Can a visitor visa holder open a bank account in Canada? Here's your guide

Are you visiting Canada and wondering if you can open a bank account? Good news: even non-residents on visitor visas can open certain bank accounts in Canada.1

In this guide, we’ll cover eligibility, required documents, and step-by-step instructions for opening an account as a visitor. You’ll also discover the Wise account, an alternative which offers Canadian account details, low fees, and the convenience of 100% online setup—no in-person visits needed.

Can I open a bank account as a visitor in Canada?

Yes, it’s possible for visitors in Canada to open a bank account. Your eligibility depends on meeting specific requirements. Here’s what you need to know.

Eligibility Requirements and Proof Needed.

1. Required Identification Documents

Canadian banks require two valid identification documents from a recognized authority, such as:

• Primary ID: Must be government-issued and include your name and date of birth, like a foreign passport or a Canadian driver’s license (if applicable).
• Secondary ID: This should include your name and current address or a recent government document that shows both. Common examples are:
  • Canadian or foreign-issued tax assessment documents
  • Recent Canadian utility bills or bank statements
  • Canadian benefits statements (if available)

2. Address Verification

Many banks allow non-residents to use foreign addresses. However, some may require proof of a Canadian address if you want to open specific account types, especially those with regular transaction services.

• Verification Methods
  Banks may verify identification in two ways:
  • In-Person Verification: This involves visiting a bank branch in Canada with original documents to confirm your identity.
  • Community Reference: In some cases, banks may allow a client or community member in good standing to verify your identity if you lack a secondary document, though this is uncommon for visitors.

Do I need a SIN to open a Canadian bank account?

Canadian tax law requires a SIN for accounts that generate interest, since the bank must report these earnings to the Canadian Revenue Agency or the CRA.

Visitors are eligible to open non-interest-bearing accounts without a Social Insurance Number or SIN. Most basic chequing accounts fall into this category, meaning you won’t need a SIN for these.

Steps to open a bank account as a visitor in Canada

Opening a bank account as a visitor is straightforward if you have the right documents and understand your options.

1. Choose a Bank and Account Type
   Research Canadian banks that offer visitor-friendly accounts. Some major banks offer more flexibility, while online-only banks may have restrictions.
2. Gather Required Documentation
   Ensure you have two pieces of acceptable ID, including one government-issued document, such as a passport. Make sure your documents are original, as photocopies aren’t accepted.
3. Contact the Bank in Advance
   Contact your chosen bank to confirm that your documents meet their requirements for visitor account openings.
4. Visit a Bank Branch
   Visit a local branch with your original documents. A staff member will verify your ID and guide you through account setup.
5. Complete the Application
   The bank representative will assist you in filling out the necessary forms and reviewing the terms and conditions. Be sure to ask questions about fees, withdrawal limits, and any hold policies that may apply.
6. Deposit Initial Funds (if required)
   While some accounts allow you to open an account without an initial deposit, others may ask for a nominal amount to activate the account.

What are the typical account types and fees for opening a bank account as a visitor in Canada?

Below are some examples of typical fees for common account types offered by Canada’s major banks. Make sure you review the specific terms with each bank, as these accounts and fees may vary slightly based on regional and promotional offers.

Rates and information sourced from the link provided for each bank on Wednesday, November 13, 2024.

Here’s a summary of common fees you may encounter when using Canadian bank services as a visitor.

Do I need to visit a Canadian bank in person to complete the application?

Most visitors to Canada will need to visit a bank branch to open an account. While some banks offer online applications, in-person ID verification is usually required, especially for visitors using passports and foreign addresses.

Exceptions may apply if:

• You have an account with a partner bank abroad: Some international banks with Canadian partnerships may allow remote account setup.
• You choose a digital-only account: Limited digital accounts allow online applications, but may require an existing Canadian bank account.

Check with the bank beforehand to ensure you meet all requirements.

Why do Canadian banks ask for a SIN number?

Canadian banks request a Social Insurance Number or SIN when you open an interest-bearing account. The SIN is required by the Canada Revenue Agency (CRA) to report any earned interest for tax purposes. A SIN is not typically necessary for non-interest-bearing accounts, making it easier for visitors to open basic chequing accounts without this requirement.

Get your Canadian account details with Wise

As you can see, there are a lot of hidden fees to watch for with traditional Canadian banking! You can simplify your banking and make the most of your money while in Canada with a Wise
multi-currency account.

Wise provides Canadian account details, allowing you to manage, hold, and spend CAD like a local—without hidden fees or high exchange rate markups. With Wise, managing your money in Canada is seamless, whether you're already here or preparing from your home country.

Open a multi-currency account online to get Canadian account details instantly—manage CAD like a local, without hidden fees or unfair rates.

Here’s what makes Wise the ideal choice for visitors to Canada:

• Simple setup: Open your account in minutes, no matter where you are, with an intuitive app and website.
• CAD in your pocket: Hold your money in CAD and enjoy local account details, making payments and transfers easy and familiar.
• Transparent fees: No monthly fees and low transfer fees at 0.48%*, plus free transfers to other Wise accounts in the same currency.
• Global spending made easy: Use the Wise virtual card in Canada and beyond for stress-free, fee-friendly payments worldwide.

Wherever you are, Wise empowers you with flexible, transparent money management in Canada and across the globe.

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Final thoughts on bank accounts for Canadian visitors.

Opening a bank account in Canada as a visitor is possible, but it could require in-person ID verification and specific documentation. While Canadian bank accounts can provide essential services, they often involve fees for basic transactions, international transfers, and other banking services.

For a flexible and hassle-free alternative, consider Wise.

Sources:

1. Government of Canada, Financial Consumer Agency
2. TD Bank
3. RBC Royal Bank
4. Scotiabank
5. National Bank