How to Open a Bank Account in Canada - Your Full Guide 2024

Looking to open a bank account in Canada? Whether you've just landed in Canada or you're planning everything ahead of your arrival, opening a bank account in Canada can feel like a daunting process.

If you’re moving to Canada long term you might have some options to kick off the process of opening a bank account before you arrive, but you won’t always be able to get full account functionality until you land and visit a branch. If you need to transact in CAD before you land, you may be better off with a flexible online option like Wise.

This article will help you understand how to open an account before heading off - and when you arrive - including the documents you need, and the options available.

Quick summary: Online bank account opening

• Options to open a bank account in Canada online before you arrive there are sparse - but there are a few out there

• People moving to Canada soon from India or China may be able to start their account application in advance with TD Bank

• Scotiabank lets people open an international account to deposit money in advance of arrival and then convert to a full service account on arrival

• A flexible alternative is to open an account with a non-bank alternative like Wise, to hold, send, spend and exchange CAD even before you’re a Canadian resident

What documents do I need?

To comply with Canadian law you’ll need to provide some documents to open your Canadian bank account. If you’re a Canadian citizen - or if you’re already settled there - this shouldn’t be too tricky. However, as a new arrival, or when trying to open an account ahead of time, this can prove a bit more complex.

In basic terms you’ll usually need to provide two documents to open a Canadian bank account - one document must include your name and address, and the other document must contain your name and date of birth.

If you’re applying for a specific newcomer account, banks may have a slightly more flexible approach and allow you to provide a different set of documents. Common options include:

• Your foreign passport

• Permanent Resident card

• Citizenship and Immigration Canada form

• A letter from your university if relevant

Foreign government issued ID may be accepted if you need additional documents - talk to your bank to check what will be required for your specific circumstance.

Save the paperwork with alternative solutions like Wise 

Canada’s banking system is relatively well set up for newcomers, with some banks offering specific support for people arriving in the country. However, while you can start to set up your account in advance, you often won’t be able to fully use it until you arrive in Canada and present your documents in a branch.

Get a step ahead - and start to transact in CAD before you travel - with an alternative online option like Wise. Both providers offer an easy online or in-app onboarding process, with no need to visit a bank branch.

Wise accounts can be opened using your home proof of address, and your normal ID documents, before you travel to Canada. Once your account is up and running you’ll get your own local CAD bank account details, plus details for up to 9 other currencies, to get paid fee free from 30+ countries. You’ll also be able to hold and exchange 50+ currencies, and get an international debit card.

Learn more: Wise Account Review & How to open a Wise account in Canada

How to open a bank account in Canada as a foreigner

To open a bank account in Canada it’s common to need to appear in person at a branch to show your identification and get your account set up. You might have a couple of options to get ahead of the process by starting your application online before you arrive in Canada - but it’s normal to be asked to visit a branch on arrival to finish the process and confirm your local documents and address.

What do I need to know before opening a bank account in Canada?

It used to be very easy to open a Canadian bank account before you moved there - but these days you’ll struggle to get a bank account without being able to call into a branch in person. If you need an account to manage CAD payments before you have a Canadian residential address and visa you’ll likely need to look at non-bank alternatives like Wise instead.

Can I open a bank account in Canada only with my passport

No. You’ll usually need to visit a branch of your preferred bank with documents including your passport, visa and a proof of local address.

Which account is best in Canada for foreigners? 

To help decide which account might work for you, let’s look at one online provider - Wise - alongside a few newcomer account packages from  Canadian banks.

Wise

Wise accounts can be opened by both personal and business customers, and offer full multi-currency functionality covering 40+ currencies. Importantly, you’ll be able to get CAD bank account details you can use to get paid like a local from Canadian dollars, even before you arrive. Sign up using your normal ID documents and your local proof of address wherever you live, for a fully online onboarding process you can complete from home.

Accounts come with a linked international Wise debit card you can use to spend in 150+ countries. Transactions use the mid-market exchange rate with no markups and no hidden fees. There’s no minimum balance or monthly charges either, so you just pay low transaction fees for the services you actually use.

