There are various steps involved and documents required for a newcomer to setup a bank account in Canada. Continue reading to grab details on bank accounts for new immigrants in Canada.
People keep migrating to Canada for studies, business, employment opportunities or travel. These people cannot keep carrying lump sum cash or an international debit card until they are well settled and have all the documents in place like a Canadian citizen does, to open a bank account.
Let’s see what steps newcomers to Canada must follow to open their bank account.
A newcomer to Canada can open:
This account is basically your transactional account that helps you receive your salary, pay utility bill, house rent advances, transportation costs etc.,
After completing your day-to-day transactions, if you feel you have surplus cash flow left and if you would like to park it in cash for income returns, then you can use a savings account. This will help you meet any short-term mini capital expenditure or emergencies.
There are a number of banks in Canada. You must do complete research of all the banks available to find out their features such as – minimum balance to be kept, fees, online banking facilities, customer support etc.
In addition, some banks in Canada have exclusive accounts for newcomers. These newcomer bank accounts include:
The account opening process of every bank differs. It is important that you call one of the branches of your desired bank and get to know the complete process.
Once you have all the documents ready and have arrived in Canada, book an appointment with the bank manager and submit your documents. He’ll activate your account and provide you with net banking details and debit card details. Do not forget to activate your secret PINs.
If you are a newcomer to Canada, a bank account in an alien land is very important, to help manage your personal finances and work your way out, when you are beginning a journey in a new place.
Whether you immigrate to study, work or settle in Canada, you must have access to good banking. Hence, it is important that you start making arrangements for it before you land in Canada.
Have you opened a Bank Account as a new immigrant in Canada? What Newcomers bank offers did you avail? Do share your feedback and experiences. Or drop in any queries you have regarding opening a Canadian chequing or saving bank account.
It is important to submit current and valid identification proofs such as Social Insurance Number (SIN), driver's license, passport, and /or residential card, to your desired banking service provider, in order to open a Chequing account. Explore more on the process of opening a Chequing Account and documents required by wading through this article
No, you cannot open an investment account in Canada while you are a Non-resident, the exemption being - Tax-Free Savings Account (TFSA). Having said that, you can continue to hold the investment accounts that you once opened while you lived in Canada.
You can close your Canadian bank account by emailing from your registered email ID, calling the customer care or via net banking. However, some banks mandate you to visit the bank branch.
Based on our analysis of interest rate, fees charges, ease of managing the account and safety of funds, EQ bank is the best option in Canada to open a RRSP account.
To close your TD bank account, you can either visit the branch physically, call their customer care number or write a letter to them. Sounds really simple! Isn't it?
Our analysis suggests that CIBC is one of the best bank for GIC in Canada for international students. Learn why it is the top bank for GICs and the alternatives available.
TFSA is Tax-free Savings account where you can invest in shares without incurring tax liabilities. So, let's grab some useful information on TFSA in Canada.
Are you planning to buy Vanguard ETF in Canada? You can open an account with the trading platform of your choice, that offers Vanguard and start investing.
Yes, international Yes, international students can have two or more bank accounts in Canada as per their discretion. There is no cap on the upper limit.
Yes, you can open a bank account in Canada even though you are a non-resident, given that you are able to substantiate your identity with reliable documents such as your SIN, passport, driver's license, etc.,