Also, it is necessary to clearly understand that it is important how to open an account in Canada for a foreigner this year. If you do this incorrectly, do not understand the documents, rules, then you may run into unnecessary expenses.
What documents do you need?
If you are a foreigner, you will need the following documents to open a bank account:
- your valid passport;
- your permanent residence permit or immigration documents.
Different banking institutions may have specific requirements for the documents. Therefore, it is better to contact the bank directly in advance and clarify what documents you need to provide.
However, as a rule, one of the following immigration documents can be submitted to the bank for opening an account in Canada:
- Temporary residence permit
- Work permit or study permit
- Proof of permanent resident status (IMM 5292 or IMM 5688).
Before traveling to this state, you need to obtain at least a temporary residence permit or a work or study permit. In another case, entry to the country is refused.
How do you open a bank account outside of Canada?
You can open a bank account before arriving in Canada. To apply for an account, you must contact the bank via live chat, email, or telephone. First, you will be asked to clarify your immigration status (whether you are a temporary resident with a work or study visa, or are in permanent resident status).
Then, within a few days, the account opening department will contact you. Please note that all your immigration documents must be in order, otherwise you will be refused to open an account. As you can see, the process will take at least a few days. In most cases, you will also need to visit a bank branch upon arrival in Canada.
The good news is that Canada’s major banks provide services specifically tailored to newly arrived immigrants. And of course, it is much easier to settle all the issues in person. Therefore, given the limited choice of services and the waiting time, when opening an account in Canada remotely, it will still be more convenient to do this upon arrival.
International bank account
You also have the opportunity to open an international account. Several major international banks have branches in Canada, including BNP Paribas, Citibank, and HSBC. If you have an account with one of these banks in your country, they can help you open a Canadian bank account remotely.
Often, such accounts are targeted at wealthy people, and therefore opening an international account, as well as paying commission for its use, can cost you a pretty penny.
Many banking institutions also offer Canadian dollar accounts. You can open such an account at your bank at home, so it will be quite easy to do this. However, since the account is not a local Canadian account, it will be very expensive to use in Canada.
What Canadian bank is the best for your needs?
There are 5 major banks in Canada, each of which has special packages for new customers. These are Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, Bank of Montreal, and Canadian Imperial Bank of Commerce.
It is the largest banking institution in Canada with support in over 200 languages. At the bank, you can order a comprehensive package of services for those who have just arrived in Canada.
If you have a temporary visa, you can open an RBC Signature No Limit Banking Account or RBC VIP Banking Account without a package fee for 6 months. You will also receive a commission-free credit card.
Once you get a permanent residence permit, you can even apply for a loan or mortgage, even if you have no credit history. The RBC No Limit Banking Account For Students is a student package and can be issued without a monthly commission in addition, you can get Visa Gold or MasterCard credit cards. Last but not least, if you are a business owner or entrepreneur, you will be able to get all the benefits of the Canada Newcomer Package, plus $ 50 in your business account.
Toronto-Dominion (TD) Bank offers a bank package for newcomers to Canada, which can be used for free for six months. Also here you have a possibility to receive a free credit card with a credit limit of up to CAD 1,000. You can also apply for a mortgage even if you have no credit history.
The bank also offers a student package that includes a free account, as well as a free and paid credit card to choose from. When paying by credit card, you can accumulate bonuses for buying discounted air tickets or cover other travel expenses.
If you are planning to start your own business, then you can get a personalized service plan that includes overdraft protection and several free transactions every month.
It is the third-largest bank in Canada and has over 4,000 ATMs across the country. The bank offers a huge number of accounts to choose from, each with its own advantages.
Even with the basic package, you can earn bonus points and exchange them for free movies. The invoice will cost you, CAD, $ 9.95 per month, but will be charged if you maintain a CAD $ 2,500 balance.
The Student Banking Advantage Plan does not include monthly fees and business accounts include CAD $ 5,000 overdraft protection, a customized business plan, and a Visa credit card.
The oldest bank in Canada, Bank of Montreal, offers a bank package for recently relocated to Canada that is suitable for workers, students and businessmen. You will receive a Canadian bank account with no monthly fees for one year, unlimited transactions, a free MasterCard credit card and even a free safe for up to one year. You can also apply for a mortgage even if you have no credit history.
Like the rest of the major banks in Canada, CIBC offers the Newcomers to Canada Package, which can be issued by both permanent and temporary residents of Canada.
The package includes a CIBC Everyday Checking Account with no monthly fees, unlimited transactions for the first year, and a VISA debit card. If you are a permanent resident, you can also get cashback up to CAD $ 55 on your safe deposit box.
The terms of the Student Package are almost the same as the Newcomers Package, the only difference is that there is no monthly fee while you are a full-time student.
The bank also offers a variety of business accounts. They include unlimited transactions, flexible payment systems based on the size of your business, and access to a line of credit at discounted rates.