Opening a bank account in Canada as an Australian. What to know

Life is full of twists and turns. Sometimes it can turn you as far north to the land of maple syrup and ice hockey. That's right, we’re talking about O Canada! If you find yourself in the midst of a big move across the Pacific or have recently touched down, then you’ll need to put down some roots by opening a Canadian bank account.

This article will get to know how Australians can do this, including some of the banks to look into.

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What are the biggest Banks in Canada?

The best place to start looking for an account is with the biggest banks in Canada. Only then can you get a feel for what to expect as you shop around. In Canada, there's what's known as the “Big Five” banks. We’ll introduce you to the top five banks now.

Toronto-Dominion Bank (TD Bank)

Toronto-Dominion Bank or TD Bank is part of the greater TD Bank Group which is one of the top 10 financial services in North America. TD Bank has over 10 million customers across the United States and Canada.¹

Royal Bank of Canada (RBC)

The Royal Bank of Canada or RBC is the largest bank in Canada. It has over 17 million customers across Canada and the USA plus 27 other countries. It offers a range of services in personal and commercial banking, wealth management, insurance, investor services and capital markets.²

Bank of Nova Scotia (Scotiabank)

Bank of Nova Scotia, referred to as Scotiabank is the third largest bank in Canada. In 2024, it had just over 11 million personal and business banking customers. On top of this, it has services that reach into international banking and wealth management across the globe.³

Bank of Montreal (BMO)

Bank of Montreal (BMO) originally opened its doors in 1817. It is now the 8th largest bank in North America and has just over 13 million customers across its network.⁴

Canadian Imperial Bank of Commerce (CIBC)

With its headquarters in Toronto, the Canadian Imperial Bank of Commerce (CIBC) rounds out the top five biggest banks in Canada. CIBC has over 13 million customers and 1001 branches across its network in Canada, the US and the globe.⁵

Can an Australian open an account in Canada?

The short answer to this is yes, an Australian can open an account in Canada. However, there are rules around when they can and how.

The main prerequisite to open an account in Canada as an Australian is to live there or be staying a while on a valid Canadian Visa. A valid visa could be a permanent residency visa, a foreign worker visa or an international student visa.⁶

Many of the big banks call anyone new to Canada “newcomers” and have dedicated products for individuals coming to Canada on any of the above visa types.⁷ If you’re an Australian moving to Canada and tick any of the above boxes, you’ll be able to open an account.

What is the procedure to open an account in Canada

There are two ways to open an account in Canada. We’ll take you through both procedures below.

Before arrival

In some cases, you may be able to start your application up to 3 months before you arrive in Canada online.⁷ Some banks offer individuals from qualifying countries the option to start their application online, while those from non-qualifying countries can mail their application.⁸

Generally, most of the big banks will still require you to touch base with them by visiting a local branch after you arrive in Canada. This option is not available with all banks, so it's important to check the fine print for newcomer accounts before applying.⁷

After arrival

Most, if not all banks allow newcomers that move to Canada to open an account if they have already arrived and settled in. This is because you should meet the general eligibility requirements for a basic checking or savings account. These requirements are⁷:

• Live in Canada
• Over 18 years of age
• Open an account in own name

You’ll have the choice of opening an account online, by visiting a branch or over the phone. To open an account online, you can follow these steps:

1. Visit a providers website
2. Choose your preferred account
3. Click apply
4. Fill out your personal details
5. Provide some key documents verify your identity
6. Finalise your application

Once your application has been approved by the bank, you’ll be able to start receiving money into your new account. You may be able to also open an account through a provider's dedicated app following a similar process.

What documents do you need to open a Canada bank account?

As mentioned, as part of the process you will need to verify your identity. The Canadians keep this quite simple for foreigners, requiring two documents that equate to proof of residency and proof of identity. At minimum, you can provide:

• Your Australian Passport
• A valid Canadian Visa or Permit

These documents must be originals and not copies.⁷ Another piece of information that can come handy if you have it is something called a SIN number.

What is a Social Insurance Number (SIN)

A Social Insurance Number (SIN) is allocated to anyone that lives in Canada, either as a citizen, permanent resident or temporary resident. The SIN is required to work or access government services in Canada. All newcomers to Canada must apply for a SIN as soon as possible after arriving. While you don’t need a SIN number to apply for a bank account, some providers may require it to be able to apply for a bank account completely online without visiting a branch.⁸

What are the usual bank fees in Canada

Whether you’re in Australia or Canada, bank fees are something you should always look out for. So you don’t get caught out paying more for an account than you want, checking the fine print is a good idea.

Here’s some ranges of fees to expect to pay for a standard chequing account - the equivalent to a transaction account in Australia.

Transaction or fee type	Typical Fees
Monthly account keeping	11.95 CAD⁹ to 17.95 CAD¹⁰ unless a rebate is applied
ATM domestic withdrawal	Free at corresponding banks own ATM $2 per withdrawal at other banks domestic ATMs¹⁰
ATM international withdrawal	$5 per withdrawal + 2.5% margin on conversions¹⁰
Card fee	Initial card usually free, but a replacement fee is usual⁹
Domestic transfers (within Canada)	Free¹⁰
International transfers (i.e. from Canada to Australia)	Free to $11 CAD per transfer (plus any potential intermediary bank fees)⁹
Inactivity fees	$20 - $40 if account is inactive for up to 10 years and has remaining funds in it¹⁰

Fees valid as of 18 July 2024

Some banks also have reward programs or limited time promotions that customers get if they apply for an account at a certain time. For example, BMO bank is offering new customers $600 CAD if they meet certain eligibility requirements as part of their account sign up and usage.

Alternative special accounts for foreigners/non-residents

Sometimes it is beneficial to look outside the big five banks to see if there's a better account available for your lifestyle and needs. Some other banks that offer accounts to newcomers include:

• National Bank of Canada
• Meridian Credit Union

Like the banks we’ve briefly touched on above, they offer a range of banking services to new immigrants to Canada. If you're more into something way outside the status quo, then a digital bank or online financial institution might have what you're looking for.

Here are some popular options:

• EQ Bank
• Tangerine
• Neo Financial
• Simplii Financial
• Motusbank
• Koho

If you want to get ahead of your move and have some Canadian Dollars (CAD) ready for when you arrive, you could open an online account with Wise in Australia. This way you can take advantage of the Wise Account where CAD is one of the major currencies that you can hold, convert or spend with the Wise debit card.¹¹

The Wise Account and Debit Card

Opening a bank account overseas can be a bit of a process that’s made more difficult if you aren’t considered a resident yet.

The Wise Account from Wise — while not a bank account — enables you to store 40 international currencies and get local account details for a number of different countries, including AUD, CAD, GBP, NZD, EUR and USD. You can use these to easily transfer your money to Wise or get paid by others. However, do note that features that are offered by traditional bank accounts such as interest, loans and in some countries, deposit protection, will not be available with the Wise account. See how Wise safeguards your money.

You’ll also avoid high international transaction fees and get access to the mid-market rate on all conversions. The best part - you can open and manage your Wise account completely online.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a transparent conversion fee.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or deposit insurance schemes, will not be available with the Wise Account. See how Wise safeguards your money.

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Sources:

1. TD Bank info
2. RBC info
3. Scotiabank info
4. BMO info
5. CIBC info
6. TD Bank newcomers
7. NBC newcomer acc
8. BMO qualifying
9. RBC fees
10. BMO fees
11. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources checked on: 18 July 2024