Account types: Wise accounts can be opened by people resident in many countries around the world, including Canada. Open on arrival, or before you head out, to hold, exchange, send and spend in 40+ currencies

Eligibility: Use your home proof of address to get your account open and access a CAD balance. The exact account services available may vary based on location, so check the Wise website for more information.

Is it safe? Wise is registered with both FINTRAC and a range of other global bodies in the other countries it trades in.

TD Bank 

TD Bank is one of the largest banks in Canada, and a familiar name to many US citizens, too. There’s a specific newcomers service which allows you to start your account opening before travelling, and complete on arrival, if you’re coming from China or India.

TD Bank has a wide range of account products, but suggests the Unlimited Chequing account as a good option for new arrivals. In this account you’ll pay a 16.95 CAD  monthly fee, which can be waived if you meet a minimum balance requirement, for unlimited free transactions and TD Bank ATM withdrawals. Fees apply to send and receive international payments.

Account types: There are a few different accounts on offer to newcomers - you’ll be able to pick from chequing and saving accounts, as well as student accounts aimed at international students.

Eligibility: To complete your application you’ll need to visit a TD branch with your Permanent Resident card, confirmation of permanent residence or a temporary permit, along with either a passport, Canadian driving licence or Canadian ID card. If you don’t have all of these documents, call TD to discuss alternatives which are available in your particular situation.

Is it safe? Yes. TD Bank is one of the largest banks in Canada, with a significant presence internationally, too. It’s a fully regulated provider, trusted by millions.

Scotiabank

Scotiabank lets customers from selected countries open international accounts online - which you can use to deposit funds and then convert over to a standard Canadian account once you arrive. Scotiabank offers a range of account options, with the most popular - the Preferred account - being eligible for the newcomer international application process.

The Preferred Package costs 16.95 CAD a month but comes with unlimited free transactions, interest on your balance, and overdraft protection. If you hold a 4,000 CAD or more minimum balance for the month your monthly fee may be waived. You may also benefit from 1.99 CAD international payments, although a markup may still apply on the exchange rate.

Account types: Scotiabank has a good range of chequing and savings accounts, including a couple which can be opened online in advance or arrival by people from selected countries

Eligibility: You’ll need to provide ID including your passport and proof of legal residence in Canada

Is it safe? Yes. Scotiabank is FINTRAC registered and fully licensed to trade in Canada

HSBC Canada

HSBC previously operated in Canada, as part of its broad global business. However, in 2022, HSBC agreed to sell its banking operations to RBC. This deal completed in March 2024 when all HSBC Canada branches closed, and all accounts became inactive. If you want to open a bank account in Canada now you’ll not be able to choose HSBC - but you can use this guide to find a great alternative.

What is a bank account in Canada needed for?

If you’re moving to Canada you’ll need a CAD account to pay for rent, utilities, everyday essentials and services, as well as to allow others to pay you. If you’re not a resident all year round you may still like a CAD account if you spend time in Canada often or if you’re a frequent visitor there.

Benefits of opening a bank account in Canada

Opening a CAD account can bring a few benefits if you need to transact in CAD often:

• Make payments in Canadian dollars without incurring currency exchange costs

• Hold a balance in CAD, and access preferential exchange rates

• Get paid a salary, benefits or other payments in CAD without needing to convert back to USD

• Get a Canadian credit card and build your credit history

Can I open a bank account in Canada before arrival?

If you’re eligible for a specific newcomer account or if you choose to open an international account with Scotiabank in Canada you’ll need to start your application online before you travel - and then complete the application by attending a meeting in branch to show your paperwork.

Having applied for an account online like this does have one key advantage - you can make a wire transfer of funds into the account before you arrive in Canada. In some cases this can be used as proof of funds for your visa or residence permit application - and it can also mean you don’t need to worry about carrying large amounts of cash with you when you travel.

However, the primary drawback of the newcomer account process is that your account won’t be fully open until you arrive and show your original documents in a branch. This means you can’t transact fully until that point. If you need to send payments in CAD before then, you’d be better off opening an online multi-currency account from a provider like Wise which operates in Canada and a broad range of other countries, too.

