Best Canadian bank accounts for non-residents [2026]
Canada has a well-developed banking system, but non-residents often find it harder to access accounts - most Canadian banks focus on those planning to move to Canada soon, leaving others eligible for investment or savings products only.
This guide covers options from popular Canadian banks, as well as online alternatives like Wise and Revolut, which may offer a more flexible solution for non-residents not planning to move to Canada anytime soon.
Quick summary: Canadian bank account for non-residents
| Non-resident accounts | 💡 Great for: |
|---|---|
| Wise Account | Open from around the world, to hold and exchange CAD alongside 40+ other currencies, spend with the Wise card, using the mid-market rate |
| Scotiabank | Options for people who intend to move to Canada soon and want to open an international account in advance, to convert to a checking account later |
| TD Bank | A range of accounts suited to newcomers to Canada, which can be opened online or by phone before arrival in many cases |
| RBC | Non-resident saving account options offered, plus checking services for people planning to move to Canada in future |
| Revolut | Open from outside of Canada, choosing from different account tiers to suit your personal transaction needs, with 25+ supported currencies including CAD, and debit cards for easy spending and withdrawals |
Can a foreigner open a bank account in Canada?
Yes, it’s possible to open a bank account in Canada as a foreigner, but you may struggle to get a standard checking account with a Canadian bank unless you intend to move there in future.
Generally, banks in Canada reserved their core products for Canadian residents. If you’re moving there soon, you may be able to start the application process to make it quick and easy to fully activate your account on arrival.
Specialist products like savings and investment accounts may be available to non resident customers on application.
💡 As an alternative, you may prefer to look at CAD account options from digital specialists like Wise and Revolut.
Canadian banks offer most non-resident products to people who are planning to relocate to Canada only
Some Canadian banks may offer savings and investment products to non-resident customers
As an alternative, digital only services like Wise and Revolut allow you to apply for an account which can hold, receive, send, spend and exchange CAD without needing Canadian residency
5 Best Canadian accounts for non-residents
To give a flavour of your options we’ll cover 3 banks - Scotiabank, TD Bank and RBC - and 2 online specialist providers - Wise and Revolut. We’ll start with a comparison on some key things to think about, and then look at each bank or provider service in more detail right after.
Account | 💰 Account fees | 📂 Non-resident account requirements | 🏆 Best features |
|---|---|---|---|
No opening or ongoing fees for personal customers | Proof of ID and address from an eligible country | Hold and exchange 40 currencies at mid-market rates | |
Scotiabank - Preferred Package | 16.95 CAD/month (waivable); no opening fee | Open online from select countries; activate in-branch on arrival | StartRight newcomer perks included waived fees. Receive access to savings and mortgages |
TD Bank | No opening fee. 10.95 CAD – 29.95 CAD/month (waivable) | Start the account opening process online and complete in branch on arrival | Support in 80 languages and a selection of specialized checking account options |
RBC | No opening fee. 0 CAD - $16.95 CAD/month (waivable) | Non-residents can apply for select accounts online Newcomer packages also available | Discounts for newcomers and non-resident saving and investment options |
Revolut | No opening fee. Monthly fees depend on your chosen account tier | ID and address from an eligible country; not available to Canadian residents | Choice of account tiers to hold and exchange 25+ currencies |
*Details correct at time of writing - 21st March 2026
Note: All featured banks also offer other account services and products - we’ve selected those highlighted as suited to non-residents or non-residents who intend to move to Canada
💡 As you can see, the bank options lean towards people who are moving to Canada. So while you might be able to apply as a non-resident you’ll only get limited access to your account until you move and present yourself in a branch for verification and account activation.
➡️ As an alternative, digital providers like Wise and Revolut can offer a fully online and in app onboarding and verification for convenience.
Wise account
💡 Hold and exchange 40 currencies, send in 40 currencies, and get the mid-market rate
Wise offers account and card services which support holding a broad variety of currencies, with mid-market exchange rates whenever you exchange in your account, spend with your card, or send a payment overseas.
Wise accounts can be opened online and in-app by residents of many countries and regions globally, to access ways to hold, send, spend and receive CAD among many other supported currencies.
