documents might vary a little but the rules are rather simple and easy to follow. It is advised to get in touch with the bank beforehand to make sure you have all the documents in place.

In most cases, the list of following documents and information will be asked for :

  1. Current valid, unexpired passport
  2. Immigration paper or permanent residency card 
  3. Proof of physical address like student enrollment card, copy of house lease.
  4. Your Social Insurance Number

If you’re not a Canadian citizen, it is likely that the bank will accept one of the following immigration papers:

  • Work Permit or Study Permit
  • Temporary Residence Permit
  • PR Card or Confirmation of Permanent Residence form (IMM 5292 or IMM 5688)

You must bring with you original identification proof and not photocopies. 

Best banks in Canada

There are several financial institutions to open chequing or different types of saving accounts at, such as : bank, credit union, caisse populaire and trust companies. It is best to first think of the motive of the account and then check for the offers they are providing like interest on savings, fees and charges and additional benefits. 

Among the banks, there are 5 major banks in Canada that provide special packages for newcomers.

The 5 banks with country-wide presence are :

  1. Royal Bank of Canada (RBC)
  2. Toronto-Dominion Bank (TD Bank)
  3. Scotiabank
  4. Bank of Montreal (BMO)
  5. Canadian Imperial Bank of Commerce (CIBC)

How much does it cost to open an account in Canadian Bank?

As fees and charges vary from bank to bank in Canada, the best is to look through banks terms and conditions. Till then you can expect at least the following costs:

  • Monthly Fees
  • Transaction Fees
  • ATM fees 
  • International Transfer fees

To know more about the costs in details for can fread the following link mentioned - 

How to open a bank account in Canada. We hope these tips will help your move to Canada to be as pleasant and straightforward as possible.

37 Saved