Can a visitor visa holder open a bank account in Canada? Here's your guide
Learn how visitor visa holders open a bank account in Canada. Discover requirements, options, and how a Wise account simplifies this for travelers in Canada
Whether you are in Canada for studies, to work or to start a business, you can open a bank account as a non-resident in Canada. Some traditional Canadian banks also let you start the application process online, and then complete it on your arrival in Canada.
While Canada has a robust banking system, navigating your way to the right one can be a bit overwhelming. Wise, an alternative to banking, helps you save on fees, and can be used either independently or with a Canadian bank account - making it a great solution for your money transfer needs.
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In this section, we will explore some popular banking options for non-residents, along with their key features, pros, and cons. We'll also introduce you to Wise, a powerful alternative to traditional Canadian bank accounts, offering several innovative features for easy financial management.
Key Features: Some of the major Canadian banks that offer banking services to non-residents include
These banks are easily accessible as they have an extensive network of branches. While each bank might have different documentation requirements, you can visit them with your identification and if necessary, a reference from your previous bank.
Pros | Cons |
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Extensive in person support | Might have hidden fees |
Access to services such as loans and investments | Might incur currency conversion charges |
Paper and paperless banking options | Fees for account maintenance, overdraft and specific transactions, besides others. |
Cash withdrawals from designated ATMs without fees | In person visit necessary to open accounts |
Key Features: Online-only banks, such as Tangerine and Simplii Financial
Pros | Cons |
---|---|
Ideal for managing accounts remotely | Lack of in-person assistance |
Accounts can usually be set up in a few clicks | Might incur currency conversion charges with a markup |
In-store payments using digital devices | Transfer limits can prevent you from making large transfers |
Key Features: Wise is not a bank, but offers several features similar to traditional Canadian bank accounts. These features include:
Wise Payments Canada Inc is registered as a money service business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)⁶ and is licensed in Québec by Revenu Quebec® under the number 902804⁷, ensuring that it complies with the financial regulations being applied in Canada.
Pros | Cons |
---|---|
No currency conversion fees | No in person customer support |
No hidden fees | No loans or credit cards, since Wise is not a bank |
Instant transfers for certain currency routes | |
Large transfers exceeding 200,000 CAD available* |
*Wise may request additional documents to verify a customer's identity for large transfers
Transaction speed claimed depends on individual circumstances and may not be available for all transactions
You can use our calculator to see how much your recipient receives when sending money with Wise as well as other banks:
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Opening a bank account as a non-resident in Canada can be a relatively simple process. Here are a few methods and steps to consider:
Visiting a local bank branch is a traditional way to open an account. To get started:
Choose a bank that caters to non-residents, such as RBC, TD, BMO, or CIBC.
Apply online or Visit a local branch in Canada, with the required identification and documents (e.g., passport, proof of address, and possibly a reference from your home bank).
Speak with a bank representative about opening a non-resident account.
Complete the necessary application forms and submit the required documents.
Wait for account approval, which may take a few days to a couple of weeks.
Once approved, deposit the minimum required amount and begin using your account.
Opting for an online bank like Tangerine or an alternative financial service such as Wise may allow you to open a non-resident account remotely:
Choose an online bank or financial service.
Visit their website and look for the account-opening process.
Complete the online application form, providing necessary personal information and selecting the account type suited for non-residents, if available.
Upload or submit required documents (e.g., digital copies of your passport, proof of address, and any other requested forms of identification).
Wait for account approval, which can take from a few hours to a couple of weeks, depending on the institution.
Bank accounts in Canada typically come with various fees depending on the type of account and the banking institution. Here's a list of some common fees associated with Canadian bank accounts:
How to add money to your Canadian bank account
Once you have created an account, you might want to add money to it for all your necessary payments. When adding money from a bank in another country, you have the option of
If you’re adding money from a local bank, you have the domestic counterparts to these options along with the possibility of Interac e-Transfers.
Wise offers an alternative to bank transfers. As an online money transfer service, it offers low fees and mid-market exchange rates, making transfers easier on the wallet. By using Wise, you can save on transfer fees and avoid the complexities associated with the traditional SWIFT network while enjoying seamless money transfers.
The bank accounts available for non residents in Canada can be classified into two broad categories
These accounts cater to individuals and are suited for personal finance needs and goals. Chequing and savings accounts are the most commonly available personal accounts at Canadian banks.
The checking account is the first one you’ll want to set up. This should be the account for your main income and expenses.
A savings account is best suited for money that you don’t plan on spending right away. The money in this account gains interest over time. However, any interest earned is taxable income.
As the name suggests, this type of account is suited for businesses. These accounts require more documentation and have a different procedure compared to personal accounts.
Whether it is a personal or a business account that you’re looking for, there are several options out there to suit your specific financial needs. Wise makes the process of creating an account and sending money easier than ever. What’s more, it can be used with or without a bank account, as mentioned earlier. It also helps you save on fees and costs you could do without.
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Sources last checked on: 03 June 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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