The exact features and fees associated with your Wise account may vary depending on where in the world you’re based, but you’ll be able to find out all the relevant details from Wise.com by choosing your local country on their country selector. More information here 📝
Wise can be especially helpful for Canadian non-residents looking for ways to send payments in CAD, as the transfer limits are extremely high to allow for convenient digital payments. In many countries, you’ll also be given CAD account details to receive payments using local methods for free, or SWIFT and wire payments for a 6.16 CAD fee.
Wise international transfer pricing | |
|---|---|
💰 Wise outgoing transfer fees | Transparent, low fees with conversion rates starting from |
💱 Wise exchange rates | Mid-market exchange rate |
🎯 Wise transfer limits | Up to 1.5 million CAD by online bill payment and wire transfer |
🔐 Is Wise safeto use? | Yes - Wise uses safeguarding to keep funds separate from company cash, alongside 2FA and biometric encryption. |
⚖️ Is Wise regulated in Canada? | Yes - Registered with FINTRACand holds a Quebec MSB licence with Revenu Québec |
Pros of Wise | Cons of Wise |
|---|---|
✅Mid-market exchange rates ✅ Ways to hold, send, spend, exchange and receive CAD ✅Hold and exchange 40+ currencies in total ✅Spend with your linked Wise debit card ✅ High transfer limits to make payments easily to and from CAD | ❌ Variable fees apply on conversion, from 0.48% ❌ No option to deposit cash or use branch services ❌ Some transactions fees may apply, depending on how you use your account |
How to open a Wise account as a non-resident
You can open a Wise account easily with just your phone or laptop, from any supported country. Most countries globally are eligible, but you’ll need to double check the relevant details based on your home location.
Here’s how to open a Wise account step by step:
Visit the Wise website or app and click on Create account
Enter your email address
Confirm the type of account you want to open - personal or business
Select your main country of residence
Verify your mobile number with a code
Create your password for security
📚 If you want to learn more about Wise account: How to use Wise Account
Scotiabank Preferred Package
💡 A good option for those who intend to move to Canada soon and want to open an international account in advance, to convert to a checking account later
Scotiabank offers services for newcomers to Canada, which include the option to open an international account before you move. You’d then be able to deposit up to 50,000 CAD in your account, and convert it to a checking account with Scotiabank once you arrive. This can be helpful if you need to prove you have funds to get your visa in the first place.
While you can start your account application online with Scotiabank, you’ll ultimately need to visit a branch in person to complete your application and activate your account.
For newcomers in Canada, Scotiabank suggests its Preferred Package. If you choose this option with the StartRight programme, the bank will waive monthly fees on your account for a year and throw in many other perks.
Scotiabank international transfer pricing | |
|---|---|
💰 Scotiabank outgoing transfer fees | Varies - 1.99 CAD for online/app transfers on select accounts. No fee for Ultimate package and New to Canada customers |
💱 Scotiabank exchange rates | Includes a markup added to the mid-market rate |
🎯 Scotiabank transfer limits | A minimum of 100 CAD. The maximum amount isn’t stated |
🔐 Is Scotiabank safe to use? | Yes - Scotiabank protects your money with its digital banking Security Guarantee and advanced encryption |
⚖️ Is Scotiabank regulated in Canada? | Yes - Scotiabank is regulated by the OSFI and is a member of the CDIC |
Pros of Scotiabank | Cons of Scotiabank |
|---|---|
✅ Newcomers benefit from discounts and fee waivers ✅ Add funds to your international account in advance of moving so you know you have CAD for when you arrive ✅Ways to waive ongoing account fees by holding a balance ✅Some international transfers are offered with no fee for newcomers ✅ Access to a full suite of financial services from one bank | ❌ Intended for people moving to Canada rather than for the wider non-resident community ❌ Checking accounts do not support a range of foreign currencies - usually only CAD available ❌ Account and transaction fees are likely to apply |
How to open a Scotiabank account as a non-resident
You can apply for a Scotiabank international account online as long as you’re from a supported country - 19 countries are eligible. Once you have your international account you need to visit a branch on arrival to convert it to a checking account, providing 2 of the following:
Passport
Permanent Resident card
Citizenship and Immigration Canada Form (IMM 1000, IMM 1442, IMM 5688 or IM 2592)
TD Bank account
💡 Choose from a range of accounts suited to newcomers to Canada, which can be opened online or by phone before arrival in many cases
TD Bank offers non-resident services aimed at people planning on moving to Canada. You can open an account online or by phone, depending on your residency, and eligible customers can get perks and benefits to make the transition easier and cheaper. Generally you’ll need to visit a branch on arrival to get full access to your account and complete the activation process.
