Is it possible to open an account without visiting the bank in Canada?

Certain Canadian banks permit you to open an account without a visit to a physical branch, so long you meet specific conditions. To be eligible, you’ll need to be a resident of Canada, have a valid identification document, and provide proof of address.

In this article, we’ll explore the varied Canadian banks you can open from the comfort of your home while introducing and examining the Wise multi-currency account, that can be opened and operated online. Let's get into it!

EQ Bank Savings Plus Account

EQ Bank is a partner of Wise, so customers using EQ Bank for international payments can benefit from the fast, low-cost, and transparent experience of Wise, all without leaving their EQ app.

To open an EQ Bank Savings Plus Account, you’ll need to meet the following requirements:

• Be a Canadian resident¹
• Meet the province's age of majority ¹
• Have a Social Insurance Number¹
• Have a Canadian mobile phone number for online registration¹

EQ Bank cards do not charge foreign transaction fees, but are subject to Mastercard's currency conversion rate. ³

Steps to Open an EQ Account:

1. Visit the EQ Bank Website or download the app
2. Fill out the online application form with your personal information.
3. Upload your government-issued ID, SIN, and proof of address.
4. Upon approval, you’ll be able to fund your account via an external bank transfer or other accepted methods.
5. Once your account is active, you can manage it through the mobile app or online banking portal.

Get Your Wise Multi-Currency Account In A Few Clicks!

To open a Wise multi-currency account in Canada, you’ll be asked for the following documents:

• Uploaded photographs of two Canadian documents that confirm your identity.
• A selfie

Residents of Québec may be required to submit a third document for verification .

Fees for daily usage of the account

With Wise, you only pay for what you use!

• ATM fees: With the Wise card, you get two free withdrawals per month - up to 350 CAD. After that, a fee of 1.50 CAD per withdrawal plus 1.75% is charged. Additional operator fees might apply for ATM usage abroad, which Wise cannot control.
• No same currency fees: When spending in the same currency as your account, there are no transaction fees.

Simplii Financial No Fee Chequing Account

To open a Simplii Financial No Fee Chequing Account, you must provide the following documents:

• Be a resident of Canada (excluding Quebec) with proof of address
• Be the age of majority in your province⁴
• Social Insurance Number⁴
• Digital Signature⁴
• Photo IDs with a signature, such as a provincial driver's license, or provincial photo ID card, or you can use any of these with proof of address⁵:
• Canadian passport
• Certificate of Indian Status Card
• Canada Permanent Resident Card
• Canadian Forces ID
• Firearms Possession and Acquisition License
• Driver’s license (if the address doesn’t match your application)

International transfer limits : There are no fees to transfer money internationally, but the minimum amount to send is 100 CAD, and a maximum transfer amount of 30,000 CAD, within 24 hours. Additionally, certain countries may have specific transfer limits.

Steps to open a Simplii Financial No-Fee Chequing Account

1. Visit the Simplii Financial website.
2. Provide personal information, and fill out the online application form with your details.
3. Create your online banking credentials, including username and password.
4. After confirmation, your account will be opened, and it may take a few minutes to a few business days.
5. Once set up, you can fund it via electronic funds transfer, direct deposit, or by transferring money from another bank account.

KOHO Financial Everything Account

To open a KOHO Financial Everything account, you must provide the following documents:

• Be the age of majority in your province or territory⁷
• Be a Canadian citizen or permanent resident⁷
• Have a Social Insurance Number (SIN)⁷
• Not be associated with an undischarged bankruptcy⁷
• Provide acceptable identification, such as a Canadian driver's license, passport, birth certificate, or other government-issued ID ⁷

Fees for daily usage of the account

• ATM Fees: Free on the Cirrus network, $2-3 off the network. Users get one free international ATM withdrawal per month.¹¹
• International Transactions: While KOHO doesn’t offer international transfer options, their card can be used for international spending.¹⁰
• Card Usage Fees: None in Canada, Operator fees may apply for making ATM withdrawals abroad, which KOHO has no control over.

Steps to open a Koho Financial Everything Account

1. Visit the KOHO website or download the app.
2. Provide your Social Insurance Number (SIN) and create a login.
3. Complete the application and provide the required personal information.
4. Once approved, you can fund your account.

Neo Everyday Account

To open a Neo Everyday Account, you must provide the following information and documents:

• Be a Canadian resident¹²
• Be the age of majority in your province¹³
• Email address¹²
• Mobile phone number ¹²
• Valid Canadian photo ID to verify your identity ¹²
• Valid Canadian Social Insurance Number¹²

Steps to open a Neo Everyday Account

1. Visit Neo Financial's website or download the app
2. On the homepage or app, click “Get Started”
3. Enter personal details, and submit your identification to verify your identity alongside a selfie.
4. Your application will be reviewed within a few minutes, and after approval, you can start managing your Neo Everyday Account.

Final thoughts on opening an account online in Canada

Canadians can bank on their terms, applying for an account online, right from home, from a range of options with unique benefits suited to specific banking needs.

With Wise, you can hold and convert over 40 currencies at the mid-market exchange rate, making it ideal for international transactions and managing funds globally. Get started today with Wise and experience banking without borders.

Sources

1. FAQ | EQ Bank
2. Personal Account | EQ Bank
3. EQ Bank Personal Account Fees and Features
4. Simplii account opening form
5. Here’s what we’ll need for ID | Simplii Financial
6. No Fee Chequing Account | Simplii Financial
7. What do you need to open a bank account? - KOHO
8. KOHO Features: Your No-Fee Prepaid Mastercard with Instant Cash Back
9. Virtual credit card: Pros and cons - KOHO
10. KOHO: Find the Perfect Plan for Your Online Bank Account
11. KOHO - Debit card vs Credit card for travel
12. Neo Financial - Everyday account
13. Neo Platform Terms and Conditions
14. Compare Plans | Neo Financial™
15. Neo Everyday Account | Neo Money | Neo Financial™
16. Simplii Financial Global Money Transfer Agreement