Can I open a bank account online

You can’t usually open a bank account in Canada online if you’re a non-resident or a foreign resident. You may be able to start the process to open your account, but it’s very likely that you’ll need to go to a branch in Canada within a fixed period of time to show your documents and complete the application process. If you want a fully online or in app service for application, verification and onboarding take a look at multi-currency accounts like Wise instead.

How long does it take to open a bank account in Canada?

You’ll need to visit a branch in Canada to open your account if you choose a major bank. This appointment might take a little while as you’ll need to show your documents and have them verified. Once your account is verified you either be able to collect your debit card or get it by mail instead.

What are the types of bank accounts in Canada?

Generally you’ll see chequing accounts and savings accounts as popular options from all Canadian banks.

• Chequing accounts are intended for day to day use and come with cards for payments and withdrawals.

• Some savings accounts may have limited access, and may not come with cards, making them better for long term saving purposes.

How to choose a bank account in Canada

If you’re already in Canada you’ll be able to choose from all the banks available to find the perfect fit for you. You’ll want to look at account fees and features, how close you are to convenient ATMs and branches, and which other handy services the bank might offer, such as loans and mortgages.

If you’re not in Canada yet you may want to look at international accounts with Scotiabank which you can then convert to regular chequing accounts - or check out Wise as a flexible alternative you can use to hold, receive, send, spend and exchange CAD conveniently online and in app.

How much does it cost to open a bank account in Canada? 

It’s usually free to open a bank account in Canada. However accounts from  banks will often have monthly fees, which can only be waived if you maintain a set minimum balance all month. There are also transaction costs to consider. Some banking packages come with a fixed number of free transactions a month, some have unlimited transactions for free, and some come with charges for every transaction you make within your account - make sure you read all the details carefully before you sign up.

Is it possible to open a fee-free account in Canada?

It’s not usually possible to get a completely fee free account in Canada. However, many banks offer accounts which waive certain costs if you hold a high enough balance or if you’re a new customer. It’s worth comparing a few options to see which may suit your needs. Don’t forget to also look at non-bank alternatives like Wise which have low cost accounts which are flexible and easy to open.

What are the additional costs?

Transaction costs are the most common extra fees you’ll pay. Some banking packages come with a fixed number of free transactions a month, some have unlimited transactions for free, and some come with charges for every transaction you make within your account – make sure you read all the details carefully before you sign up.

Here’s what to look out for:

• Account maintenance costs

• ATM withdrawal fees

• Overdraft or credit card interest charges

• Inactivity or closing fee

• International transfer fees

• Foreign transaction fees

Tips for transferring money to and from Canada

One of the most common transactions you’ll need to make as an expat is probably moving money across currencies with international transfers - this can also be a costly thing with  banks. Here are a few things to watch out for:

• Check the exchange rate you’re offered against the rate you find on Google to see if a markup - and extra fee - has been applied

• International transfer fees may vary depending on the value of the payment, and whether you arrange it online or in a branch

• Third party fees may be deducted as the payment is processed, and can mean your recipient gets less than you expect

Conclusion - Open a bank account online Canada

Having a local bank account is an important part of settling into a new country. Canada’s banking system is adapted to welcoming newcomers, with a range of account products and services aimed at new arrivals. However, depending on the bank you choose, you may not be able to get your account fully up and running in advance of arrival.This may mean you can’t transact in CAD before you get there.

For a flexible alternative, have a look at online services like Wise, which let you get a multi-currency account set up in a broad range of countries, with CAD bank details to make it easy to hold, receive, send and spend in CAD - even before you arrive.

Open a Canadian bank account online FAQs 

How much do I need to open a bank account in Canada?

Most bank accounts are free to open, but to avoid high monthly fees you may need to meet minimum balance requirements. Some Canadian banks, and specialist providers like Wise don’t have minimum balance requirements.

How to apply for a bank account online in Canada?

You can apply for an international account with Scotiabank before you arrive in Canada - or pick a non-bank alternative like Wise which lets you apply, get verified and start to transact with just your phone or laptop.

Can I open a bank account in Canada before landing?

Some Canadian banks have newcomer services which allow you to open an account in part before arriving. However, you’ll still need to visit a branch on arrival to get full feature access. You can also choose an online specialist service to open an account and get CAD bank details before you get to Canada.