TD Bank has several different checking accounts which it recommends for new arrivals in Canada, which have ways to waive monthly fees and a full suite of banking services. TD Bank also has a large base in the US which might make this a good choice for people from the US planning to relocate to Canada in future.
TD Bank international transfer pricing | |
|---|---|
💰TD Bank outgoing transfer fees | 0 CAD for Global Bank Transfers and up to 50 CAD for branch wire transfers |
💱 TD Bank exchange rates | Includes a markup added to the mid-market rate |
🎯 TD Bank transfer limits | 10,000 CAD per transaction every 24 hours with Global Bank Transfers |
🔐 Is TD Bank safe to use? | Yes - TD Bank provides bank-level security with 24/7 fraud monitoring and robust login protocols |
⚖️ Is TD Bank regulated in Canada? | Yes - TD Bank is regulated by the OSFI and is a member of the CDIC |
Pros of TD Bank | Cons of TD Bank |
|---|---|
✅ TD Bank has a large branch and ATM network in Canada and the US ✅ Products are optimized for people moving to Canada ✅Checking accounts have ways to waive fees by holding a balance ✅You can get credit cards, loans and other products from the same provider when you need them ✅ Support offered in many foreign languages | ❌ Intended for people moving to Canada rather than for the wider non-resident community ❌ Ongoing account and transaction fees are likely to apply ❌ Exchange rates may include a markup |
How to open a TD Bank account as a non-resident
You may be able to start the process to open your account online and complete in branch - eligibility depending on your residence. Customers from India and China can call collect to open their accounts by phone.
➡️ 📚 Learn more on TD
RBC account
💡 Non-resident saving account options offered, plus checking services for people planning to move to Canada in future
RBC states that some accounts can be opened by non-residents, although not all products are available. You’re more likely to find you’re eligible to open an account as a non-resident if you’re interested in a saving or investment product, but you’ll need to start the application process and enter the fact you’re non-resident to learn whether you’re able to open your preferred choice of account.
RBC does also have services for people who are moving to Canada which allows for specialist support once you arrive.
For newcomers to Canada, RBC recommends its Advantage or Signature accounts, but you’ll need to wait until you arrive to open these.
RBC international transfer pricing | |
|---|---|
💰 RBC outgoing transfer fees | 0 CAD for most digital International Money Transfers and 45 CAD for branch wires |
💱 RBC exchange rates | Includes a markup added to the mid-market rate |
🎯 RBC transfer limits | A minimum of 100 CAD and a maximum of 50,000 CAD per day via International Money Transfer |
🔐 Is RBC safe to use? | Yes - RBC provides bank-level security with fraud monitoring and robust login protocols |
⚖️ Is RBC regulated in Canada? | Yes - RBC is regulated by the OSFI and is a member of the CDIC |
Pros of RBC | Cons of RBC |
|---|---|
✅ Some saving and investment accounts may be available to non-resident customers ✅ Newcomers to Canada can get perks on arrival, such as discounts ✅Full range of banking products available ✅Services available for international students coming to Canada ✅ Well known and trusted bank | ❌ Most checking accounts are not offered to non-residents ❌ Monthly fees may apply on your account ❌ Exchange rates are likely to include a markup |
How to open a RBC account as a non-resident
Some RBC accounts may be available for non-resident customers, but you’ll need to start the application and then confirm you’re a non-resident when prompted to check if your preferred account is available to you.
