Best Canadian bank accounts for non-residents [2025]
Canada has a developed banking system with many banks and account products available for resident customers. However, as a non-resident you're likely to find it's harder to get a Canadian bank account. Canadian banks generally focus their efforts on non-resident customers who will move to Canada soon. If you're not planning your move right now, you may only find you're eligible for investment or savings products.
This guide walks through a few options from popular banks in Canada. As well as banks in Canada, we'll also include online alternatives like Wise and Revolut which may offer a more flexible option if you want to apply as a non-resident and you're not planning on moving to Canada 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 |
|---|---|---|---|
| Wise | No opening fee for personal customers No ongoing fee | Apply with your proof of ID and address from an eligible country - many countries and regions globally are supported | Hold and exchange 40 currencies, send in 40 currencies Mid-market exchange rates |
| Scotiabank - Preferred Package | No opening fee 16.95 CAD/month, with ways to waive | Intended for people moving to Canada - start the account opening process online from select countries, complete in branch on arrival | Newcomers benefit from StartRight perks including waived fees Savings account options, as well as mortgages, credit and other financial services also available |
| TD Bank | No opening fee 10.95 CAD - 29.95 CAD/month, with ways to waive | Intended for people moving to Canada - start the account opening process online, complete in branch on arrival | Support in 80 languages, with phone services for people applying from India and China Selection of checking account solutions available |
| RBC | No opening fee 0 CAD - 16.95 CAD/month, with ways to waive | Non-residents can apply for select accounts online Newcomer packages also available | Newcomers to Canada get discounts and perks Non-residents can still open some accounts, with a focus on saving and investment |
| Revolut | No opening fee Monthly fees may apply, depending on the account tier you select and your home country | Apply with your proof of ID and address from an eligible country Many countries and regions globally are supported, but you can not open an account as a Canadian resident | Choice of account tiers depending on your transaction needs Hold and exchange 25+ currencies in your account |
*Details correct at time of writing - 30th April 2025
*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
| 💡 Great for: Hold and exchange 40 currencies, send in 40 currencies, and get the mid-market rate every time |
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.
Fees: No opening fee for personal customers. No ongoing fees
Foreign currencies: Hold and exchange 40 currencies, send in 40 currencies, receive payments in 20+ currencies
Eligibility: Apply with your proof of ID and address from an eligible country - many countries and regions globally are supported
| 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
Scotiabank Preferred Package
| 💡 Great 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 |
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.
Fees: No opening fee. For the Preferred Package - 16.95 CAD/month, with ways to waive
Foreign currencies: CAD only for holding, options to send payments globally
Eligibility: Intended for people moving to Canada - start the account opening process online from select countries, complete in branch on arrival
| 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
| 💡 Great for: 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.
Fees: No opening fee. Account fees 10.95 CAD - 29.95 CAD/month, with ways to waive
Foreign currencies: CAD only for holding, options to send payments globally
Eligibility: Intended for people moving to Canada - start the account opening process online, complete in branch on arrival
| 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.
RBC account
| 💡 Great for: 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.
Fees: No opening fee. Advantage or Signature accounts have fees of 0 CAD - 16.95 CAD/month, with ways to waive
Foreign currencies: CAD only for holding, options to send payments globally
Eligibility: Non-residents can apply for select accounts online. Advantage or Signature accounts are recommended for newcomers, but you must be resident already to apply
| 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.
Revolut account
| 💡 Great for: Choosing 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.
Fees: No opening fee. Monthly fees may apply, depending on the account tier you select and your home country
Foreign currencies: Usually 25+ currencies are supported for holding and exchange, with options to receive and send payments in foreign currencies included. Account features depend on your home country
Eligibility: Apply with your proof of ID and address from an eligible country. Many countries and regions globally are supported, but you can not open an account as a Canadian resident
| 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
Conclusion: Best Canada bank for non-residents
While there's no legal barrier to opening a bank account in Canada as a non-resident, most banks only offer this service if you're planning on moving to Canada in future. As a non-resident you'll likely find that the only accounts from Canadian banks which you can apply for are savings and investment options, rather than checking accounts. As non-resident banking can depend a lot on where you live at the time you apply it's still worth checking out if any Canadian banks can offer accounts you like - but you may discover that it's far easier, faster and cheaper to get set up with a digital first provider like Wise or Revolut.
Both Wise and Revolut offer accounts you apply for online or in an app, which can hold and exchange CAD alongside other currencies. You'll get a linked card for spending at home and abroad, and other benefits like low cost currency exchange and easy ways to send and receive payments in CAD and other currencies. Use this guide to compare your options based on your plans in future - and remember to check out digital providers as well as banks to get the best deal.
Canadian bank account FAQs
Which Canadian Banks open accounts for non-Canadian residents?
Major Canadian banks, including Scotiabank and TD Bank offer account services for non-residents who intend to move to Canada soon. If you're not planning to relocate you may find your options are more limited.
For many non-residents, it's far easier, faster and cheaper to get set up with a digital first provider like Wise or Revolut which offer CAD account services to customers in many countries and regions.
Can I open a Canadian bank account as a non-Canadian citizen?
You can open a Canadian bank account as a foreigner if you're a resident of Canada with a valid visa very easily. However, this gets trickier if you're not a resident and don't plan to become one. In this case, check out digital providers like Wise or Revolut which may present an easier alternative to access CAD services.
| 💡 More information - How to open a Canadian bank account as a foreigner |
Which Canadian banks are international?
Canada has many large regional and international banks, which have a presence across North America or around the world. TD Bank, for example, has a US division while other large banking institutions have representations in major cities globally.