You can open a bank account online, by phone, or in a branch. Make sure to have two kinds of identification handy.
Almost anyone can open a bank account at any bank or credit union in the country.
Banks offer a number of bank accounts to non-residents who live, work, or attend school in Canada. These accounts can be opened in person or online in a few steps.
How to open a bank account in person
The traditional technique to open a bank account is to visit the financial institution in person. However, banks may request that you schedule an appointment before visiting a branch.
You do not need to have a job or money to deposit right away, but you must keep the necessary ID and paperwork with you. After you’ve answered some basic questions about your name, date of birth, and address, the bank agent will assist you in opening an account in just a few minutes.
When your account is opened, you will receive a debit card that you can use straight away.
How to open a bank account online
Many traditional banks now offer the option to open a bank account online, as do most online banks. The steps are quite similar to what you would perform in person. According to the bank’s policy, you must answer personal questions, upload the relevant papers, and verify your identification online or in person.
When you’ve finished the process and your account is activated, the bank will mail you your debit card.
What do I need to open a bank account?
To open a bank account in Canada, you must furnish two kinds of identification for verification. The most often accepted sorts of identity documents that confirm your name, address, age, and nationality are:
- Valid Canadian driver’s license.
- Valid Canadian passport.
- Canadian birth certificate.
- Old age security card.
- Certificate of Indian status.
- A provincial or territorial health card.
- Certificate of Canadian Citizenship or Naturalization.
- Permanent Resident card or Immigration, Refugees, and Citizenship Canada forms IMM 1000, 1442, or 5292. Some banks may accept Form IMM 5688.
- Select provincial and territory agencies will provide a document card with your portrait and picture.
If you only have one piece of ID from the primary list, you can use any of the following as your secondary document:
- Record of employment in Canada
- Canadian debit or bank card containing your name and signature.
- Canadian credit card statement
- Client card from the Canadian National Institute for the Blind, containing your photo and signature.
- Current foreign passport.
To open a bank account, you must show the original paperwork. Photocopies will NOT be allowed.
If you want to open an interest-bearing account, such as a high-interest savings account (HISA) or a registered retirement savings plan (RRSP), you must supply your Social Insurance Number. Because the interest you earn on these accounts is taxable, the financial institution requires your SIN to report it to the Canada Revenue Agency.
What to consider when opening a bank account
When opening your first bank account, consider how you will utilize it. If you want an account for day-to-day transactions, consider a checking account. If you want to save money for a special occasion, a savings account may be suitable.
You will see that most banks provide these common account options. However, bank and account fees, interest rates, withdrawal limits, and bonuses can vary. So, take your time and do some research to identify the finest account type and financial institution for your individual requirements.
What is the minimum age for opening a bank account in Canada?
varied banks have varied age restrictions for children, youth, and student accounts. Assume you’re under the age of majority in your province or region. In that situation, you may be unable to open an account online. Some accounts, such as the CIBC Youth account, require you to open the account with a parent or legal guardian.
In most situations, anyone with a valid government-issued ID and supporting documentation can create a bank account in Canada. However, each bank has its own set of age limitations and qualification standards for these accounts, so it’s a good idea to compare several possibilities before deciding on one.