➡️ 📚 Learn more on RBC
Revolut account
💡 Choose from different account tiers to suit your personal transaction needs, with 25+ supported currencies and debit cards
Revolut offers services in many countries globally - although it’s important to note that you can’t currently open a Revolut account if you’re a Canadian resident.
⚠️ If you’re opening a non-resident Canadian account because you plan to move there, you’ll need to talk directly to the Revolut team to check if you can maintain your account once you move. ⚠️
Revolut accounts all support multi-currency holding - usually 25+ currencies are supported, although the exact details do depend on where in the world you are.
You’ll get a card for payments and withdrawals, and accounts generally offer some no-fee transactions and currency conversion, which depend on the account tier. In many countries, you can choose from 3 or more different account tiers to pick the one which suits your transaction needs - monthly fees apply to some account products.
Revolut international transfer pricing | |
|---|---|
💰 Revolut outgoing transfer fees | No-fee transfers within plan limits |
💱 Revolut exchange rates | Revolut’s exchange rate up to plan limits. Fair usage fees range from 0.5% - 1% for additional exchanges and on weekends |
🎯 Revolut transfer limits | Limits depend on your destination country and base currency. Most currencies have no transfer limits |
🔐 Is Revolut safe to use? | Yes - Revolut protects funds through segregated accounts, biometric app security, AI-algorithms and a dedicated control centre |
⚖️ Is Revolut regulated in Canada? | Revolut is not currently regulated as a bank or authorized financial institution in Canada and does not offer local accounts to Canadian residents |
Pros of Revolut | Cons of Revolut |
|---|---|
✅ Available in many countries and regions around the world ✅ 25+ currencies usually supported for holding and exchange ✅Accounts come with a debit card, and some ATM use is usually included for no additional fee monthly ✅In some regions, there are account options which have no ongoing fees ✅ Most accounts offer some no-fee currency conversion on weekdays, using the Revolut exchange rate | ❌ You may need to pay monthly fees to unlock all account features ❌ Fair usage fees may apply once you exhaust your package features ❌ Out of hours currency conversion fees may apply if you convert at a weekend |
How to open a Revolut account as a non-resident
You can open your Revolut account online or in-app, as long as you live in a supported country.
Creating an account with Revolut is straightforward - you’ll just need to use your phone to add your personal information and upload images of your address and ID documents:
Download the Revolut app
Click Sign up
Enter your personal details, following the onscreen prompts
Complete the verification step as required
Once your account is verified you can add funds and get started
If you’re looking for alternatives to Revolut in Canada, these guides might help you: Revolut alternatives in Canada, and Revolut Business alternatives in Canada.
How to open a Canadian bank account as a foreigner?
Generally, if you want to open a Canadian bank account as a non-resident you’ll need to start your application online and then visit a branch in person to complete the process.
These account services are usually reserved for people moving to Canada - those with visas to work or study for example.
If you’re not moving to Canada and simply want an easier way to manage your money in CAD and other currencies, you might prefer an account from a digital provider which offers online and in-app application - like Wise or Revolut.
📌 To show how that might work, here’s how to open a Wise account step by step:
Visit the Wise website or app and click on Create account
Enter your email address
Confirm the type of account you want to open - personal or business
Select your main country of residence
Verify your mobile number with a code
Create your password for security
💡 More information - How to open a Canadian bank account as a foreigner
Conclusion: Best Canada bank for non-residents
While there's no legal barrier to opening a Canadian bank account as a non-resident, most banks only offer this service to those planning to move to Canada, and accounts are typically limited to savings and investment options rather than checking accounts.
It's worth checking what Canadian banks can offer based on your location, but you may find it easier, faster, and cheaper to use a digital provider like Wise or Revolut.
Both offer accounts you can apply for online or in-app, holding and exchanging CAD alongside other currencies, with a linked card, low-cost currency exchange, and easy CAD and multi-currency payments.
Use this guide to compare your options - and make sure to consider digital providers alongside banks to get the best deal.
Useful resources
Wise – Official homepage for international accounts and money transfers in Canada
RBC – Banking offers and account options for new arrivals
Scotiabank StartRight – Resources for newcomers and international students
TD New to Canada – Banking packages and support for foreign workers